You can transfer small amounts through netbanking without adding a beneficiary

You can transfer small amounts through netbanking without adding a beneficiary

Digital transactions have been on the rise ever since the lockdown as people are avoiding touching certain surfaces, including currency notes, for fear of being infected with covid-19 or novel coronavirus. A lot of people now prefer apps such as Google Pay or Paytm for making quick transfers instead of going for netbanking. But you can do small, quick money transfers even through netbanking, using some banks’ quick transfer facility, without going through the trouble of adding the details of the beneficiary or enduring a waiting or cooling off period.

In July 2018, the State Bank of India (SBI) introduced a “Quick Transfer” service, which allows customers to transfer money without adding a beneficiary, which is required if you are using services like the National Electronic Funds Transfer (NEFT) and the Immediate Payment Service (IMPS).

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The Quick Transfer service allows you to transfer up to ₹25,000 per day, with a cap of ₹10,000 on each transaction. All you have to do is enter the name and account number of the recipient, and the bank will carry out a two-step verification (for instance, through an OTP sent to your registered mobile number) before transferring the amount.

Apart from SBI, ICICI Bank and Kotak Mahindra Bank also provide similar services.

SBI has made the facility available only through netbanking and it can be accessed on the bank’s online portal. If the beneficiary has an account with SBI, then the amount sent will be credited to the beneficiary’s account immediately. But if the beneficiary’s account is in a different bank, the money can be transferred through either IMPS or NEFT, but, for you, the process remains the same.

In the case of ICICI Bank, the facility has a per transaction limit of ₹10,000. As with SBI, the facility can be accessed through the bank’s netbanking portal. The bank asks for the payee’s account number, name, transfer amount and any remarks you might want to add, in order to initiate the transaction. According to a disclaimer on the bank’s netbanking portal, the transfer of funds through electronic mode is based on the account number of the beneficiary, as per the RBI circular dated 14 October 2010. So it’s important to be careful when entering the account number as the beneficiary’s name is not taken into account.

Kotak Mahindra Bank’s one-time payment facility comes with the added advantage of a higher transfer limit. Using the bank’s “One Time Transfer” feature, you can transfer a maximum of ₹50,000 per transaction per day without having to add a beneficiary. However, the bank’s website states, “If you activate mobile banking on a new device, the ‘one time transfer’ limit will be reduced to ₹10,000 per day for the first seven days on the newly registered device.”

The quick transfer facility is especially useful if you’re making a one-time transfer and don’t intend to transfer money to the person in question in the future.

 

Source:- livemint

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