The transfer of funds to relatives and friends through Internet is very simple. You should have a Bank Account with Internet banking Facility. The recipient should also have an account with the Bank that has Internet banking facility.
Many banks such as State Bank of India, ICICI Bank, HDFC bank and State Bank of Travancore are offering funds transfer facility through Internet.
The Indian Banks allows transfer of funds to other banks in India through two modes – NEFT and RTGS. The money transferred through RTGS is reflected in the recipient account immediately.
The money transferred through NEFT takes some time generally 4 hours to 48 hours. The transfer of money to other banks is through Reserve bank of India (RBI) in India. You can transfer funds starting Rs 1 Lakh and above through RTGS facility whereas any amount can be transferred through NEFT facility.
The money transfer online to other branches of the same bank is conducted immediately and the recipient receives the amount instantly.
Some of the banks charge a minimum amount for funds transfer to the accounts of other banks. State Bank of India charges Rs 5 for the amount up to Rs 1 lakh and Rs 25 for the amount above Rs 1 Lakh through NEFT.
It charges Rs 25 per transaction for the amount not exceeding Rs 25 lakhs and Rs 50 per transaction for the amounts exceeding Rs 5 lakhs through RTGS facility.
ICICI Bank is offering free transfer of funds to the accounts of other banks in India. You can find out the charges for online funds transfer through customer support of the respective banks.
Tips for Online Funds Transfer
The procedure for transfer of funds online varies from bank to bank.
ICICI Bank allows transfer of funds online in three ways:
Transfer Funds to specified Non-ICICI Bank accounts.
Transfer Funds to other ICICI Bank accounts, across India.
Transfer Funds to your own linked ICICI Bank Accounts.
The procedure given below explains online transfer of funds through ICICI Bank.
Open an Account with a Bank that offers Internet Banking facility.
Get the user id and password for Internet Banking.
Log on to your account with the user id and password.
You should register your mobile number with the bank account. It takes up to three days to confirm your mobile number.
Keep ready your debit card for funds transfer through the bank.
Click on the funds transfer link, which is located on the left side.
Click on the below link for funds transfer to non-ICICI bank accounts across India:
Transfer funds to any of the specified non ICICI Bank Accounts with specified Banks across India
Click on Add an E-Cheque Payee
Complete one time registration by entering the following details:
Payee Name (As per Payee’s Bank record)
Account Type SAVING ACCOUNT (10) CURRENT ACCOUNT (11) CASH
CREDIT (13) LOAN ACCOUNT (14)
You will receive an SMS on your mobile after successful completion of the registration. Confirm the payee by entering the message received on your mobile.
Click on Make Payment
Select the radio button against the payee.
Click on Pay button.
You will get a screen indicating the details such as:
Payee Account number:
Payee Account Type:
Total Available Balance:
Pay Now Schedule for later, Standing Instruction
After entering the correct details click on the Pay button
You will be asked to enter transaction password on the next screen.
You will be taken to the next screen after entering the transaction password.
You need to enter the 3 random digits from your debit card.
You will get a payment confirmation number after successful completion of transaction. Keep this number safely for future reference.
You need to repeat the same procedure for online transfer in other two modes. Enjoy happy online funds transfer and save time.