Useful news: Big change in rules related to IMPS, online money transfer will be easy, know details - Newztezz Online

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Tuesday, January 30, 2024

Useful news: Big change in rules related to IMPS, online money transfer will be easy, know details

 


Money Transfer New Rules: National Payments Corporation of India ( NPCI ) has made major changes in the rules related to Immediate Payment Service ( IMPS ). Now transferring money online from one bank account to another will become even easier. The new rules will come into effect from February 1.

What are the new rules?

Under the new rules, beneficiary information such as account number and IFSC code will not be required to send an amount of Rs 5 lakh. Users will be able to transact only through the recipient number and bank name. Let us tell you that in this regard, NPCI had issued a circular in October 2023 saying, “All members are requested to start and accept money transfer through mobile number + bank name on all IMPS channels by 31 January 2024.” Comply.”

What will be the benefit?

The rules have been changed to make money transfer through IMPS more user friendly. This makes the transaction process streamlined and fast. Besides, this will also reduce the risk of mistakes related to entering details by the beneficiary.

Transfer money like this

  • Open the mobile banking app on your smartphone.
  • Click on “Fund Transfer” option on the main page.
  • Select “IMPS” for transaction.
  • Now enter the recipient's mobile number identifier (MMID) and your mobile personal identification number (MPIN).
  • Enter the amount and click on “Confirm”.
  • OTP will be sent to your registered mobile number for verification.
  • Enter OTP and transfer money.

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