While transferring funds back in the day seemed like a task where you had to spend hours in line at the bank, it is now something that you can do in the comfort of your home with the click of a button. There are various methods available these days to transfer money from one bank account to another, but the most popular ones are NEFT and RTGS.
NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. If you are looking to transfer small amounts then you can use NEFT and if you want to transfer larger amounts then the RGIT comes in handy. While some people are comfortable using these online money transfer methods, there are still a few people who are not very comfortable and are still trying to figure their way around it. If you are looking for tips on how to use these methods then here’s what you need to do.
To transfer funds, you need to follow the below mentioned steps.
- First you need to login to the net banking facility given to you by your bank.
- Then you need to add the beneficiary to your account (payee). You will need the beneficiary’s account name, account number, bank name, branch details and IFSC code to add them as a beneficiary.
- Upon authenticating, you will need to wait between 12 to 24 hours for the beneficiary to become active. Timelines vary as per various banking regulations.
- Once the beneficiary has been added, you need to click on the “Transfer Funds” button on your net banking page.
- Once there, you will need to select the name of the beneficiary from the list of beneficiaries.
- Then you need to select the type of transaction – NEFT or RTGS.
- Then you need to enter the amount and click “Confirm”
- You may be asked an authentication question or may be sent an OTP depending on the online security norms of your bank.
- Once authenticated, your transaction will get queued for completion.