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.