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How do I transfer money between accounts at different retail banks?

Curious about Retail or consumer banking

How do I transfer money between accounts at different retail banks?

To transfer money between accounts at different retail banks in India, you can follow these steps:

1. Online Banking: Check if both of your retail banks offer online banking services. Most banks provide online platforms or mobile apps that allow you to initiate fund transfers.

2. Add Payee/Beneficiary: Log in to your online banking account and navigate to the fund transfer section. Add the account details of the recipient (the account at the other retail bank) as a payee or beneficiary. You will typically need to provide the recipient's bank account number, bank branch IFSC code, and other required details.

3. Verify Payee/Beneficiary: Some banks may require additional verification steps before you can transfer funds to a new payee/beneficiary. Follow the bank's instructions to complete the verification process, which may involve confirming the payee's details through SMS, email, or other means.

4. Initiate Transfer: Once the payee/beneficiary is added and verified, you can initiate the transfer. Enter the transfer amount and select the account from which you want to transfer the funds. Choose the payee/beneficiary account as the destination.

5. Select Transfer Type: Depending on the online banking system of your bank, you may have different transfer options such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), RealTime Gross Settlement (RTGS), or Unified Payments Interface (UPI). Choose the appropriate transfer type based on your needs and the transfer limits imposed by your bank.

6. Review and Confirm: Doublecheck the transfer details, including the amount, payee/beneficiary account details, and any applicable charges or fees. Once you are satisfied with the information, confirm the transfer.

7. Authorization and Security: Some banks may require additional authorization steps for security purposes. This could involve providing an OTP (OneTime Password) sent to your registered mobile number or using a token device, if applicable.

8. Transaction Confirmation: After successfully authorizing the transfer, you will receive a transaction confirmation message or reference number. Note down this information for future reference.

9. Track the Transfer: Keep track of the transfer status by monitoring your account balance and transaction history. In most cases, the funds should reflect in the recipient's account within a specified timeframe depending on the transfer type (IMPS, NEFT, RTGS, etc.).

It's important to note that different banks may have their own specific procedures and fees for interbank transfers. Make sure to check with your respective banks for their exact processes and any associated charges.

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