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Is there a limit on the amount of money I can transfer using IMPS?

Curious about Immediate Payment Service

Is there a limit on the amount of money I can transfer using IMPS?

Yes, there are limits on the amount of money you can transfer using IMPS (Immediate Payment Service). The limits may vary depending on the bank and the type of IMPS transaction you are performing. Here are some common limits associated with IMPS transfers:

1. Per Transaction Limit: Banks often impose a maximum limit on the amount you can transfer in a single IMPS transaction. This limit typically ranges from a few thousand rupees to several lakhs of rupees. The exact limit will depend on your bank's policies and the type of account you hold.

2. Daily Transaction Limit: Banks may also set a daily cumulative limit on IMPS transactions. This limit represents the total amount you can transfer in a day using IMPS. Similar to the per transaction limit, the daily limit varies between banks and account types.

3. Monthly Transaction Limit: In addition to the daily limit, some banks may impose a monthly cumulative limit on IMPS transactions. This limit represents the total amount you can transfer in a calendar month through IMPS. Again, the specific limit will depend on your bank's policies and your account type.

It's important to note that these limits are set by individual banks, and they can be adjusted or modified at the discretion of the bank. To know the precise limits applicable to your account, I recommend checking with your bank or referring to their official website or banking documents. Banks usually provide information regarding IMPS transaction limits in their terms and conditions or through their customer support channels.

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