How to Transfer Money from One Bank Account to Another
There are many ways to transfer money from one bank to another. You can write a cheque and deposit to other bank or withdraw cash from one bank /ATM account and can deposit it in another account. There are scope for online or wire transfer also where you can transfer money without leaving the comfort of your home or office. In case of wire transfer the bank representative may ask you few simple questions over the phone to check your identity.
If you are looking for ways to transfer money from one bank account to other or want to remit to someone within India but do not want to visit the bank NEFT or ‘National Electronic Fund Transfer’ is your answer—it allows its user to transfer money online. NEFT was initially started so that small amount of money can be transferred at a nominal cost. However, both the banks must have each distinct IFSC code (Indian Financial System Code).
Who can transfer money through NEFT?
All individuals, firms, business houses, institutions can, irrespective of the fact whether they have any bank account or not. If the user does not have a bank account, he is termed as ‘walk in customer’ and has to provide certain details because if for any reason the transaction fails the bank can refund the money to the ‘walk in customer’.
Procedure of NEFT Transfer:
The transferor has to collect a NEFT application form and provide the details:
- Name of the beneficiary.
- Name of the bank and branch of the beneficiary.
- IFSC of beneficiary’s bank.
- Account type and Number.
- NEFT works in 6 cycles (9:30 am, 10:30 am, 12 pm, 1 pm, 3 pm and 4 pm) transaction limit is Rs 5 lakh.
The originator authorizes the transfer and his bank deducts the amount from his account and remits to the beneficiary. Few banks offer NEFT through ATMs also.
How to Transfer Money from One Bank Account to Another by ATM
The most of the banks allow using ATM card and machine to transfer fund from one account to another. You can do this transfer by simply following the instructions on the ATM screen. When you transfer money from one account to another within the same bank, provided you are registered with net banking facility, it is called intra-bank transfer. However, this facility may not be always available between two different banks in case of inter- bank transfer. Some banks ATM allow transfer through check also. You have to write a cheque for the amount you want to transfer, visit the ATM of the bank where you want to transfer, choose the cheque option on the machine, write the amount and deposit the cheque. The money will be transferred when the cheque is passed for payment.
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