If you also do money transactions through internet banking then there is good news for you. The Reserve Bank of India (RBI) has increased the limit for transactions through IMPS (Immediate Payment Service). Now you can transfer 5 lakh rupees in a day instead of 2 lakh rupees.
This means that it is now easier to transfer funds online. The Reserve Bank has taken this decision for the convenience of the customers. Now RTGS timing is 24X7 which means you can transfer funds online through RTGS at any time. There is no minimum limit for transfer of funds through NEFT. Notably, there is no minimum limit to transfer funds through NEFT, which means you can transfer as much money as you want. If it is a matter of maximum limit, it may vary from bank to bank.
How much money is transferred by RTGS and IMPS Apart from NEFT, the customer can also transfer money using RTGS and IMPS. As far as RTGS is concerned, at least Rs 2 lakh can be transferred through its gate at a time. On the other hand, the maximum amount varies from bank to bank. Up to Rs 2 lakh in a day could be transferred in real time through IMPS, which has now been increased to Rs 5 lakh.
After the three-day meeting on Friday, Reserve Bank of India Governor Shaktikanta Das said that the RBI has not made any change in the repo rate and reverse repo rate. The repo rate is fixed at 4 per cent and the reverse repo rate at 3.35 per cent. The Monetary Policy Committee (MPC) headed by Reserve Bank Governor Shaktikanta Das last revised the repo rate on May 22, 2020.