Money Transfers

Transfer Money enables the user to initiate payment from his bank account to any other bank account without visiting the bank enjoying from the ease of his home through digital banking. Payments are categorized on the basis transfer to account within the bank, outside the bank and beyond geographical boundaries. When the transfer is to an account within the bank it is an internal transfer. Transfer to an account outside the bank, but within the country is called a Domestic transfer. A transfer to an account outside the country is called an International payment. This categorization takes places when a customer saves the payee bank account details during payee maintenance.

The customer can initiate a money transfer when the payee to whom transfers are required to be made are registered in the system.

Application provides a one solution to the customer through Transfer Money to cater their requirement of different types of payments. The customer has provided a single screen of Transfer money for their internal, domestic or international payments.

Transfer money allows the user to make payments:

• To Existing Payees
• To New Payees
• User's own account

Transfer to new payees is done using the payee’s email id or the mobile number.

How to reach here:

Payments Dashboard > Transfer Money card > Transfer Money

Transfer Money - Existing Payee

Using this option you can transfer funds from your account to already added payee's account within the bank, within the country or outside the country.

To transfer the money to existing payee:

1. In the Transfer To field, select the Existing Payee option.

Field Description

Field Name	Description
Transfer To	Payee to which transfer needs to be done. The options are: Existing payee New payee My Accounts (User's own account)
Existing Payee Below fields appears if the Existing Payee option is selected in Transfer to field.
Payee	Payee to whom fund transfer needs to be done and the nick name to identify the account for fund transfer.
Amount	Amount to be transferred along with the currency. This field appears if you select the payee from the Payee list. Note: CurrencyA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. changes as per the type of transfer.
View Limits	Link to view the transaction limits for the user.
Transfer When	Specify when to transfer funds. The options are: Now: payment on the same day Later: payment on a future date.
Select Date	Date of transfer. This field appears if you select the Later option from the Transfer When list.
Transfer From	Source account from which the funds is to be transferred.
Balance	Net balance in the selected account.
Purpose	Purpose of transfer.
Note	Narrative for the transaction.

2. From the Payee list, select the appropriate payee, and then the account maintained under payee to transfer funds.
3. From the Currency list, select the appropriate currency for the amount to be transferred.
4. In the Amount field, enter the transfer amount.
5. In the Transfer On field, select the appropriate transfer date.
1. If you select the Now option, transfer will be done on same day.
   OR
   If you select Later option in the Transfer On field, select the appropriate future date for transfer.
6. From the Transfer From account list, select the account from which transfer needs to be done.
7. From the Purpose list, select the appropriate purpose of transfer.
8. Click Transfer.
   OR
   Click Cancel to cancel the transaction.
9. The Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the transaction.
10. The Verification screen appears if transaction is configured for OTP validation. For more information click here.
11. The success message appears, along with the reference number.
    Click Done to complete the transaction.
    OR
    Click to mark the transaction as favorite. The favorite transaction is added on dashboard. For more information click here.
    OR
    Click to repeat the transaction. For more information click here.

Transfer Money - New Payee

Using this option you can transfer funds from your account to payee account within the bank, within the country or outside the country by specifying email or mobile number. The funds transfer is done through peer to peer if payee is not added. You can also maintain payee contact details like email address /mobile number.

To transfer the money to new payee:

1. In the Transfer To field, select the New Payee option.

Field Description

Field Name	Description
Transfer to	Payee to which transfer needs to be done. The options are: Existing Payee New Payee My Accounts (User's own account)
Transfer Via	Type of mode to be selected to transfer the funds. The options are: Email/ Mobile Bank Account
Below field appears if you select Bank Account option in the Transfer Via list.
Bank Account	Option to add new payee having bank account . For more information click here.
Below fields appears if you select Email/ Mobile option in the Transfer Via list.
Email / Mobile	Email ID or mobile number of the payee to initiate the money transfer.
Amount	Amount to be transferred.
Transfer From	Source account from which the funds is to be transferred.
Balance	Net balance in the selected account.
Note	Narration entered by the user for the transaction.

2. From the Transfer Via list, select the type of payee.
1. If you select Email or Mobile option:
1. In the Email /Mobile field, enter the email id or mobile number of the recipient.
2. In the Amount field, enter the transfer amount.
3. From the Transfer From account list, select the appropriate account.
2. If you select Bank Account option:
1. To add new payee having bank account, click Add Bank Account. The Add Payee screen appears.

Note: For more information about add recipient, click Add Payee.

2. Add the bank account details of the payee and then continue to transfer in Add Payee screen.
3. Click Transfer.
   OR
   Click Cancel to cancel the transaction.
4. The Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the transaction.
5. The Verification screen appears if transaction is configured for OTP validation. For more information click here.
6. The success message appears, along with the reference number.
   OR
   Click Existing Payee to save the email id or mobile number to existing payee list.
   OR
   Click New Payee to save the email id or mobile number to new payee list.
   OR
   Click Done to complete the transaction.
   

Transfer Money - My Accounts

Using this option you can transfer funds to your own accounts within the same bank.

To transfer the money to own account:

1. In the Transfer To field, select the My accounts option.

Field Description

Field Name	Description
Transfer To	Payee to which transfer needs to be done. The options are: Existing payee New payee My Accounts (User's own account)
Account	Payee account where the funds need to be transferred.
Amount	Amount to be transferred along with the currency. This field appears if you select the payee from the Payee list.
View Limits	Link to view the transaction limits for the user.
Transfer On	Specify when to transfer funds. The options are: Now: payment on the same day Later: payment on a future date.
Select Date	Date of transfer. This field is enabled if the Later option is selected in Transfer when field.
Transfer From	Source account from which the funds is to be transferred.
Balance	Net balance in the selected account.
Note	Narration entered by the user for the transaction.

2. From the Account list, select the own account where the funds need to be transferred.
3. In the Amount field, enter the transfer amount.
4. In the Transfer On field, select the appropriate transfer date.
1. If you select the Now option, transfer will be done on same day.
   OR
   If you select Later option in the Transfer On field, select the appropriate future date.
5. From the Transfer From account list, select the account from which transfer needs to be done.
6. Click Transfer.
7. The Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the transaction.
8. The Verification screen appears if transaction is configured for OTP validation. For more information click here.
9. The success message appears, along with the reference number.
   Click Done to complete the transaction.
   OR
   Click to mark the transaction as favorite. The favorite transaction is added on dashboard. For more information click here.
   OR
   Click to repeat the transaction. For more information click here.

FAQs

Can I transfer funds to my mortgage or loan account held in another bank?

Yes, you can transfer the funds to your mortgage or loan account in another bank.

How do I know my payee received their funds?

Whenever payments transaction completed successfully, a contract number or a reference number will get generated. You will also receive an alert on your registered email id or mobile number.

Can I set a future date for a fund transfer?

You can set a future date for up to a month from the date of transaction. However, your account will be debited.

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