BANKING AFFAIRS

Detailed explanation-1: -1) Payment Gateway transaction limit is up to 10 lakh per day / per transaction. 2) Own account fund transfer-No limit (up to the available balance in debit account). 3) IMPS to registered beneficiary-up to Rs 5 Lakh per day/per transaction. 4) NEFT to registered beneficiary per day-up to Rs.

Detailed explanation-2: -The IMPS limit depends on the respective bank’s policy and can range anywhere between ₹10, 000 and ₹2 lakh.

Detailed explanation-3: -There is no upper limit set by the RBI for RTGS transactions. For example, the maximum transfer amount is Rs. 20 lakhs per day at IDFC First Bank and a maximum of Rs.

Detailed explanation-4: -Ans. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2, 00, 000/-with no upper or maximum ceiling.

Detailed explanation-5: -There is a minimum cap of Rs. 2 lakh on RTGS transactions. An individual will have to resort to NEFT for any value below that. Although almost every bank offers these facilities to its customers, these services are not available in every bank’s branches.