In today’s day and age, sending funds from one location to another is now made easy. However, if you want to send funds to a friend or purchase a forex card for a vacation, your banking cards will offer only little assistance. If you don’t have physical cash in your hand, you may write a cheque. However, it will take sometime to clear.
One way to avoid this lack of funds is by using the National Electronic Funds Transfer also known as NEFT. By using this service, you can transfer funds of up to Rs. 10 Lakh using your own bank account. So if you need to make a transfer money online here are the steps you need to follow:
Step 1: In order to initiate a transfer money to India or any city using the NEFT service, you first need to have access to the net banking service. You will also be required to have some information about the individual or the merchant you would want to transfer the funds to. This would include the account number, type of account, IFSC code and the beneficiary’s name. You will need to log into your account and fund the tab, for the third – party transfers. You will need to click that option where you can further choose between transferring within the bank, transferring to other banks or transferring via a banking card. You can even add a beneficiary from your account.
Step 2: After you add the beneficiary, you will be presented with two additional options, namely to add the beneficiary within the bank or add a beneficiary of another bank. If the receiver has an account in the same bank, you can go for the first option, else opt for the second option. In the next step, you need to input the bank account related details to make the transfer money online. This would include the account number, name and IFSC code. You will get an OTP from your bank to initiate the transfer and confirm it. Once you confirm the transfer, the beneficiary’s account will get added within a few minutes. However, this can depend on your bank.
Step 3: Once the account has been added; the bank will send you an SMS. In order to send money using NEFT, you will need to login to your account. You will then need transfer money to Indiaor within the bank itself. You can choose the account number from which you would want to send the funds and then choose the receiving account number. You will need to enter the amount you would want to send. Once you confirm the transaction, the payment should reach the receiver’s account within an hour’s time.