5 Lakhs can be sent through bank app NBCI, no UPI required, now notification is issued that mobile number is sufficient, third party app is also a risk, if money is lost through this, the bank will not be able to ask. But the app used by the bank is reliable and the bank can be contacted immediately.
UPI than NBCI. Good for money transfer
If you want to send up to five lakh rupees to one person, you will not need any information like bank account number, IFSC code, etc. His mobile phone number and bank name are sufficient.
In order to further facilitate the existing money transfer, the National Money Transfer Corporation of India (IMPS) has brought some changes in the rules.
NBCI (National Money Exchange Corporation of India) IMPS (Immediate Payment Service) releases a notification when a mobile number is used to send money up to five lakhs (INR 500,000).
This is because IMPS is a high-value transaction service, and NBCI takes steps to protect users from fraud and other financial risks.
The notification will be sent to both the sender and the receiver of the transaction, and it will include the following information
- The amount of money transferred
- The time and date of the transaction
- The reference number of the transaction
- The status of the transaction
The notification will also include a link to a webpage where the sender and receiver can view more information about the transaction, such as the recipient's bank account details.
It is important to note that the sender and receiver may be charged a fee for using IMPS to send money up to five lakhs. The fee amount will vary depending on the sender's bank.
This initiative will solve the problem between money transfer, the changes that will be introduced now, after entering the mobile number and bank name in receiving the money, we can immediately check if this is the person we want to send the money to. This will avoid problems related to money transfers to a large extent.
Here are some additional details about IMPS
IMPS is a 24/7/365 real-time money transfer service.IMPS can be used to transfer money between any two bank accounts in India, regardless of the bank.IMPS transactions are typically processed within a few seconds.
The maximum amount that can be transferred through IMPS in a single transaction is five lakhs (INR 500,000).
The total amount that can be transferred through IMPS in a day is twenty lakhs (INR 2,000,000).
In money transfers like UPI, the recipient must be a user of UPI.
However, after these changes, money transfer can be done more easily as all the banks are providing IMPS service.