IMPS New Rule: Now you can send Rs 5 lakh without a bank account know the whole process

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IMPS New Rule: Nowadays people are using various digital platforms for online transactions. These include PhonePe Google Pay Paytm BHIM among others. By taking advantage of digital platforms and online banking facilities users can transfer money to each other very easily from anywhere at any time. Well the problem increases many times when one has to transfer lakhs of rupees.

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Service update

In such a situation the sender of the money is required to enter the beneficiary bank account account name phone number and other information. But let us tell you that to make this process easier the Immediate Payment Service (IMPS) has provided a special feature in its service (IMPS New Service Update 2023). Now after the update in the service there is a facility to send money without linking the account of the beneficiaries.

Up to Rs 5 lakh

Earlier when Rs 5 lakh was to be sent it was necessary to link the beneficiary bank account name number etc. but now there is no need to do this under the new service of IMPS. You are able to transact up to Rs 5 lakh even without linking the account with the beneficiary. National Payments Corporation of India (NPCI) has launched this facility.

How to identify a fake account

The new service of IMPS also gives the facility to verify the beneficiary. To verify you will be able to identify whether the account number is correct or not from the phone number itself. If you want to check the bank details again then this facility is also given. NPCI says that this new service has been launched to extend the system to corporates with wholesale and retail transactions.

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