Fund transfer has become one of the essential daily activities that is performed throughout the world. From big businesses to small stalls, to personal peer-to-peer, millions of transactions are carried out each day. The digitalisation in the banking sector has also made it easier for any person to transfer funds anywhere. Living in this digital era, it is a must to have knowledge about the numerous ways to transfer funds from one account to another. To be more convenient to discuss, let’s take IndusInd bank as an example.
IndusInd RTGS and NEFT fund transfer
These two transactions can be done either online or offline.
Offline
- Get an IndusInd bank RTGS form from a bank branch or download it from the official website of of the bank.
- To do so, visit the official website of IndusInd Bank (https://www.indusind.com/).
- On the website, you will find options for downloading RTGS labeled as “RTGS/NEFT Application Form”.
- The IndusInd RTGS form is available in PDF format. Click on the link to download the form to your device.
- After downloading the IndusInd bank RTGS form you can print it and fill it out.
- To fill out, start by entering the date of the transaction at the top right corner of the form and select the type of transaction.
- Fill in the bank details section, which includes your name, address, and contact details.
- Then fill out the beneficiary details Including the name, address, and bank account number
- Next, you have to fill out the transaction Details:
- Amount: Write the amount you want to transfer in both words and figures.
- Payment Details: Mention the purpose of the transaction or any relevant remarks. This is optional, if you don’t want to give any description, you can leave it empty.
- Specify who will bear the RTGS charges. Select “OUR” if you want to pay all charges, “SHA” if charges are to be shared, or “BEN” if the beneficiary will pay the charges.
- The acknowledgment slip is usually at the bottom of the RTGS form. It will provide you with a unique transaction reference number after the bank processes your request. You can keep this slip for future reference.
- Sign the form on the space provided. Both the remitter and a bank official will sign to authorise the transaction.
- After filling out the form completely, submit it to your IndusInd Bank branch. The bank staff will verify the details, and once it is approved the RTGS transfer will be initiated.
- For NEFT transactions, select NEFT in the check box below the date.
Also for other banks like SBI, the format of the form is just the same. There is no separate SBI NEFT form.
Online
Making an RTGS transaction online is even easier, it save time and energy as you don’t have to visit the bank or download IndusInd bank RTGS form.
- Log into your account using internet banking or mobile banking App.
- Go to the fund transfer option.
- Then, select the RTGS option from the fund transfer options available.
- Select the account you want to use, if you have more than one account.
- Enter the amount of money you want to transfer.
- Select beneficiary from the beneficiary list. (beneficiary should be added before making the transaction)
- Click confirm and you will get an OTP on your registered mobile number.
- After entering the OTP and clicking submit, the transaction will be processed instantly.
IndusInd RTGS Charges
When it comes to IndusInd Bank’s RTGS charges, here’s how they are structured:
- For transactions within the range of Rs 2 lakhs to Rs 5 lakhs, there’s a charge of Rs 25 per transaction when you conduct the transaction in person at the bank by submitting the IndusInd Bank RTGS form.
- For transactions exceeding Rs 5 lakhs, the charge is Rs 50 per transaction for in-person transactions at the bank. Online RTGS transactions do not have any additional charges.
- Importantly, there are no charges for inwards RTGS transactions, which means receiving funds through RTGS is typically free of charge.
For further information or assistance with the bank’s services, you can reach out to IndusInd Bank customer care for prompt support.
IndusInd Fund transfer through UPI apps
You can also make fund transfers through UPI apps such as Gpay, PhonePe, Paytm, etc. For international fund transfer, you can also use Paypal which enables fund transfers through email IDs.
To transfer funds using UPI apps,
- First, you have to download the app from your app store and install it.
- Set it up by entering all the required fields. Transferring funds through these apps will require you to link your mobile number.
- Link your IndusInd bank account with the app by entering your account number. You can link more than one bank account with the app.
- You will be asked to set up a pin which is usually four digit but, for some banks the pin might be 6 digits.
- You are done setting up, select the recipient and enter the amount you want to transfer.
- Then, enter the pin and your transaction will be processed.
IndusInd Fund Transfer through ATM
- Visit an ATM in your bank’s network.
- Insert your ATM or debit card.
- Enter your PIN.
- Select “Transfer” or “Fund Transfer.”
- Choose the account type.
- Enter recipient’s account details.
- Input the transfer amount.
- Review and confirm the transaction.
- Complete the transfer.
- Collect your card and receipt.
How to make wire fund transfer?
- Get in touch with your bank to start a wire transfer.
- Provide the recipient’s name, account number, and their bank’s information (name, branch, and address).
- Tell your bank the exact amount you want to transfer.
- Your bank will give you a form to complete with all the transfer details.
- Wire transfers come with fees; pay the required fee, which can vary.
- Double-check all information on the form, ensuring accuracy.
- Your bank may ask for ID to confirm your identity.
- After the process, you’ll receive a confirmation with a unique reference number.
- The time it takes for the money to reach the recipient varies; it could be the same day or a few days, depending on the transfer’s destination.
Wire transfers are secure but can be costly, so consider the fees.