Now you can do instant fund transfer up to Rs 5 lakh in a jiffy, NPCI has changed the rules, know here

NPCI: The month of February 2024 has started from today. In such a situation, NPCI has made a big change in the rules of net banking. To know about the new changes, stay tuned till the end of this story. National Payment Corporation of India (NPCI) has changed the new net banking rules, which is to be implemented from today i.e. 1st February 2024. For your information, let us tell you that these changes were announced by NPCI in the month of October last year itself. Let us also tell you that this change has been made for IMPS i.e. Immediate Payment Service. According to the NPCI circular, customers can transfer approximately Rs 5 lakh from one bank to another without adding a beneficiary. This rule is coming into effect from today.

Banks received instructions

In such a situation, all the members of the regulatory body were instructed to implement the new rule for doing IMPS from mobile number and bank by 31st January. Let us tell you that 24×7 fund transfer facility is available in IMPS service.

Will be able to transfer funds up to Rs 5 lakh

IMPS is an online banking account fund transfer facility. Through this, users are given the facility to make IMPS up to Rs 5 lakh. This means users will no longer need to enter other details like IFSC code to transfer funds. Now you just have to enter the name of the beneficiary’s bank, the mobile number of the beneficiary linked to the bank and you will be able to transfer the entire ₹ 5 lakh in no time.

Transfer funds like this

  • First of all you have to select IMPS option. This is a new fund transfer facility.

  • In this you will have to select mobile number and beneficiary bank name.

  • After that you will have to select the amount of funds you want to transfer. Its limit has been increased to Rs 5 lakh.

  • After this you will have to click on the confirm button. As soon as you tap on the confirm button, you will receive an OTP.

  • After this you will have to enter OTP.

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