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WhatsApp banking lets you access basic banking services such as balance enquiry, mini statements, account updates, service requests and customer support directly on WhatsApp. You generally need to save your bank’s official WhatsApp banking number, send ‘Hi’ from your registered mobile number and choose a service from the chat menu. 

It is useful for quick, everyday banking queries, but it does not replace your mobile banking app or net banking for advanced services such as full fund transfers, investments, detailed account management or high-risk transactions. 

What is WhatsApp Banking? 

WhatsApp banking is a chat-based digital banking service that allows customers to interact with their bank through the bank’s official WhatsApp Business account. Instead of calling customer care or logging into net banking for every small request, customers can use a familiar chat interface to access selected banking services. 

For example, if you want to check your account balance, request a mini statement or locate the nearest ATM, you can simply send a message to your bank’s verified WhatsApp number and follow the menu prompts. 

Many banks use automated chatbots, menu-based options and in some cases, live agent support to respond to customers. WhatsApp banking is commonly used for balance checks, mini statements and service requests, while the exact services may vary from bank to bank. 

How Does WhatsApp Banking Work? 

WhatsApp banking works through the bank’s official WhatsApp Business account, usually supported by automation, APIs and secure customer verification. 

Here’s how it typically works: 

1. The bank creates an official WhatsApp Business account 

Banks generally use verified business profiles or WhatsApp Business Platform/API-based solutions to provide automated and scalable customer support. 

2. The customer opts in 

You may need to save the bank’s WhatsApp number, send ‘Hi’, scan a QR code or tap a WhatsApp link from the bank’s official website/app. 

3. The bank verifies your registered mobile number 

Most banks allow WhatsApp banking only if your WhatsApp number matches the mobile number registered with your bank account. 

4. You receive a menu of services 

The chatbot may show options such as balance enquiry, mini statement, debit card services, loan details, branch locator and account-related help. 

5. Sensitive actions may need OTP or additional verification 

For higher-risk requests, banks may ask for OTP-based authentication or redirect you to mobile banking/net banking. 

6. You receive information instantly in chat 

The response is shared in the same WhatsApp conversation, making the process simple and quick. 

WhatsApp Business Platform supports verified branded senders, chatbots, rich media, interactive buttons, payment flows and agent handoff, which helps banks provide a more conversational service experience at scale. 

Features of WhatsApp Banking 

Here are the key features that make WhatsApp banking convenient for customers: 

Feature	What it means for users
Chat-based banking	You can access banking services through a WhatsApp conversation instead of navigating multiple screens.
Automated responses	Chatbots can answer common queries instantly, such as balance, mini statement or branch details.
24/7 availability	Automated services are usually available round the clock, even outside branch hours.
Verified business account	Banks use official WhatsApp Business accounts, helping customers identify genuine communication.
End-to-end encryption	WhatsApp messages are protected with encryption, and enterprise banking flows often use verified senders and consent-based templates. (Infobip)
Opt-in and opt-out control	You can choose to start or stop receiving WhatsApp banking communication as per the bank’s process.
No additional app required	You can use WhatsApp itself instead of downloading a separate app for basic services.

Why Choose WhatsApp Banking? 

WhatsApp banking is helpful because it makes everyday banking faster, simpler and more accessible. 

Key benefits include: 

• Convenience: You can check account details, service updates or product information without visiting a branch. 

• Familiar interface: Since many people already use WhatsApp daily, the learning curve is low. 

• Quick response: Common queries are answered through automated menus, reducing waiting time. 

• Easy access across banks: If you have accounts with multiple banks, you may be able to access each bank’s WhatsApp banking service from the same app. 

• Useful for basic banking: It works well for balance checks, mini statements, branch/ATM locator, card-related help and service requests. 

• Good for non-tech-savvy users: The chat format is easier than navigating a full banking app for simple tasks. 

• Available anytime: Many automated WhatsApp banking services work 24×7.  

Example 

Suppose you are travelling and want to know your last few transactions. Instead of opening net banking, remembering your login ID and entering multiple details, you can message your bank’s WhatsApp number and request a mini statement in a few taps. 

Banks Offering WhatsApp Banking in India 

Many leading banks in India offer WhatsApp banking. Below are commonly published WhatsApp banking numbers for major banks. Since banks may update numbers or service flows, always verify the number on the bank’s official website, mobile app or verified social handles before starting. 

Bank	WhatsApp banking number
State Bank of India (SBI)	90226 90226
HDFC Bank	70700 22222
ICICI Bank	86400 86400
Axis Bank	70361 65000
Canara Bank	90760 30001
Union Bank of India	96666 06060
Kotak Mahindra Bank	022 6600 6022

Safety note: Do not trust a WhatsApp banking number received from an unknown sender. Visit the bank’s official website or app and use only the number listed there. 

How to Register for WhatsApp Banking 

The registration process may differ slightly from bank to bank, but the general steps are simple. 

Step-by-step process 

1. Save your bank’s official WhatsApp banking number 

Use only the number available on the bank’s official website/app. 

2. Open WhatsApp 

Search for the saved contact. 

3. Send ‘Hi’ or ‘Hello’ 

Most banks activate the menu after you send a greeting. 

4. Choose your preferred language 

Some banks offer language options. 

5. Verify your identity, if asked 

The bank may check whether your WhatsApp number is linked to your bank account. 

6. Select the service you need 

Choose from options such as balance enquiry, mini statement, card help, loan details or branch locator. 

Important registration condition 

Your WhatsApp number should usually be the same as the mobile number registered with your bank account. If your number is not registered with the bank, you may not be able to access account-specific services. 

Fund Transfer via WhatsApp Banking 

Some users confuse WhatsApp banking with WhatsApp UPI payments. These are related to WhatsApp as a platform, but they are not exactly the same. 

WhatsApp Banking 

This is your bank’s chat-based service for account information, service requests and customer support. 

WhatsApp UPI Payments 

This allows eligible users to send and receive money through WhatsApp using UPI. 

Steps to send money using WhatsApp UPI 

1. Open the recipient’s WhatsApp chat. 

2. Tap the ₹ payment icon. 

3. Select your bank account. 

4. Complete UPI setup, if not already done. 

5. Enter the amount. 

6. Confirm the payment using your UPI PIN. 

Safety reminder 

Never share your UPI PIN, OTP, debit card PIN or net banking password on WhatsApp. A genuine bank will not ask for these details in chat. 

Services Available Through WhatsApp Banking 

Banks may offer different services depending on their internal systems, but common WhatsApp banking services include: 

• Account balance enquiry 

• Mini statement 

• Savings/current account updates 

• Fixed deposit interest rate information 

• Debit card information 

• Debit card blocking or card-related support 

• Credit card bill amount and due date 

• Outstanding credit card amount 

• Chequebook request 

• Chequebook status 

• Branch locator 

• ATM locator 

• FASTag services 

• Pre-approved loan offers 

• Personal loan or credit card application status 

• Loan account details 

• EMI-related updates 

• Product launch notifications 

• Service request tracking 

• KYC or profile update guidance 

• Customer support ticket creation 

• Wealth management information 

• Suspicious transaction alerts 

• Payment reminders and confirmations 

• Appointment booking or branch visit scheduling 

WhatsApp banking is often used for customer support, payment reminders, confirmations, onboarding, appointment booking, card transaction notifications, product/service promotions, suspicious activity alerts and OTP-based authentication flows. (Infobip) 

WhatsApp Banking vs Mobile Banking App 

WhatsApp banking is convenient, but it is usually designed for quick and limited banking tasks. A mobile banking app offers a wider and more secure environment for complete banking. 

Parameter	WhatsApp Banking	Mobile Banking App
Best for	Quick queries and service requests	Full-service digital banking
Access	Through WhatsApp chat	Through the bank’s official app
Login process	Usually registered mobile number + menu/OTP	Login PIN, password, biometrics or device binding
Services	Limited services like balance, mini statement, card help, branch locator	Fund transfer, investments, deposits, cards, loans, statements, profile management and more
Fund transfer	Usually limited or redirected to UPI/app	Available through IMPS, NEFT, RTGS, UPI, internal transfer, etc.
Ease of use	Very easy for basic tasks	Slightly more detailed but more complete
Security control	Safe for basic use when using verified bank number	More suitable for sensitive and high-value transactions
Internet required	Yes	Yes
Availability	Usually 24×7 for automated services	Usually 24×7, except scheduled maintenance

Which one should you use? 

Use WhatsApp banking for quick tasks like balance enquiry, mini statement, card support or branch locator. Use the mobile banking app or net banking for fund transfers, investments, loan repayment, statement downloads and sensitive account changes. 

Is WhatsApp Banking Safe? 

Yes, WhatsApp banking can be safe when you use your bank’s official and verified WhatsApp number. WhatsApp banking messages are generally sent from verified business accounts, and sensitive communication is supported by security measures such as opt-in consent, pre-approved templates and encryption.  

However, safety also depends on user behaviour. Fraudsters may create fake WhatsApp accounts, send phishing links or pretend to be bank representatives. 

Safety tips to follow 

• Use only the WhatsApp number listed on your bank’s official website or app. 

• Check for the verified business profile before interacting. 

• Never share OTP, UPI PIN, ATM PIN, CVV, card expiry date or net banking password. 

• Do not download APK files or apps sent through WhatsApp. 

• Avoid clicking suspicious links claiming ‘KYC update’, ‘account blocked’ or ‘reward points’. 

• Do not transfer money based on WhatsApp instructions from unknown contacts. 

• If something looks suspicious, call your bank’s official customer care number. 

• Report cyber fraud immediately on the national cybercrime helpline 1930 or the official cybercrime portal. 

When Should You Use WhatsApp Banking? 

WhatsApp banking is ideal when you need: 

• A quick balance check 

• Mini statement 

• Branch or ATM location 

• Card blocking guidance 

• Chequebook request 

• Loan or credit card application status 

• General product information 

• FASTag-related help 

• Customer support without waiting on a call 

It may not be ideal for: 

• Large fund transfers 

• Investment transactions 

• Detailed statement downloads 

• Updating sensitive profile information 

• Disputes that require detailed documentation 

• Any service where the bank redirects you to the official app, website or branch 

Final Thoughts 

WhatsApp banking brings basic banking services into an app that millions of people already use every day. It is fast, easy and useful for everyday account-related queries such as balance checks, mini statements, service requests and customer support. 

However, it should be used carefully. Always verify the bank’s official WhatsApp number, avoid sharing confidential details and use your bank’s mobile app or net banking for sensitive transactions. 

If you need a financing option that is just as simple and digital, you can apply for a personal loan online and get access to funds with minimal documentation, a 100% digital process and no pre-closure charges, subject to eligibility and lender terms. Download the personal loan app or visit the website to check your offer and apply in a few clicks. 

FAQs on WhatsApp Banking 

1. How do I register for WhatsApp banking? 

To register for WhatsApp banking, save your bank’s official WhatsApp banking number, open WhatsApp and send ‘Hi’ from your registered mobile number. You may then need to select your language, accept terms and choose a service from the menu. 

2. What are the features of WhatsApp banking? 

The main features of WhatsApp banking include chat-based service, automated menus, balance enquiry, mini statement, account updates, card support, branch/ATM locator, service requests, encryption, verified business profiles and user opt-in/opt-out control. 

3. Why is WhatsApp banking important? 

WhatsApp banking is important because it makes basic banking faster and easier. Customers can get quick responses for common queries without visiting a branch, calling customer care or logging into a separate banking app. 

4. Is WhatsApp safe for banking? 

WhatsApp banking is safe when you use your bank’s official verified WhatsApp number and avoid sharing confidential information. Never share OTPs, UPI PINs, ATM PINs, CVV, passwords or card details through WhatsApp. 

5. What is the Central Bank of India WhatsApp Banking number? 

The commonly published Central Bank of India WhatsApp banking number is 95552 44442. Since numbers can change, verify it on the Central Bank of India official website or app before using it. 

6. What is the Bank of India WhatsApp Banking number? 

The commonly published Bank of India WhatsApp banking number is 83760 06006. Before starting, confirm the number from Bank of India’s official website, app or branch communication. 

7. What is the UCO Bank WhatsApp Banking number? 

The commonly published UCO Bank WhatsApp banking number is 83340 01234. Always verify it from UCO Bank’s official website or customer service channels before using it. 

8. Is WhatsApp Banking available 24×7? 

Yes, most automated WhatsApp banking services are available 24×7. However, some services may depend on the bank’s systems, scheduled maintenance, OTP delivery or agent availability. 

A Vostro account allows banks to extend their services to customers when they are travelling abroad. Since a bank can’t have branches in every city of every country, this is an effective solution that helps customers residing outside the country. 

Knowing about these banking services allows you to choose and open an account in a bank that offers them, should you need it. For this, you must know its benefits and other key features.

So, read on to learn what is a Vostro account, its function, benefits and how it is different from a Nostro account and more. 

Vostro Account Meaning 

As mentioned, it is a type of account that a correspondent bank holds on behalf of your domestic bank in a foreign country. This way, your bank can provide you with all the regular services without opening a branch in a foreign country. 

How does a Vostro Account Function

These accounts work similar to a regular bank account. Your account with the domestic bank is linked to the foreign bank where you will be executing transactions. The correspondent (foreign) bank will charge the domestic bank a charge for providing these services. Here are some services provided by the correspondent bank: 

• Wire transfer
• Fund deposit
• Foreign exchange transaction
• Fund withdrawal
• International trading

Vostro Account Example

Say ABC Bank of India wants to hold an account in Switzerland with XYZ Bank. Now, ABC Bank can carry out various transactions through its account with XYZ Bank in Switzerland. Here, ABC Bank opens a Vostro account with the XYZ Bank of Switzerland.

Also Read: What is loan account number and how to check online?

Vostro Account and Nostro Account: What’s the Difference? 

The Nostro account and Vostro account are essentially the same account. The difference comes depending on whose perspective you are looking from. A Nostro account is from the domestic bank’s perspective, and a Vostro account is from the foreign bank’s perspective. So, based on the above example, XYZ Bank holds a Nostro account for ABC Bank. 

Conveniences of Using a Vostro Account

Here are some of the top benefits of a Vostro account. 

• This account allows you to conduct smooth business transactions overseas
• You can also convert your money into foreign currency without any hassle 
• It also helps you avoid the inconvenience of opening a new bank account when outside the country
• You can conveniently receive funds in your domestic currency 
• The fund transfer finality takes less time with this account 
• This account has lower international transaction costs compared to a regular bank account 
• You can carry your domestic bank balance without the need to transfer funds into a new account
• You do not have to pay additional fees to withdraw funds

In conclusion, the Vostro account allows you to make cost-effective cross-border payments in a foreign country. Thus, it is a convenient service, allowing you to avoid the hassle of opening a new bank account whenever you travel to a new country. However, if you need funds for your travel or any other umpteen expenses, then you can apply for a Quick Personal Loan. 

We offer easy and convenient financing up to ₹5 lakhs at affordable interest rates. Applying with Fibe allows you to get funds with minimum documentation, and the quick approval process makes it an ideal option for all your urgent financial requirements. Download the Personal Loan App or go to our website to apply now!

FAQs on Vostro Account

What are rupee Vostro accounts?

If a foreign bank opens an account with an Indian bank, that account will be a rupee Vostro account for the foreign bank.

Is a Vostro account possible for India?

Yes. In July 2023, the RBI allowed 20 banks from India to maintain correspondent accounts with banks from 22 countries. 

What is the difference between Vostro and Nostro accounts?

The difference between these accounts is that the account type’s name varies from the account holder’s perspective. In simple words, the Vostro account for one party is the Nostro account for another. 

What are the disadvantages of a Vostro account?

Here are some disadvantages of a Vostro bank account you must know: 

• It is very expensive to maintain
• It involves extensive legal formalities
• It is subject to exchange rate risks
• It has minimum balance requirements
• It offers a very low interest rate

Wondering, ‘Can I transfer money from an ATM?’, the answer is yes and this option can come in handy when you don’t have internet access and don’t want to make a branch visit. 

Moreover, it’s an easy process very similar to withdrawing cash. That’s not all. Most banks also provide a plethora of services, making it a comprehensive option. Read on for a quick step-by-step guide and more. 

How to Transfer Money from an ATM? 

Here are the simple steps you need to follow: 

• Step 1: Visit your nearest ATM
• Step 2: Insert your debit/ATM card
• Step 3: Select your preferred language 
• Step 4: Enter your ATM PIN 
• Step 5: Select the ‘Fund Transfer’ option 
• Step 6: Enter the beneficiary’s required bank details 
• Step 7: Enter the amount and click on ‘Yes’ 

Once the transaction is complete, you will get a notification on the email ID and mobile number linked to the bank account. 

If you don’t confirm the payment within a certain time frame, your payment won’t go through. Thankfully, you can just repeat the above steps and finish it. You can also try other options, such as:

• IMPS
• NEFT
• UPI
• RTGS

However, you will need internet access if you plan on using these options online. If you cannot, visit your bank’s branch and complete the process offline with assistance from an executive. Note that offline transfer can take time and may not get reflected on the same day.

Also Read: How To Transfer Cash From a Credit Card

Benefits of ATM Money Transfer 

Now that you know how to transfer money from an ATM card to another account, here are some of the top benefits you can enjoy:

• You can avail of this facility without any banking hour restrictions 
• You can send money even on bank holidays
• You can use other bank’s ATM at nominal charges
• You don’t have to rely on a banking executive to conduct fund transfer
• You can avoid long bank queues 
• You can transfer funds immediately without having to wait

Other Services Available at the ATM

Along with fund transfers, here are other services you can enjoy: 

• Cash Withdrawal: Get instant access to funds from your account without any hassles
• Balance Enquiry: Know your savings and current account balance without additional charges
• Cash Deposit: Ensure sufficient balance in your account by depositing cash without visiting the branch
• Bill Payment and Recharge: Pay your utility bills in just a few clicks
• Register for Aadhaar: Easily link your Aadhaar and bank account, which is mandatory
• Insurance Premium Payment: Easily pay your premium and ensure your policy doesn’t lapse
• ATM PIN Generation: Set your PIN for debit card and make easy payments hassle free
• Open an FD Account: Transfer funds in a fixed deposit account easily and receive the documents at your registered address
• Mutual Fund Investment: Invest in MFs directly from your account, provided you have registered for the service

In conclusion, you can use an ATM for many other services besides transferring funds. However, you must have sufficient balance to be able to enjoy the services. Thankfully, if you are short on funds, you can apply for an Online Personal Loan and get financing of up to ₹5 lakhs in just a few clicks.

Applying on Fibe is easier and more convenient due to minimum paperwork, easy-to-meet eligibility criteria and a 100% digital application process. Moreover, you get funds at an affordable interest rate starting at just 2% per month, which makes it a suitable option. Download the Instant Personal Loan App or visit our website to apply now! 

FAQs on ATM Money Transfer 

How can I transfer money from an ATM to another bank?

Select the ‘Fund Transfer’ option after entering your PIN. After that, you just have to provide the required details and click on ‘confirm’.  

How can I transfer money from an ATM to a mobile number?

Here is a step-by-step guide you can follow: 

• Step 1: Enter your card and select the language 
• Step 2: Enter your PIN
• Step 3: Click on IMPS fund transfer
• Step 4: Enter mobile number and MMID
• Step 5: Enter the amount and confirm

Can I transfer money from an ATM card to another account online?

Yes. You can use a payment app but ensure that you are registered for the services. 

What is the maximum amount that I can transfer through an ATM?

There isn’t a fixed ATM transfer limit. Thus, it depends on your bank policies and card type. 

mPassbook or mobile passbook is a facility banks provide to their customers, allowing them to keep track of their accounts. It connects your savings account or current account to your mobile, allowing you to access your statement of account instantly and remotely. This means you can know your account status anytime, without making any branch visits.

Read on to learn more about mobile passbooks. 

What is a mPassbook?

In simple terms, mPassbook is a passbook or statement of account you can access on your mobile. Most banks now offer this facility for customers who prefer digital banking facilities. Access to your bank statement on your phone makes tracking transactions easier and quicker. Your online passbook will generally contain the following details: 

• Account holder details, such as name, address, registered phone number
• Account details, such as account number and customer ID
• Bank details, such as name, branch address and IFSC
• Account balance and transaction details, including amount, date, time and ID

Features and Benefits of mPassbook

Here are some top features of digital passbooks: 

• Easy Access: Having your account statement on your mobile allows you to have all your banking and transaction details available in just a few clicks
• Save Time: With an electronic passbook, you can avoid multiple visits to the bank and keep up to date with your transaction data in a few minutes
• 24*7 Availability: You can access your passbook even outside of banking hours with a mobile passbook
• Higher Security: Unlike the physical passbook, only the account holder can access your details through the MPIN-based login
• Instant Statement: Download an instant soft copy of your account statement without any hassle
• Real-Time Updates: Know your account balance instantly after any transaction 
• No Additional Fees: Banks don’t levy any charges for this facility, making it a pocket-friendly option

In addition to the above features, an mPassbook enables you to complete verification or tax filing whenever required, without any hassles. This is because you get an instant record of your transactions along with your account details which are generally required for completing the process. 

Moreover, having a digital passbook reduces the risk of loss or theft. The instant access also allows you to report any suspicious activity immediately and ensures prompt action is taken.

Also Read: What Is Bank Statement?

Pre-requisites for mPasbook

If you want to enjoy the digital passbook facility, here’s what you need:

• A smartphone with the required software updates for the bank’s app
• You need to register for mobile banking 
• You must link your mobile number to your bank account
• You must have your user ID and password ready if your bank requires it for login

How to Download and Register for mPassbook

Here are the steps you can follow to download and register on your bank’s mobile app

• Step 1: Go to the Google Play Store (for Android) or Apple App Store (for iOS)  
• Step 2: Install your bank’s mobile app 
• Step 3: Launch the app, once installed
• Step 4: Select your preferred language
• Step 5: Enter your registered mobile number
• Step 6: Enter OTP for verification
• Step 7: Enter your customer ID and other required details
• Step 8: Set up your MPIN
• Step 9: Log in with the MPIN 

Now that you know how to download and register for your bank’s app and get a mobile passbook, check your account balance and transaction details regularly. If your balance is low or you need urgent funds to bridge monetary gaps, apply for an Instant Personal Loan.

You can get up to ₹5 lakhs at an attractive interest rate starting at 2% per month. Moreover, with easy-to-meet eligibility criteria, instant disbursal and no pre-closure charges, you can get funds without any hassles. Download the Fibe Instant Loan App or visit our website to apply now! 

FAQs on mPassbook

What is the use of mPassbook?

It is a digital version of a physical passbook. With it, you can check your account balance and track your transactions in just a few minutes, without visiting the bank. 

What is the difference between a passbook and mPassbook?

mPassbook is an electronic version of your physical passbook. It is available on your mobile through the bank’s official app.

Can I get a passbook in one day?

Yes, both physical and electronic passbooks are available in one day. 

Is an online passbook available?

Yes, most banks have apps that allow you to access your passbook online through your mobile.

Cheque bounce charges are a penalty that you must pay when the cheque fails to provide the promised amount. Writing a cheque is an agreement to pay the mentioned sum bound by the law. So, when you cannot honour it, these charges are a result. 

This may happen when your cheque payment is not cleared due to insufficient funds. This is called a ‘dishonoured’ or ‘bounced’ cheque. This is a punishable offence by law that can lead to a fine or imprisonment, depending on the circumstances.

Read on to know about cheque bounce charges, penalties, common reasons to avoid them and more. 

Penalty and Punishments in India

Dishonouring a cheque is a punishable offence under Section 138 of the Negotiable Instruments Act of 1881. According to this, you may have to face one of the following penalties:

• A fine of twice the cheque’s amount
• 2 years of imprisonment
• Maybe both, depending on the court’s order

Hence, you must maintain the required balance before issuing the cheque.

Common Reasons for Cheque Bounce

Knowing when and why your cheque may bounce helps you avoid such circumstances. Here are some reasons to keep in mind. 

• If your account does not have the required amount mentioned on the cheque
• If the payee presents the cheque after three months of its issuing date
• If the payee deposits it after the expiry date
• If there is overwriting on the cheque
• If the cheque gets damaged and the details are not visible
• If the drawer’s signatures are unclear or mismatched
• If the amount written in digits and words does not match
• If the cheque is post-dated
• If the bank has suspended the account

Also Read: What Is a Post-Dated Cheque?

New RBI Rules for Cheque Bounce 

In August 2021, the Reserve Bank of India announced a new rule related to bounce cheques. Here are its key pointers: 

• Maintaining a minimum account balance is important if you rely on cheques for financial transactions
• The National Automated Clearing House will remain operational 24/7 
• This rule is applicable to all government as well as private-sector banks

This allows you to clear the cheque faster.

Also Read: Fact about Cheque Leaf

Cheque Bounce Charges of Top Banks

Here is an overview of the cheque bounce penalty that applies to both parties of transactions of a few leading banks in India:

Bank	Outward	Inward	Technical Reason
State Bank of India	Up to ₹1 lakh: ₹150 + GST    Above ₹1 lakh: ₹250 + GST	For SME customers:₹500 for first 3 cheques₹1,000 for 4th cheques For other customers:₹500 + GST	₹150 + GST
ICICI Bank	₹200 for financial reasons	₹500 for financial reasons and ₹50 for non-financial reasons except for signature verification	₹200 for NACH Returns
HDFC Bank	1st cheque: ₹4502nd cheque: ₹5003rd cheque onwards: ₹550	₹350 per instance	₹50 for mismatched signs, post-dated, etc. and ₹500 for NACH Returns
Kotak Mahindra Bank	Up ₹350 for first return of the month and ₹750 on the second return and onwards	Up ₹1,000	₹50
Punjab National Bank	₹150 for up to ₹1 lakh₹250 from ₹1 lakh to ₹10 lakhs₹150 for over ₹10 lakhs	₹200 for up to ₹1 lakh₹500 from ₹1 lakh to ₹1 crores₹2,000 for over ₹1 crores	No charge
Axis Bank	₹500 per instance	₹50 for the 1st return₹100 from the 2nd return onward	No charge

Note that all these bank cheque bounce charges exclude GST and other applicable taxes. Also, these fees may vary at the discretion of the bank.

Now that you know how high the bank cheque bounce penalty can go, avoid such instances for better financial health. One way to manage such situations is to get an Instant Personal Loan if you have an insufficient balance.

With Fibe Instant Cash Loan, enjoy up to ₹5 lakhs financing for your umpteen requirements at attractive interest rates, minimum paperwork and quick disbursal. Moreover, we have easy-to-meet eligibility criteria that make the borrowing process easy. To apply, create an account on our website or download our Personal Loan App!

FAQs on Charges on Cheque Bounce 

How much does the bank charge for bounced cheques?

These charges vary from one bank to another. Moreover, it depends on whether it’s an inward or outward deposit.

What is the new rule for cheque bounce?

The RBI issued the latest cheque bounce notice in August of 2021, which states the following:

• All individuals must maintain sufficient balance for the cheque to clear to avoid a penalty
• The National Automated Clearing House (NACH) will remain operational 24X7

How can I avoid paying a cheque bounce charge?

Here are some tips to avoid these charges:

• Ensure that you maintain an adequate balance in your account
• Check the details on the cheque
• Make sure not to issue post-dated cheques if you don’t have sufficient balance
• Communicate with the recipient
• Avoid overwriting cheques
• Write the amount in words and figures accurately
• Ensure there’s no mismatch between the amount in words and figures
• Avoid making any mistakes when signing the cheque

Is it possible to file an FIR for cheque bounce?

Yes. It is possible to file an FIR against the issuer under Section 420 or 406 of the Indian Penal Code (IPC).

How many times is it possible for a cheque to bounce?

There is no limit, but most banks warn you 3 times before filing a complaint. Nevertheless, it’s best to add funds to your account to avoid cheque bounce or any legal trouble. 

What is the penalty for a cheque bounce in India?

The charges depend on the bank, ranging up to ₹750. 

What happens if I don’t pay the check bounce charges?

If you don’t pay the cheque return charges within 15 days, your bank can take legal action against you. 

Do check bounce charges affect my credit score?

No, it doesn’t affect your credit score directly. However, if the cheque is for paying an EMI, the delayed payment can impact your score.

Pay orders and demand drafts are both prepaid banking instruments used to make secure payments, but they are not the same. A pay order is usually used for payments within the same city or local banking area, while a demand draft is commonly used to transfer money to another city or location. Since both are issued by banks only after receiving the amount upfront, they are considered safer than personal cheques.  
Choosing a pay order vs demand draft depends on your payment requirements and several other factors. It includes clearance time, amount, acceptability and more. Although their use has reduced over the years, several merchants and individuals still rely on them. As such, knowing the difference between a pay order and a demand draft can help you choose the right option when needed. 

Read on to know their differences, features and more. 

What is a Pay Order? 

Pay order is also called a banker’s cheque that allows payment to an unknown third party. It is a payment instrument issued by the bank on your behalf. Using this, you can make secure and cashless payments without the banking details of the beneficiary. 
 
To generate it, you have to give the required amount in cash or cheque to the banking executive. Upon deposit, the same amount will get remitted into the beneficiary’s account. Now that you know the meaning of pay order, here are some other features: 

• Only the bank can issue a pay order 

• Once issued, there is no provision to cancel it 

• It may take up to 24 hours to process a pay order 

• You must pay the amount in cash or another accepted mode to place a request for these cheques 

• Only the beneficiary receives payment from it, making it a secure option 

• It is valid for three months from its issuing date 

• It is payable only in the issuing bank branch within the same city 

• It is a non-negotiable or pre-paid instrument with zero credit risk 

What is a Demand Draft? 

DD is a negotiable instrument that the bank issues at your request. This allows you to make payments without the risk of cheque bounce or dishonour. 

Similar to the pay order, it requires you to pay beforehand to make payments to third-party beneficiaries without their banking details. However, unlike a pay order, it allows you to make payments in any bank branch, even outside the city. Here’s an overview of key features of demand drafts. 

• It includes payee and beneficiary details 

• It is a secure payment option that allows individuals to pay funds directly 

• This instrument requires cash payment beforehand, which reduces the risk of dishonour and payment bounce 

• If the value is over ₹50,000, then you must pay by cheque and provide a PAN card 

• You must process a DD within the validity period of 3 months once issued 

• It may take a few hours to process 

• It allows you to make payments in international currency as well 

Also Read: What is a demand draft in banking? 

What’s the Difference Between Demand Draft and Pay Order? 

Here is an overview of the difference between a pay order and a demand draft. 

Table Mentioned 

When Should You Use a Pay Order or Demand Draft? 

• Use a pay order or demand draft when you need to make a secure payment. 

• These instruments are useful when the receiver wants a guaranteed payment from the bank. 

• Use them when making payments for: 

• School, college, or university fees 

• Government charges or application fees 

• Property or rent-related payments 

• Business transactions 

• Tender or contract payments 

• Loan or insurance-related payments 

• A pay order is usually used for payments within the same city or local area. 

• A demand draft is commonly used for payments to someone in a different city or location. 

• They are preferred when the receiver does not accept: 

• Cash 

• Personal cheques 

• Online transfers 

• They help reduce the risk of: 

• Cheque bounce 

• Payment failure 

• Delayed settlement 

• Use a pay order or demand draft when you need proof of payment for official or financial records. 

Cancellation and Reissuance of Pay Order and Demand Draft 

• Cancellation Request 

• Submit a written request at the issuing branch with the original instrument. 

• Provide valid ID and account details for refund. 

• If lost, submit an indemnity/declaration as per bank requirements. 

• Cancellation Process 

• Bank verifies instrument status (must be unpaid/uncleared). 

• Additional checks may apply for third-party instruments. 

• Upon approval, the instrument is cancelled and refund is initiated. 

• Refund Timeline 

• 1–3 working days if original instrument is submitted. 

• Longer timelines for lost instruments due to additional verification. 

• Refund is credited to the account or via approved mode. 

• Reissuance Request 

• Submit a written request for cases like errors, expiry, damage, or loss. 

• Original instrument required (except in case of loss with indemnity). 

• Reissuance Process 

• Bank verifies details and unpaid status. 

• New instrument issued with updated details and fresh validity. 

• Charges 

• Applicable cancellation and reissuance fees as per bank policy. 

• Additional charges may apply for duplicate issuance or indemnity. 

• Taxes levied as applicable. 

 
Knowing the features of pay order vs demand draft, you can easily choose the most convenient fund transfer option. However, if you do not have sufficient funds in your account, apply for a Fibe Instant Personal Loan to maintain the balance for clearing your payment. 

You can avail of up to ₹10 lakhs in a matter of minutes and at an attractive interest rate. In addition, you can enjoy a host of benefits, such as a complete digital application, minimum documents and no pre-closure charges. Download the Personal Loan App or go to our website to get started! 

FAQs on Pay Order vs Demand Draft 

What is the purpose of a pay order? 

A pay order is a non-negotiable financial instrument that allows payments within the same city. This is a secure method acknowledged by the bank, which gives a guarantee of payment to the receiver. 

How long does it take for a pay order to be clear? 

Pay orders are generally cleared within 24 hours of deposit but can remain valid for up to 3 months after issuance. 

Can a pay order be cancelled? 

No, once issued by the bank, there is no option to cancel a pay order. 

Is a pay order and a cheque the same? 

A pay order is a type of cheque that the banking executive drafts, while account holders can write a cheque themselves. 

Is pay order and DD the same thing? 

No, PO is useful to transfer funds within the same city, but DD is valid across India. One thing that both have in common is that you have to request the bank to issue it. 

Is a pay order safe? 

Yes, it’s a secure method of payment transfer as it is issued by the bank

If you’re wondering how to send money without sharing your account number, MMID is what you need. It’s a simple and secure way to transfer funds using mobile banking. MMID full form is Mobile Money Identifier. It’s a 7-digit unique code linked to your mobile number and bank account.

With this code, you can make instant Immediate Payment Service (IMPS) transfers without needing an account number or IFSC. This is a fund transfer facility offered by the National Payments Corporation of India (NPCI). In a nutshell, MMID means a convenient way to enable real-time mobile transactions.

Read on to know what is MMID in bank, how many digit code is Mobile Money Identifier, its process, benefits, uses and more.

What is MMID Number?

A Mobile Money Identifier number is a 7-digit code that is required to execute IMPS transfers. This is a unique identifier linked to your mobile number. You can make convenient transactions using MMID for mobile banking and make instant fund transfers, bill payments, shopping and more. 

Moreover, having MMID replaces the need to have the payee’s details, such as:

• Account number
• Branch name
• IFSC code 

How to Find Your MMID Number?

Before generating a new MMID, check if one is already assigned. Most banks create it automatically when you activate mobile banking. You can find your MMID number easily by following these steps:

• Open your bank’s mobile app or log in through net banking
• Go to the section for mobile services or IMPS
• Look for the option that lets you view or get your MMID
• Follow the on-screen instructions provided by your bank

Your MMID will either be displayed on the screen or sent to your registered mobile number. If no MMID is available, you’ll be prompted to generate one.

How to Generate MMID? 

You can generate MMID quickly using 3 simple methods – mobile banking, net banking or by calling customer care. Here’s a quick look at all 3 options:

• Mobile Banking: Use your bank’s mobile app to log in and generate MMID instantly.
• Net Banking: Log in to your bank’s website and request an MMID online.
• Customer Care: Call from your registered mobile number and request MMID without internet.

Now, let’s look at the steps for each method in detail:

Via Mobile Banking

Follow these steps if you want to generate MMID on your phone instantly: 

• Step 1: Log in to your bank’s mobile banking app
• Step 2: Go to ‘Accounts’
• Step 3: Select the ‘Generate MMID’ option
• Step 4: Enter the details and confirm

Via Net Banking

Following these steps, you can also generate MMID on a desktop via net banking:

• Step 1: Visit your bank’s net banking portal
• Step 2: Log in with your credentials 
• Step 3: Go to the main page 
• Step 4: Select the ‘Generate MMID’ option
• Step 5: Enter the required details 
• Step 6: Verify your details 

Though Customer Care

To generate MMID without internet access, you can follow these steps:

• Step 1: Call the bank’s customer service number
• Step 2: Choose your preferred banking language
• Step 3: Follow the instructions to request the MMID-generating service 
• Step 4: Share your details 

After you have successfully completed the steps, your MMID will be generated and shared on the registered mobile number. Note that you need to call from your registered mobile number. 

Advantages of Mobile Money Identifier (MMID)

Know these benefits to understand the meaning of MMID:

• It makes digital fund transfers simplified 
• It allows interbank payments 
• It allows real-time payment through IMPS
• It reduces the risk of fraud and theft when making third-party payments
• It adds convenience to the fund transfer process 

How to Use MMID for Funds Transfer?

Here are the mobile banking steps you can follow when sending funds through MMID:

• Step 1: Log in to your mobile banking app 
• Step 2: Go to the ‘Fund Transfer’ section 
• Step 3: Select the ‘IMPS’ option
• Step 4: Enter the beneficiary’s MMID and mobile number
• Step 5: Enter the amount 
• Step 6: Click on ’Confirm’
• Step 7: Verify your payment with OPT or MPIN 

After verification, all the parties will get an SMS notification to confirm the payment. 

Key Points to Remember When Using MMID 

Now that you know how to use MMID, here are some facts to know. 

• The payee and the payer must be registered for the MMID and mobile banking
• You must confirm the IMPS charges with your bank
• You must have SMS services enabled on your bank’s registered mobile number
• The maximum daily IMPS limit is ₹5 lakhs 

Using these points, you can operate the IMPS fund transfer facility on your mobile banking app to send and receive funds. MMID makes fund transfers fast and convenient without the need to visit your nearest bank branch. Similarly, if you need urgent finance to manage your planned or unplanned needs, apply for a Quick Personal Loan.  

Get up to ₹5 lakhs with a completely digital process, and enjoy attractive interest rates, quick approval and other benefits. Moreover, you can close your loan anytime without additional fees and charges. So, download our Personal Loan App or register on our website to apply! 

FAQs on MMID

How do I find my MMID number?

You can find your MMID by contacting your bank’s customer support or through mobile banking. 

Is MMID and IFSC code the same?

No, the MMID number and IFSC code are different details used to make fund transfers. The MMID code is an option you can use instead of the payee’s account number and IFSC code. 

What is a 7-digit MMID code?

MMID is a 7-digit unique code that allows immediate transfer of funds using IMPS through multiple channels. 

How do I transfer money using MMID?

To use the MMID code, you must initiate a fund transfer through IMPS on your mobile banking app.

Post-dated cheque is the one in which the date written is some time in future. It cannot be cashed until that particular date comes. Post dated cheque or PDC is widely used in India for making payments towards rents, EMIs, loans, businesses etc. Validity of PDC cheque is 3 months from the date on the cheque. 

If you have been looking for what is PDC, what is post dated cheque or what is PDC cheque, then here you will find PDC meaning – what is a Post Dated Cheque and How it works along with its validity, rules, uses and penalties.  

What is a Post-Dated Cheque? 

Post-dated cheque or simply PDC is the one which carries a future date rather than the current date written on it by the issuer. It should be processed by the bank only after the future date is written. 
Suppose today is 5th April and you write a cheque dated 10th April. It can only be deposited starting from 10th April. Until that date, the cheque is not payable. 

Post-Dated Cheque Example 

Let’s say your monthly rent is ₹25,000 and your landlord asks for rent assurance for the next 3 months. You may issue 3 post-dated cheques: 

Cheque Date	Amount	Purpose
5 July 2026	₹25,000	July rent
5 August 2026	₹25,000	August rent
5 September 2026	₹25,000	September rent

The landlord can deposit each cheque only on or after the date written on it. This makes payment planning easier and reduces the need for manual reminders every month. 

How Does a Post-Dated Cheque Work? 

A post-dated cheque works like a normal cheque, but with one key difference: the date is in the future. 

Here’s how it usually works: 

1. The payer writes the cheque with a future date. 

2. The receiver keeps the cheque until that date. 

3. On or after the cheque date, the receiver deposits it. 

4. The bank verifies the cheque details and balance. 

5. If everything is correct and funds are available, the amount is transferred. 

For instance, if your salary is credited on the 10th of every month, but you need to give a payment commitment on the 5th, you can issue a cheque dated 10th. This gives you time to maintain balance while assuring the receiver. 

How to Write a Post-Dated Cheque? 

Writing a post-dated cheque is similar to writing a regular cheque. The only difference is the date. 

Follow these steps: 

• Write the payee’s name clearly 

• Enter the amount in words and numbers 

• Mention the future date on which the cheque should be deposited 

• Sign the cheque as per your bank records 

• Avoid overwriting or unclear handwriting 

• Keep a record of the cheque number, amount and date 

Example 

If today is 5 May and you want the cheque to be encashed on 12 May, write 12 May as the cheque date. Do not write today’s date if you do not want the money to be withdrawn immediately. 

What is the Post-Dated Cheque Validity? 

A post-dated cheque is usually valid for 3 months from the date written on it. 

Here’s an example: 

Cheque Date	Valid Till
1 January 2026	31 March 2026
15 April 2026	14 July 2026
10 June 2026	9 September 2026

If the cheque is deposited before the mentioned date, the bank may decline it because it is not yet payable. If it is deposited after the validity period, it may be treated as stale and may not be honoured. 

Post-Dated Cheque vs Stale Cheque: Key Differences 

Factor	Post-Dated Cheque	Stale Cheque
Meaning	A cheque with a future date	A cheque deposited after its validity period
Can it be deposited immediately?	No, it should be deposited on or after the written date	No, it may be rejected
Validity	3 months from the cheque date	Becomes stale after validity ends
Example	Cheque dated 10 July, issued on 5 July	Cheque dated 1 January, deposited after 31 March
Common reason	Future payment planning	Delayed deposit by receiver

What is the Rule for Writing a Post-Dated Cheque? 

Before issuing a PDC, keep these rules in mind: 

• Use a future date: Mention the exact date on which the payment should be made. 

• Maintain sufficient balance: Ensure your account has enough funds before the cheque date. 

• Fill all details correctly: The payee name, amount and signature should match bank records. 

• Avoid overwriting: Banks may reject cheques with unclear edits or corrections. 

• Inform your bank if needed: Written instructions can help avoid confusion in some cases. 

• Track issued cheques: Maintain a list of cheque numbers, dates and amounts. 

A useful rule to remember is: ‘Issue a PDC only when you are confident that funds will be available on the date written.’ 

Common Uses of Post-Dated Cheques in India 

Post-dated cheques are commonly used for planned or recurring payments. Some examples include: 

• Monthly rent payments 

• Home loan or personal loan EMIs 

• Vehicle loan instalments 

• Business credit payments 

• Security deposits 

• School or coaching fee instalments 

• Supplier payments 

• Repayment assurance in lending agreements 

Many businesses and individuals prefer PDCs because they create a clear payment record and help schedule future transactions. 

What are the Penalties for Dishonouring a Post-Dated Cheque? 

If a post-dated cheque bounces due to insufficient funds or similar reasons, it can lead to legal consequences under Section 138 of the Negotiable Instruments Act, 1881. 

Possible consequences may include: 

• Legal notice from the payee 

• Fine that may extend up to twice the cheque amount 

• Imprisonment of up to 2 years 

• Both fine and imprisonment, depending on the case 

This is why it is important to issue a PDC only when you can maintain enough funds on the cheque date. 

Things to Keep in Mind When Writing a Post-Dated Cheque 

Before issuing a post-dated cheque, follow this checklist: 

• Confirm the payment date with the receiver 

• Keep enough balance before the cheque is deposited 

• Recheck the amount in words and numbers 

• Make sure your signature matches bank records 

• Do not issue blank cheques 

• Avoid overwriting on the cheque 

• Maintain a written record of the cheque 

• Inform the receiver if there is any payment issue before the due date 

• For business payments, record the transaction in company books 

These small checks can help you avoid payment delays, penalties and disputes. 

If you are short of funds and need urgent financial support, you can consider applying for a personal loan instead of risking a cheque bounce. At Fibe, you can apply for a 100% digital Online Personal Loan with a loan amount of up to ₹10 lakhs. With quick disbursal, minimal paperwork and a digital application process, it can help you manage planned or urgent financial needs with ease. 

Download the Fibe Personal Loan App or visit the Fibe website to apply online. 

FAQs on Post-Dated Cheques 

Why is it called a post-dated cheque? 

It is called a post-dated cheque because it carries a future date. The cheque can be deposited or encashed only on or after the date written on it. 

What is the time limit for a post-dated cheque? 

A post-dated cheque is generally valid for 3 months from the date mentioned on the cheque. 

What does PDC mean in banking? 

In banking, PDC means Post-Dated Cheque. It refers to a cheque issued with a future date for payment at a later time. 

What happens if a post-dated cheque is presented before the date? 

If a post-dated cheque is presented before the date written on it, the bank may decline or return it because it is not yet payable. 

What is the difference between a post-dated cheque and an ante-dated cheque? 

A post-dated cheque has a future date, while an ante-dated cheque has a past date. For example, if today is 10 June, a cheque dated 15 June is post-dated, while a cheque dated 5 June is ante-dated. 

Can I cancel a post-dated cheque after issuing it? 

Yes, you may request your bank to stop payment on a cheque. However, cancellation can have legal or contractual consequences if the cheque was issued against a valid payment obligation. It is better to inform the receiver and document the reason. 

Is a salary account a CASA account? 

Yes. A salary account is generally considered a type of CASA account. CASA stands for Current Account Savings Account, and salary accounts usually fall under the savings account category.

Choosing between IMPS vs NEFT electronic fund transfer options depends on multiple factors. These two options serve the same goal of making convenient fund transfers but have many distinct features and benefits. 

Old-school fund transfer methods allow you to send and receive a higher amount through multiple channels. Therefore, many private and government agencies rely on these options for fund transfer.

Read on to learn more about NEFT vs IMPS differences and choose a convenient option.

What Do You Mean by IMPS and NEFT?

IMPS stands for Immediate Payments Service, which is an electronic payment facility established by the National Payments Corporation of India (NPCI). NEFT, on the other 

hand is an acronym for National Electronic Fund Transfer, launched by the RBI. 

Both these fund transfer options allow you to make interbank transactions nationwide. All you have to do is provide basic details of the beneficiary available, and you can choose from either option at your convenience. 

All You Need to Know About IMPS vs NEFT 

Here are a few essential pointers you must know to understand the features of IMPS vs NEFT.

• Availability: Both mechanisms of fund transfer are available round the clock, including bank holidays 
• Timing: IMPS facility allows real-time transfer, but NEFT conducts transfer in half-hourly batches 
• Transfer Limit: The maximum amount for IMPS is ₹5 lakhs, but NEFT has no upper limit 
• Transaction Charges: Know that IMPS vs NEFT charges are levied based on the bank’s policy 
• Details Required: IMPS allows transfer using the Mobile Money Identifier (MMID) and account details, but for NEFT, you only need account details  

In addition, here is a tabulated overview of IMPS vs NEFT: 

Particular	IMPS	NEFT
Mode of transfer	Online	Offline and online
Settlement Type	Real-time	Half-hour
Time taken	Instant	Batches of half-hour
Limit	Minimum: ₹1 Maximum: ₹5 lakhs	Minimum: ₹1 Maximum: As per the bank’s discretion
Charges	Up to ₹10,000: ₹2.5 + GST₹10,001 – ₹1 lac: ₹5 + GST₹1 lac – ₹2 lakhs: ₹15 + GST	Up to ₹10,000: ₹2.5 + GST₹10,001 – ₹1 lac: ₹5 + GST₹1 lac – ₹2 lakhs: ₹15 + GST Above ₹2 lakhs: ₹25 + GST

How to Transfer Funds Using IMPS and NEFT

To initiate a fund transfer with IMPS, follow these steps. 

• Step 1: Choose the net or mobile banking option 
• Step 2: Select ‘Fund Transfer’
• Step 3: Opt for ‘IMPS’ 
• Step 4: Select ‘Add beneficiary’ 
• Step 5: Enter the required details and amount
• Step 6: Submit the details 
• Step 7: Verify the transfer with OTP

If you choose IMPS, here are the steps you must follow.  

• Step 1: Log in to your net banking account 
• Step 2: Click on ‘Add beneficiary’
• Step 3: Enter beneficiary details, such as name, account type, account number, and IFSC information
• Step 4: Select the NEFT option 
• Step 5: Enter the amount and submit

Also Read: Difference Between NEFT and RTGS

Once you add the new beneficiary, you must wait for a period of 30 minutes before proceeding ahead. However, there is no such waiting time for IMPS. So, consider this criterion when choosing IMPS vs NEFT. 

Which is Better: IMPS vs NEFT

While both options have equal security and reliability, you must consider all the factors, such as time taken, amount and charges, when comparing IMPS vs NEFT. You can choose either option to make a transaction for up to ₹5 lakhs. But for a higher amount, you can opt for NEFT. 

Since the charges for both are the same, you will pay an equal fee for both facilities. However, you must consider the processing time, as you may have the advantage of instant transfer via IMPS. Nevertheless, if it’s not an urgent payment, you can also choose NEFT.

In conclusion, you can choose from either option to make a fund transfer depending on the urgency and your fund transfer limit. However, if you require urgent funds for any financial emergency or otherwise, you can apply at Fibe. 

With Fibe Personal Loan Online, you can get up to ₹5 lakhs quickly. A 100% digital application process, affordable interest rates and convenient tenure options are a few added perks you stand to enjoy when you opt for Fibe. Download the Personal Loan App or visit our website to apply now!

FAQs on IMPS vs NEFT

Is IMPS chargeable?

Yes, banks have variable charges for IMPS fund transfers depending on your amount. However, these charges only apply for outward IMPS transactions, and inward IMPS transfers have no fees. 

Is NEFT free?

No, you must pay some fees to facilitate NEFT transactions, which depends on your transfer amount. 

What is the limit of IMPS?

You can send a minimum ₹1 up to ₹5 lakhs through IMPS. However, the upper limit for fund transfers is subject to bank policy. 

Does IMPS have a daily limit?

Effective February 1, 2022, the daily maximum fund transfer limit for IMPS is up to ₹5 lakhs.