How to transfer money from one bank to another bank in INDIA
I need to transfer money to another bank( BANK OF INDIA) for the publication of my journal, it is easy to transfer money in the same bank in different branch but it is very complex process to transfer money from one bank to another bank. Inter Bank Money Transfer is used for transferring money from one bank to another bank.
Inter Bank Money Transfer takes place in two methods..............
1) NEFT ( National Electronic Funds Transfer)
2) RTGS ( Real Time Gross Settlement ).
NEFT: By using NEFT we can transfer the funds from one bank account to other bank accounts across the country. This is simple and reliable service which is maintained by RBI( Reserve Bank of India). There is no minimum money to transfer to another bank account in India.
In order to perform bank transactions using NEFT you require the following things,
1) IFSC ( Indian Financial System Code) of the destination bank branch.
2) Account Number of destination bank branch or beneficiary.
3) Beneficiary Bank Name.
4) Beneficiary Account Type.
You can perform this transaction by using online facility or at the bank branch .
NEFT transaction dones in the settlements or cycles, you can perform the transaction between 8 AM to 7 PM on weekdays and during Saturday upto 1 PM. NEFT transaction's completed in 12 settlements or cycles on week days and during Saturday only 6 settlements. The money will not be directly added once you send the money to beneficiary, it may be completed mostly on the same day or next day.
NEFT charges are different for different banks in India. You can check their websites to know the charges of NEFT.
RTGS: By using RTGS also we can transfer the funds from one bank account to other bank accounts across the country. It is done in real time means once you transfer the funds to beneficiary it will be received that time only. In order to transfer the money by using RTGS facility
1 Lakh rupees is the minimum, you cannot transfer the money minimum than 1 Lakh.
In order to perform bank transactions using RTGS you require the following things,
1) IFSC ( Indian Financial System Code) of the destination bank branch.
2) Account Number of destination bank branch or beneficiary.
3) Beneficiary Bank Name.
4) Beneficiary Account Type.
RTGS charges are different for different banks in India. You can check their websites to know the charges of RTGS.
All the banks in the India does not provide this service, RTGS and NEFT facility available only on some branches and banks in India, you can check the RBI website to know whether the bank and branch supports NEFT and RTGS facility or not...
FOR NEFT--------------------------http://www.rbi.org.in/scripts/neft.aspx
FOR RTGS----------------------http://www.rbi.org.in/Scripts/Bs_viewRTGS.aspx
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