RBI changed this rule of money transactions- now instead of 2 lakhs you can transfer Rs 5 lakh- If you also do money transactions through internet banking then there is good news for you. The Reserve Bank has increased the limit for transactions done through IMPS (Immediate Payment Service). Now instead of Rs 2 lakh, you can transfer Rs 5 lakh in a day. That is, now it has become easier to transfer funds online.
RBI has taken this decision for the convenience of the customers. Now the timing of RTGS has become 24X7 i.e. you can transfer funds online through RTGS at any time.
No minimum limit to transfer funds through NEFT
Let us tell you that there is no minimum limit to transfer funds through NEFT i.e. how much money you can transfer. On the other hand, if we talk about the maximum limit, then it can vary according to the banks.
How much money is transferred through RTGS and IMPS
Apart from NEFT, customers can also transfer money using RTGS and IMPS. Talking about RTGS, through this, an amount cannot be transferred less than Rs 2 lakh at a time, while the limit of maximum amount is different in different banks. Through IMPS, an amount of up to Rs 2 lakh could be transferred in real time in a day, which has been increased to Rs 5 lakh.
Repo rate remains at 4%
After the three-day meeting on Friday, RBI Governor Shaktikanta Das said, ‘RBI has not made any change in the repo rate and reverse repo rate. Repo rate remains at 4% and reverse repo rate at 3.35%. Let us tell you that the Monetary Policy Committee (MPC) headed by Reserve Bank Governor Shaktikanta Das last changed the repo rate on May 22, 2020.