How to Transfer Money to Another Bank Account – New banking services are being introduced regularly in India, reducing the need for customers to visit their local banks. Since the mid-90s, electronic fund transfer systems have become more common, making transferring money between bank accounts easier than ever before. With electronic transfers, you can move money anywhere, anytime, and from any bank. In this article, we will examine the process of transferring money to a bank account.
Key points:
- Intra-bank transfer and inter-bank transfer are two methods to transfer money.
- RTGS, NEFT, and IMPS come under the inter-bank transfer option.
- Account number & IFSC you required to initiate such transfer.
- You can also transfer money via UPI by beneficiary’s mobile number.
- Both intra and inter-bank transfers are very safe and secured.
Getting Money From One Bank Account To Another
Intra-bank Transfer:
You will need to conduct a transfer intra-bank if you want to transfer money from one account to another within the same bank. A beneficiary’s account number is all you need to initiate an intra-bank transfer, and the beneficiary receives instant notifications of the transaction when you perform such a transfer.
Inter-bank Transfer:
Using the interbank transfer facility, you can transfer funds between two bank accounts or send payments to a third party. Inter-bank transfers can be accomplished in three ways: by check payment, by cash deposit, and by various online funds transfer methods.
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How to Transfer Money Using RTGS and NEFT?
Transferring money via RTGS and NEFT is very easy. Follow the given steps below:
- Log in to your internet or mobile banking in your particular bank.
- Find the “Transfer” or “Bank Transfer” option. You may find this option under a different name depending on your bank.
- Select NEFT or RTGS method according to your choice.
- Select ‘Other Bank Payee’ as the Beneficiary Type when adding a payee.
- Enter your related credit card or beneficiary account details to start transactions.
- Please enter the bank and branch name valid IFSC code to add the beneficiary.
- “Add” the beneficiary and “conform” it.
- Using OTP (One Time Password), verify it.
The back-end process of opening a beneficiary account usually takes 30 minutes. This feature is needed to log into your account and select the beneficiary’s account details, enter the amount you wish to transfer, and confirm the transfer with an OTP you receive on your phone. The amount will be transferred within 30 minutes.
IMPS (Immediate Payment Service)
IMPS option you can use to transfer money immediately from one bank account to another bank account. You can use this option using internet banking and mobile banking platforms. This transfer can be initiated by entering the payee’s mobile number, MMID, or account number. This is how you can use IMPS to make a transfer to another account.
Here are the steps for IMPS transfers
- You need to log into your online banking account.
- Select the ‘Fund Transfer’ option.
- The option to transfer funds via IMPS with a mobile number and MMID is equal to that of transferring funds via account number and IFSC code.
- Select the account where you want to transfer the fund.
- Fulfill the required details like MMID and mobile number and the transfer amount of the payee.
- To complete your transaction through OTP (One-Time Password).
Once you complete your transaction, your payment transaction number will be displayed on the screen.
UPI (Unified Payments Interface)
The Indian payment processor, National Payments Corporation (NPCI), launched the Unified Payments Interface (UPI). This system uses mobile phones to transfer funds without giving out bank details. The recipient has to provide a mobile number. To facilitate such transfers, the recipients need to have a UPI app linked to their bank account with their RMN.
Several Ways to Transfer Money to a Bank Account
There are two more methods to transfer money from one bank to another.
- Cheques
- Wire transfer or bank
Cheque:
Through a check, funds can be transferred from one account to another. Checks are deposited in the accounts of payees, and the balances are debited from your account.
Wire Transfer or Bank:
Money transfers overseas are ideal for this type of fund transfer. It is considered fast and secure compared to other methods of transferring money. You can make these transfers by visiting a bank or using the internet.