The amount you can send through mobile banking varies depending on the specific type of transfer service you utilize. Each service, designed for different transaction needs, comes with its own daily limit to ensure security and efficient processing.
Understanding Mobile Banking Transaction Limits
Mobile banking applications provide a convenient way to manage your finances and conduct various transactions, including transferring funds to other bank accounts or credit cards. To maintain security and comply with regulations, these services are subject to specific daily transaction limits. It's crucial to be aware of these limits when planning your transfers.
Daily Transaction Limits for Mobile Banking Transfers
Here's a breakdown of the daily limits for different types of transfers available through mobile banking:
| Transaction Type | Daily Limit (in Rs.) | Key Feature |
|---|---|---|
| Interbank Transfer - RTGS | 25,00,000 | Ideal for high-value, real-time transfers. |
| IMPS | 5,00,000 | For instant, 24/7 transfers of moderate value. |
| Credit Card VISA Transfer | 1,00,000 | Specific to transfers to VISA credit cards. |
| Quick Transfer | Varies | Typically for immediate, often smaller transfers. |
Note: For 'Quick Transfer', specific limits may vary and are often displayed within your mobile banking application or depend on the bank's internal policies.
Key Transfer Methods Explained
Understanding the purpose and characteristics of each transfer method can help you choose the most suitable option for your needs:
-
IMPS (Immediate Payment Service)
- Instant Transfers: Funds are credited to the beneficiary's account almost immediately, even on holidays and outside banking hours.
- 24/7 Availability: You can initiate IMPS transactions at any time, day or night.
- Daily Limit: An overall daily limit of Rs. 5,00,000 applies to IMPS transactions.
- Ideal For: Urgent transfers, everyday payments, and sending money quickly.
-
RTGS (Real Time Gross Settlement)
- High-Value Transactions: Primarily designed for large-value interbank fund transfers.
- Real-Time Processing: Transactions are processed continuously on a one-to-one basis without netting.
- Daily Limit: You can send up to Rs. 25,00,000 per day via RTGS.
- Availability: Generally available during specific banking hours on working days.
- Ideal For: Significant payments like property purchases, business transactions, or large investments.
-
Credit Card VISA Transfer
- Specific Purpose: This service allows you to transfer funds directly to a beneficiary's VISA credit card.
- Daily Limit: A daily transaction limit of Rs. 1,00,000 is typically applied for these transfers.
- Ideal For: Making payments towards a VISA credit card bill or sending money to a VISA cardholder.
-
Quick Transfer
- Convenience: Often designed for simpler, faster transfers, sometimes even to unregistered beneficiaries or for smaller amounts without extensive authentication.
- Variable Limits: The daily limits for Quick Transfers can be lower than IMPS or RTGS and may vary based on your bank's policy or if the beneficiary is registered. You should check the specific limits within your mobile banking application.
- Ideal For: Sending small, immediate amounts to known recipients.
Practical Tips for Mobile Banking Transfers
- Verify Limits: Always check the most current transaction limits within your bank's official mobile banking application, as policies can sometimes be updated.
- Security: Ensure you are using a secure internet connection and never share your banking credentials.
- Beneficiary Details: Double-check all beneficiary details (account number, IFSC code, card number) before confirming any transfer to avoid errors.
- Transaction Charges: Be aware that some transfer types might incur nominal charges, which will be displayed before you confirm the transaction.
