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

In today’s fast-paced world, the general population requires that financial transactions be quick and easy. With digital banking and mobile payment services, transferring money into someone else’s account has never been easier than sending it in seconds. 

Immediate Payment Service, or IMPS, is a popular method that allows for real-time transfer of money, 24×7, even on bank holidays. However, you may wonder about the transfer limit, time and more while using IMPS. This blog will discuss the IMPS limit, minimum and maximum transfer amount, and more. 

What is the IMPS Limit?

IMPS are real-time, instant money transfers between bank accounts. Launched on November 22, 2010, by the National Payments Corporation of India, IMPS operates 24/7, including weekends and public holidays, making it one of the easiest payment methods.  

In addition, you can make transactions through mobile banking, internet banking, and ATMs, enabling seamless transfers for personal and business purposes. Given the IMPS transaction limit of ₹5 lakh per day, with negligible charges, it is one of the most preferred quick and easy methods of financial transaction in India.

What is the IMPS Limit Per Day?

The Reserve Bank of India (RBI) increased the daily transaction limit for IMPS to ₹5,00,000, from the earlier ₹2,00,000. This change is due to the increased usage and popularity of IMPS for instant domestic funds transfers. The increased limit facilitates higher-value transactions. 

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

What is the IMPS Transaction Limit?

According to the RBI, the amount you can transfer through the IMPS scheme is ₹5 lakh daily. 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. 

However, the lowest amount you can transfer with the help of IMPS will be ₹1, and some banks even have a higher minimum limit than that. 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. 

You must check with the respective bank for the required minimum transaction amount for 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 the 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 seek 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.