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Step By Step Procedure To Transfer Funds Using Mobile Banking
Mobile banking is one of the most popular ways to send money online these days. With digital banking transforming the way people bank, more and more people are shifting to using a money transfer app rather than conventional modes like cheques and demand drafts.
When it comes to a bank’s online money transfer app, the procedure to make fund transfers is extremely simple and depends on the mode of transfer selected.
Procedure to transfer funds using NEFT and RTGS:
The procedure for these two modes is similar. However, the only difference is the quantum of transfer and the time taken for a transfer. RTGS transfers happen immediately once the transfer gets processed. NEFT takes time depending on the batch transfer system.
The first step to transferring using an online money transfer app is to add the beneficiary. To add the beneficiary, you need the beneficiary’s bank account details, branch IFSC code and the name of the bank branch. Once you enter these details into the money transfer app, you need to submit the details. It will take between half an hour and one hour to add the beneficiary to the bank’s accounts.
Once the beneficiary is added, you need to select the mode of fund transfer i.e NEFT or RTGS. Remember, you cannot make RTGS transfers for sums below Rs. 2 lakhs. Once you choose the mode of fund transfer, you need to choose the beneficiary.
Once the beneficiary is chosen, you need to add the amount of transfer and submit it.
The international money transfer app may ask you for more details or authentication through an OTP or to answer your secret question. Once you answer that, the fund transfer will be processed.
Procedure to transfer funds using IMPS:
IMPS is a type of fund transfer that works 24x7. This means you don’t need to wait for the sum to get cleared by the NEFT system. The sum gets debited from your account and credited to the recipient’s account immediately.
You need to select the IMPS mode of fund transfer. Once selected, you need to enter the recipient’s mobile number and mobile money identifier code or MMID. Once the MMID is added, the transfer gets submitted.
On verification of the MMID, the transfer gets processed on the IMPS network.
It is very easy to use mobile banking to make fund transfers.
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