How to Transfer Money from One Bank Account to Another Bank Account?

byMehak BaglaLast Updated: April 18, 2024
How to Transfer Money from One Bank Account to Another Bank Account

There are quite a lot of situations where we need to transfer money from one bank account to another. Throwing some light on how important it is to know about various methods to transfer money from one bank account to another bank account, we have curated a list of options and the steps to do that.

Table of Contents Show
  1. Online Ways to Transfer Money from One Bank Account to Another
    1. Transfer Money From One Bank to Another Bank Account via UPI
  2. Transfer Money From One Bank to Another Bank Account via IMPS
  3. Transfer Money From One Bank to Another Bank Account via NEFT
  4. Transfer Money From One Bank to Another Bank Account via RTGS
  5. Transfer Money From One Bank to Another Bank Account via Cheque

Read this blog thoroughly and never face problems in transferring money from one bank account to another!

Online Ways to Transfer Money from One Bank Account to Another

You can use either of the following online methods to transfer money from one bank account to another:

Transfer Money From One Bank to Another Bank Account via UPI

Step 1: Open your UPI-enabled payment app, such as Paytm, on your smartphone.

Step 2: Look for the option to send money or make a payment within the app’s interface. It may be labelled as “Send Money,” “Transfer,” or something similar.

Step 3: Select the option to send money to another bank account or UPI ID, depending on the app’s interface.

Step 4: Enter the recipient’s UPI ID, VPA (Virtual Payment Address), or bank account details, as required by the app.

Step 5: Enter the amount you wish to transfer and provide any additional information requested, such as a transaction remark or reference.

Step 6: Double-check the transaction details, including the recipient’s details and the amount, to ensure accuracy.

Step 7: Confirm the transaction by entering your UPI PIN or any additional security measures set up for your UPI account.

Step 8: Once confirmed, the UPI app will initiate the transfer of funds from your bank account to the recipient’s bank account.

Step 9: You will receive a confirmation message or notification from the app once the transaction is successful.

Note: The steps and options may vary slightly depending on the UPI app you are using. However, these general steps should help guide you through the process of transferring money from your bank account to another bank account using UPI.

Transfer Money From One Bank to Another Bank Account via IMPS

Step 1: Login to your mobile banking or internet banking account using your credentials.

Step 2: On the main page, locate and click on the ‘Fund Transfer’ option.

Step 3: Select ‘IMPS‘ (Immediate Payment Service) as your preferred method of fund transfer.

Step 4: Provide the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number) to proceed with the transaction.

Step 5: Enter the amount that you want to transfer to the beneficiary.

Step 6: Click on ‘Confirm’ to proceed with the transaction.

Step 7: You may be prompted to authenticate the transaction by submitting the OTP (One-Time Password) sent to your registered mobile number.

Step 8: Enter the OTP received and complete the transaction.

Transfer Money From One Bank to Another Bank Account via NEFT

Step 1: Log in to your internet banking account using your credentials.

Step 2: On the main page, locate and click on the ‘Fund transfer’ option.

Step 3: From the drop-down menu that appears, select ‘NEFT‘ (National Electronic Funds Transfer).

Step 4: If you haven’t added the beneficiary to your list of beneficiaries, you will need to do so. Click on the ‘Add beneficiary’ option on the page.

Step 5: Enter the required information of the beneficiary, such as their name, bank account number, IFSC code, and other necessary details.

Step 6: Click on ‘Confirm’ or ‘Add’ to add the beneficiary to your account.

Step 7: To authenticate this step, you will be asked to enter the OTP (One-Time Password) sent to your registered mobile number.

Step 8: After entering the OTP, your action will be processed. Please note that it may take around 24 hours to add a beneficiary.

Step 9: Once the beneficiary is added to your account, select their details from your list of beneficiaries.

Step 10: Enter the amount that needs to be transferred and confirm your transaction.

Step 11: Click on ‘Confirm’ to initiate the transfer. The amount will be transferred from your bank account to the recipient’s account.

Transfer Money From One Bank to Another Bank Account via RTGS

Step 1: Log in to your internet banking account using your credentials.

Step 2: On the main page, locate and click on the ‘Fund transfer’ option.

Step 3: From the drop-down menu that appears, select ‘RTGS‘ (Real Time Gross Settlement).

Step 4: If you haven’t added the beneficiary to your list of beneficiaries, you will need to do so. Click on the ‘Add beneficiary’ option on the page.

Step 5: Enter the required information of the beneficiary, such as their name, bank account number, IFSC code, and other necessary details.

Step 6: Click on ‘Confirm’ or ‘Add’ to add the beneficiary to your account.

Step 7: To authenticate this step, you will be asked to enter the OTP (One-Time Password) sent to your registered mobile number.

Step 8: After entering the OTP, your action will be processed. Please note that it may take around 24 hours to add a beneficiary.

Step 9: Once the beneficiary is added to your account, select their details from your list of beneficiaries.

Step 10: Enter the amount that needs to be transferred and confirm your transaction.

Step 11: Click on ‘Confirm’ to initiate the transfer. The amount will be transferred from your bank account to the recipient’s account.

Transfer Money From One Bank to Another Bank Account via Cheque

Cheque is one of the most traditional ways to transfer money from one bank account to another. The payee signs a cheque in the name of the receiver, mentioning the amount that needs to be paid. The receiver can further visit the bank and submit the cheque to the concerned official at the bank. The money will be deducted from the payee’s bank account and will be transferred to the receiver’s bank account as soon as the cheque is cleared. It is important to note that if there’s not enough money in the payee’s bank account, the cheque will bounce back and the payee will have to pay an additional fee for the same. There are no restrictions on the minimum/maximum amount that can be transferred to a bank account via cheque.

Note: The steps mentioned above are general guidelines for performing various types of fund transfers and may vary slightly depending on the internet banking portal or mobile banking application of your specific bank. It is recommended to refer to the instructions provided by your bank or financial institution for the most accurate and up-to-date information on how to perform fund transfers using NEFT, RTGS, UPI, IMPS, or any other payment method. 

Since online ways are preferred, considering the ease and convenience, there are only a few ways that allow you to transfer money from one bank account to another using offline methods. While almost all the methods, apart from cheque, can be used to transfer money online, there are a few methods such as NEFT and RTGS that offer both online and offline services. Out of all, UPI has been the most preferred method to transfer money from one bank account to another owing to the innumerable benefits that it offers.

Learn how to use UPI to transfer money from one bank account to another!

Mehak Bagla is a financial Content Writer with over 3 years of work experience in the industry. She is a passionate writer with professional approach in digital marketing. In her spare time, Mehak loves to write, travel, and listen to music.

FAQs

Are NEFT transactions chargeable?

There were some additional charges on NEFT transactions until December 2019. However, with effect from January 2020, RBI ordered all banks not to charge any additional charges on online transactions made via NEFT.

How do NEFT money transfers work?

As and when a user initiates a transaction through NEFT, it gets queued up. Every hour, these transactions are cleared in batches. It must be noted that NEFT transactions that are initiated after the bank working hours are automatically assumed to be automated transactions initiated using the ‘Straight Through Process’ (STP) mode by the bank.

Is there a maximum limit on UPI payment?

Yes, the maximum limit on UPI transactions is Rs. 1 lakh per account, every 24 hours. Some banks may, however, restrict the amount that can be sent at a lower amount too. Also, you can do a maximum of 10 payments from any bank account in 24 hours.

When should I use RTGS to transfer money?

RTGS is best suitable for transactions that must be settled in real-time and that have a minimum amount of Rs. 2 lakh.

What are the important details required to make an IMPS transaction?

To make an IMPS transaction, you must have the receiver’s mobile number and MMID (Mobile Money Identifier). In case you don’t have the receiver’s MMID, then you must have his/her bank account number, IFSC, and Aadhaar number.

You May Also Like