Is there a limit to the amount I can transfer using IMPS?

Yes, there are limits to the amount you can transfer using IMPS (Immediate Payment Service) in India. The limits may vary depending on the bank and the type of transaction. Here are the general guidelines for IMPS transaction limits:

1. Per Transaction Limit: There is usually a maximum limit set for each individual IMPS transaction. This limit is typically lower for firsttime users and gradually increases for regular users. It can range from a few thousand rupees to several lakhs or even higher, depending on the bank's policies. The per transaction limit is designed to prevent unauthorized or fraudulent transactions.

2. Daily Transaction Limit: Banks also impose a daily cumulative limit on IMPS transactions. This limit represents the maximum total amount you can transfer in a single day using IMPS. The daily limit takes into account all IMPS transactions initiated through various channels, such as mobile banking, internet banking, or other platforms. The daily limit may be lower for new customers and can vary from a few thousand rupees to lakhs or more.

3. Monthly Transaction Limit: Some banks may impose a monthly cumulative limit in addition to the daily limit. The monthly limit represents the maximum total amount you can transfer within a calendar month using IMPS. This limit includes all IMPS transactions initiated through different channels and is calculated by aggregating the transaction amounts throughout the month.

It's important to note that the specific transaction limits can vary between different banks and account types. Banks may provide options for customers to increase their transaction limits based on their requirements, subject to certain conditions and approval processes. These limits are implemented to ensure security and prevent misuse of the IMPS facility.

To get accurate and uptodate information about the IMPS transaction limits applicable to your bank account, it is recommended to refer to your bank's official website, contact their customer support, or visit the bank branch. The bank's customer service representatives can provide you with the specific limits applicable to your account and assist you with any related queries or requests.