IMPS Limit - IMPS Per Day Limit, Transaction Charges, Maximum & Minimum Limit

The maximum transaction limit for IMPS (Immediate Payment Service) is ₹5 lakh per transaction and per day. While the daily limit is generally capped at ₹5 lakh, some banks or payment service providers may have variations within a range of ₹2 lakh to ₹5 lakh. Let’s understand IMPS limit, including the minimum and maximum transfer amounts, as well as other relevant details.

What is the IMPS Limit?

The IMPS transaction limit is ₹5 lakh per day, with negligible charges, it is one of the most preferred quick and easy methods of financial transaction in India. IMPS are real-time, instant money transfers between bank accounts. It operates 24/7, including weekends and public holidays, making it one of the easiest payment methods.

What is the IMPS Daily Limit?

The Reserve Bank of India (RBI) has increased the daily transaction limit for IMPS to ₹5 lakh, from the earlier limit of ₹2 lakh. This change is due to the increased usage and popularity of IMPS for instant domestic fund transfers. The increased limit facilitates higher-value transactions.

With IMPS always available 24/7, increasing the transaction limit enables consumers to manage their financial needs better. The charges for IMPS that an individual should pay vary according to the bank.

What is the IMPS Transaction Limit?

According to the RBI, the daily transfer limit through the IMPS is ₹5 lakh. Still, the amount you can transfer may vary depending on the bank or your payment service provider, which will be between ₹2 lakh and ₹5 lakh.

Hence, you must consult your bank to determine their exact limits and policies regarding IMPS transaction limits to ensure the transfer goes smoothly.

What is the IMPS Minimum Limit?

The minimum amount for transferring money from your account through Immediate Payment Service (IMPS) is generally around ₹1. However, some banks may have a higher specified minimum limit.

Please check with the respective bank to determine the required minimum transaction amount to ensure a smooth funds transfer process. It will help to know of any restrictions that apply to your IMPS transactions. 

What is the IMPS Maximum Limit?

The maximum IMPS limit an individual can transfer is ₹5 lakh per transaction per day. You must verify the respective banks’ limits and policies since this will ensure the smoothness of the transfer process.

What is the IMPS Transfer Time?

The online (netbanking/app) IMPS transfer facility is accessible 24/7 for all account holders across various banks. For branch-based IMPS transfer, you must visit the bank within business hours. Once the sender’s bank approves the transaction, the funds are transferred to the beneficiary instantly.

In rare instances, if a transaction becomes void, fails, or times out during processing, it may take up to five working days. Despite these occasional delays, IMPS remains a reliable and efficient method for real-time money transfers, ensuring convenience for users at all times.

How to Increase IMPS Per Day Limit?

You can request a limit enhancement from your bank to increase the IMPS daily limit. The limit could be raised depending on your account type, transaction history, and the bank’s restrictions.

What is the IMPS Transfer Limit Set by Top Indian Banks?

Here is a table illustrating the transfer limit set by top Indian banks for IMPS:

IMPS is a highly efficient platform for instant fund transfers in India, available 24/7. It caters to small and large transactions with a nominal minimum transfer limit and a maximum limit of ₹5 lakh. Although most banks have similar IMPS limits, it’s always a good idea to check your bank’s specific rules.

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