Is there a limit on the amount I can transfer via IMPS?

Yes, there are limits on the amount you can transfer via IMPS (Immediate Payment Service). These limits are set by individual banks and may vary depending on factors such as your account type, customer profile, and the duration of your banking relationship.

The limits for IMPS transactions are typically categorized into two types:

1. Per Transaction Limit: This refers to the maximum amount that can be transferred in a single IMPS transaction. The per transaction limit can range from a few thousand rupees to lakhs of rupees, depending on the bank and your account type. It's important to note that the per transaction limit may be subject to periodic revisions by the bank.

2. Daily Transaction Limit: This refers to the maximum cumulative amount that you can transfer in a single day through IMPS. The daily transaction limit includes the combined total of all IMPS transactions initiated by you during a 24hour period. The daily transaction limit is usually higher than the per transaction limit and can vary significantly across banks.

To determine the specific limits applicable to your IMPS transactions, it is recommended to refer to your bank's official documentation, terms and conditions, or contact their customer support. Banks often provide this information on their website, mobile banking apps, or through customer support channels.

It's important to abide by the prescribed limits to ensure seamless transaction processing. If you need to transfer an amount exceeding the IMPS limits, you may consider alternative modes of fund transfer such as NEFT (National Electronic Funds Transfer) or RTGS (RealTime Gross Settlement), which often have higher limits.

It's worth noting that the prescribed IMPS limits are subject to change at the discretion of the bank. Therefore, it's advisable to stay updated with your bank's latest guidelines and notifications regarding IMPS transaction limits.