Transfer Money

Transfer Money enables the customer to initiate payment from his bank account to any other bank account without visiting the bank through digital banking. Payments are categorized on the basis transfer to account within the bank, outside the bank and beyond geographical boundaries. When 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.

User can initiate a money transfer when the payees to whom transfers are required to be made are registered in the system.

Transfer money also allows initiating Peer to Peer transfer via New Payee option (email/mobile, bank account).

Application provides a solution to the customer through Transfer Money to cater their requirement of different types of payments. User is provided a single screen of Transfer money for their Own, Internal, Domestic or International payments.

Prerequisites:

• Transaction and account access is provided to retail user
• Transaction working window is maintained
• Payees are maintained
• Purpose of Payments are maintained
• Transaction limits are assigned to user to perform the transaction
• Payee limit, cooling period along with transaction limits are maintained

Features supported in application

Transfer money allows the user to make payments

• To Existing Payees – by selecting a registered payee
• To My Account - within own accounts
• To New Payee – by specifying email/ mobile or bank account of a payee

Workflow

How to reach here:

Dashboard > Payments Widget > Transfer Money
OR
Dashboard > Toggle Menu > Payments > Transfer Money
OR
Dashboard > Toggle Menu > Payments Menu > Transfer Money

Transfer Money - Existing Payee

Application provides an option to the user to initiate a payment to an existing payee. All account payees created by the logged in user are listed for selection. Details of selected payee are auto populated on transaction screen. User needs to fill in payment details to initiate the transaction. User can also view the transaction limits associated with a current transaction.

How to reach here:

Dashboard > Payments Widget > Transfer Money > Existing Payee
OR

Dashboard > Toggle Menu > Payments > Transfer Money > Existing Payee
OR
Dashboard > Toggle Menu > Payments Menu > Transfer Money > Existing Payee

To transfer the money to existing payee:

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

Field Description

Field Name	Description
Transfer Type	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 Type field.
Payee	Payee to whom fund transfer needs to be done and the nick name to identify the account for fund transfer.
Account Type	Type of account associated with the payee.
Account Number	The account associated with the payee along with the account nickname.
Account Name	Name of the payee in the bank account.
Bank Details	Payee's account - bank details.
Transfer From	Source account with account nickname from which the funds is to be transferred.
Balance	Net balance in the selected account.
Currency	Currency of the amount to be transferred. Currency is defaulted to destination account currency for Own and Internal Transfer and local currency for Domestic Transfer. For International transfer, the user can select the currency from the list.
Amount	Amount to be transferred.
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
Transfer Date	Date of transfer. This field appears if you select the Later option from the Transfer When list.
Purpose	Select purpose of the transfer. If purpose of transfer is selected as ‘Other, an additional field is shown to the customer to enter the purpose. This field appears for Internal or Domestic type of Payee.
Correspondence Charges	The correspondence charges applied for international fund transfer should be borne by the payee, payer or shared. The options are: Payee Payer Shared This field appears for International type of Payee
Purpose	Select purpose of the transfer. If purpose of transfer is selected as ‘Other, an additional field is shown to the customer to enter the purpose. This field appears for Internal or Domestic type of Payee.
Note	Narrative for the transaction.

2. From the Payee list, select the appropriate payee, and then the account maintained under payee to transfer funds appears.
3. From the Transfer From account list, select the account from which transfer needs to be done.
4. If you have selected International Payee, select the appropriate currency from the Currency list.
5. In the Amount field, enter the transfer amount.
   OR
   Click the View Limits link to check the transfer limit.
6. In the Transfer When field, select the appropriate transfer date.
7. If you select the Now option, transfer will be done on same day.
   OR
   If you select Later option, from the Transfer Date field, select the appropriate future date for transfer.
8. If you have selected Internal or Domestic Payee, select the appropriate purpose of transfer from the Purpose list.
   OR
   If you have selected International Payee, select the appropriate option from the Correspondence Charges list.
   In the Payment Details field, enter the details of the fund transfer.
9. Click Transfer to initiate payment.
   OR
   Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
   OR
   Click Back to Dashboard link, to navigate to the dashboard.
10. The Transfer Money - Review screen appears. Verify the details, and click Confirm.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
11. The Verification screen appears if transaction is configured for 2 factor authentication.
12. The success message of submitting the transaction appears, along with the transaction reference number.
    Click Go to Dashboard, to navigate to the dashboard.
    OR
    Click More Payment Options to go to other payment options.
    OR 
    Click Add Favorite to mark the transaction as favorite. The favorite transaction is added on dashboard. For more information click here.
    OR
    Click Set Repeat Transferto repeat the transaction. For more information click here.

Note: ‘Set Repeat Transfer’ link appears only for Domestic and Internal Transfer.

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 Type field, select the New Payee option.

Field Description

Field Name	Description
Transfer Type	Payee to which transfer needs to be done. The options are: Existing Payee New Payee My Accounts (User's own account)
New Payee
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.
Currency	Currency of the amount to be transferred. Defaulted to local currency.
Amount	Amount to be transferred. This field appears if you select the payee from the Payee list.
View Limits	Link to view the transaction limits for the user.
Transfer From	Source account with account nickname from which the funds is to be transferred.
Balance	Net balance in the selected account.
Note	Narrative 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 Payeescreen 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 to initiate the fund transfer.
   OR
   Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
   OR
   Click Back to Dashboard link, to navigate to the dashboard.
   
4. The Transfer Money - Reviewscreen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
5. The Verification screen appears if transaction is configured for for 2 factor authentication.
6. The success message of submitting the transaction appears, along with the reference number and security code.
   Click Go to Dashboard, to navigate to the dashboard.
   OR
   Click More Payment Options to go to other payment options.
   OR
   Click Add Payee, to add a new payee with the details entered while initiated a payment.
   

Transfer Money - My Accounts

User can initiate a transfer within the accounts mapped to the logged in user. User can also view the transaction limits associated with a current transaction.

To transfer the money to own account:

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

Field Description

Field Name	Description
Transfer Type	Payee to which transfer needs to be done. The options are: Existing payee New payee My Accounts (User's own account)
My Accounts
Account Number	Payee account where the funds need to be transferred along with the account nickname. For more information on Account Nickname, click here.
Balance	Net balance in the selected account.
Transfer From	Source account from which the funds are to be transferred along with the account nickname. For more information on Account Nickname, click here.
Balance	Net balance in the selected account.
Currency	Currency of the amount to be transferred.
Amount	Amount to be transferred along with the currency.
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.
Transfer Date	Date of transfer. This field is enabled if the Later option is selected in Transfer When field.
Note	Narrative for the transaction.

2. From the Account Number list, select the own account where the funds need to be transferred.
3. From the Transfer From account list, select the account from which transfer needs to be done.
4. In the Amount field, enter the transfer amount.
5. In the Transfer When 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 When field, select the appropriate future date.
6. Click Transfer to initiate payment.
   OR
   Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
   OR
   Click Back to Dashboard link, to navigate to the dashboard.
7. The Transfer Money - Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
8. The Verification screen appears if transaction is configured for 2 factor authentication.
9. The success message of submitting the transaction appears, along with the reference number.
   Click Go to Dashboard, to navigate to the dashboard.
   OR
   Click More Payment Options to pay bills and go to other payment options.
   OR 
   Click Add Favorite to mark the transaction as favorite. The favorite transaction is added on dashboard. For more information click here.
   OR
   Click Set Repeat Transferto repeat the transaction. For more information click here.
   
   

FAQs

Can I transfer the funds to my loan account which I hold in same bank?

No, using this transactions amount can be transferred to current or savings account.

Can I set a future date for a fund transfer?

You can set a future date for a payment using Pay Later payment option.

What happens if I have set up a future dated transfer, but don't have enough funds in my account on the transaction date for the transfer?

Balance check will not be performed at the time of transaction initiation with future date. The transaction will get declined in case of insufficient funds in the account on the given transaction date.

What happens if the transaction amount is less than set Transaction Limit?

If the transaction amount is less or more than transaction limit set by the Bank, user cannot proceed to make payment.

Can I make a payment to an account which is currently not registered as my payee?

No, using this transaction, you can make the payment only to your registered payees or can transfer the funds to your own accounts.

Can I transfer the funds to any CASA available under party ID mapped to me by selecting My Accounts transfer?

You can transfer the funds within the CASAs mapped to you.

What happens when I add a transaction in my favorite list?

Once a transaction is marked as favorite it is displayed in customer’s favorite list. Customer can directly initiate a transfer using favorite transactions. User can make required changes in the details and submit the transaction for processing.

What is repeat transfer?

Repeat Transfer – as the name defines, is a type of transfer which is regular and periodic in nature. All the customer payments which need to be repeatedly done by the customer at a periodic interval can be initiated only once through ‘Repeat Transfer’. Once initiated, these will executed repeatedly till the end date.

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