Is there a maximum limit for transactions made through IMPS?

Yes, there are maximum transaction limits for transactions made through IMPS (Immediate Payment Service) in India. The limits are set by the National Payments Corporation of India (NPCI), the organization that oversees payment systems in the country, and individual banks may also have their own limits based on their policies.

The maximum transaction limit for IMPS is generally set at ₹5 lakh (Indian Rupees) per transaction. However, it's important to note that this limit may be subject to change, and it is advisable to check with your bank or refer to the latest guidelines from the NPCI for the most uptodate information on transaction limits.

Additionally, some banks may have lower transaction limits for new customers or for specific types of accounts, while higher limits may be available for longstanding customers or accounts with enhanced privileges. These limits may also vary depending on the channel used for initiating the transaction (mobile banking app, internet banking, USSD, etc.).

Apart from transaction limits, banks may also impose daily, weekly, or monthly cumulative limits on IMPS transactions. These cumulative limits are the total amount of transactions allowed within a specific period.

To know the exact transaction limits applicable to your account, it is recommended to refer to your bank's official documentation, contact their customer support, or visit the bank branch. They will be able to provide you with the specific transaction limits applicable to your account and guide you accordingly.

It's important to comply with the transaction limits set by the NPCI and your bank to ensure smooth and secure transactions while adhering to regulatory guidelines.