For this, only the mobile number of the beneficiary and the name registered in the bank will be required. This feature will be coming soon. In the present system, to send money through IMPS, registration has to be done by entering the name of the beneficiary, his bank account number and IFSC code of the bank.

This process of registration also takes some time. The amount cannot be sent until the beneficiary details are linked to the other account. Once the account is linked, the beneficiary receives the money through IMPS immediately. After the implementation of the new rule, the process of adding account details will not have to be completed.

Will be able to verify the beneficiary

It is being told that the new service of IMPS will also provide the facility to verify the beneficiary. With this, the sender of money will be able to see whether the account number of the person to whom he is sending the money is correct or not. The new feature will help the sender to double check the name entered in the bank details.

There will be expansion in these areas

NPCI said this new arrangement will be extended to corporates with wholesale and retail transactions. Its upper limit will vary from bank to bank depending on their policies.

Two ways to send money right now

– In the first method, to send money one has to use the bank account number, bank name and IFSC code of the bank. Using these, the beneficiary’s account has to be linked to one’s own account.
– The second method involves using mobile number and Mobile Money Identifier (MMID) to identify the beneficiary while sending money from one bank account to another. MMID is a seven digit number which the bank issues to its customer.

The post IMPS New Service Update: You can send up to Rs 5 lakh without adding any beneficiary to your account, know how? first appeared on Rightsofemployees.com.

Now you will be able to transfer up to Rs 5 lakh without adding benefits. This means that to transfer money through IMPS, you will not need the beneficiary’s account number nor IFSC code. Now you will be able to send an amount up to Rs 5 lakh through IMPS just by entering the name of the bank and the mobile number of the beneficiary.

What are the rules so far?

Till now, if a huge amount has to be sent from one account to another through IMPS, then before that the name of the beneficiary, account number and IFSC code has to be entered. This process takes time. However, now after the implementation of the new rule, you will be able to transfer up to Rs 5 lakh from one bank account to another without adding a beneficiary. NPCI says you can use the mobile number and bank account name of the recipient or beneficiary to send money. NPCI says that verification can be done on the basis of the name in the beneficiary’s bank account.

Keep these things in mind

If you are going to transfer a large amount through IMPS, then confirm the name and mobile number of the beneficiary several times before that. Do not share your debit card details (card number, expiry date and CVV number) with any unknown person. Do not share any OTP you receive. Also do not forward SMS to unknown numbers and do not share your net/mobile banking login password.

The post Now you can transfer money through IMPS only by using bank name and mobile number first appeared on Rightsofemployees.com.