iMobile Pay: How Much Money Can You Transfer In A Day
In today’s cashless world, most of us prefer to make our payments and transfer funds using digital modes of transfer since it is the most convenient. Even though issuing a cheque allows us a bit of flexibility in transferring large amounts, it is not convenient since a visit to the bank is a must to deposit the cheque. This is why more and more people prefer to send money via digital means like NEFT, RTGS, IMPS or UPI.
The above means of making payments are very convenient since they can be done entirely on your smartphone using the iMobile Pay app. Using the ‘Send Money’ feature, you can easily send money to friends, family or service providers to make bill payments. One small disadvantage of UPI and internet bank transfer is the transaction limit. There is a lot of confusion regarding how much one can transfer per transaction or in a day. In this blog, we’ll be explaining the transaction limits of the major digital payment modes so that you know how much you can transfer using your iMobile Pay app.
Transaction Limits on iMobile Pay for UPI Transactions
For UPI transactions, the upper limit of transactions currently set by the National Payments Corporation of India (NPCI) is Rs. 1 lakh per transaction. The cumulative amount that one can transfer in a day is also Rs. 1 lakh. The total number of transactions one can make in a day is 20, as long as the cumulative amount sent does not exceed Rs. 1 lakh.
Transaction Limits for NEFT Transactions Through iMobile Pay
For NEFT transactions, the limit is set according to hours of the day: From 01:00 am to 07:00 pm: The maximum you can transfer is Rs. 10 lakh or Rs. 20 lakh depending on the customer segment you belong to at ICICI Bank. For the remaining hours: The maximum amount one can transfer is Rs 2 lakh through the iMobile Pay app. On 2nd and 4th Saturdays and Sundays: The maximum amount allowed via NEFT is Rs. 2 lakh
Transaction Limits for IMPS and RTGS Funds Transfer
RTGS: From Monday to Saturday (Except 2nd and 4th Saturday, the minimum transaction value must be Rs. 2 lakh while the maximum value is Rs. 20 lakh for RTGS transfer.
IMPS: To transfer money via IMPS using the iMobile Pay app, Rs. 5 lakh is the transaction limit if the transfer is made using account number and IFSC per transaction. The daily limit is set at Rs. 20 lakh. However, for transfers using the mobile number and MMID, the limit is Rs. 10,000.
Such are the transaction limits for digital payments using the iMobile Pay app. Therefore, if you need to make a funds transfer using the iMobile Pay app, make sure you keep the per transaction and per day limit in mind and plan out your transfer accordingly. Sometimes the daily limit may vary for different accounts, so you have to enquire with ICICI Bank for the transaction limit for your specific account.
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