Fund Transfer is one of the major services that a bank provides. We all need to transfer funds in order to meet our financial need. Before checking dong the fund transfer you need to check the bank balance. The easiest way to check the bank balance is Missed Call Number. There are various methods that can be used for fund transfer. Basically, fund transfers are of two types-
- · International Fund transfer
- · National fund transfer
International Fund Transfer
International fund transfer can be done by using two methods
- · Wire transfer- Most used system for fund transfer
- · Paypal transfer-Wallet transfer which requires you to transfer from wallet to bank account
National Fund Transfer
National Fund Transfer is the transfer that is done nationally form one Indian Bank account to another Indian bank account. There are three different types of fund transfer that can be done with various Types of Account-
- · NEFT- National Electronic Fund Transfer
- · RTGS-Real-Time Gross Settlement
- · IMPS-Immediate Payment Service
To find the Difference between RTGS, IMPS and NEFT check this out
Basically, all three fund transfer is capped by some minimum and maximum fund limit and differs by the timing of the fund transfer. IMPS is used to transfer funds that are under 2 lakhs, RTGS fund transfer is done to instantly transfer the funds and NEFT is done to make the payment which is above 2 lakhs
How to Transfer Fund?
When you initiate the fund transfer then the funds from your bank account are transferred to the clearing office in the RBI. When the RBI Receives the funds then the receiver account is credited with the amount. You can transfer fund by using two methods
- · Online fund Transfer
- · Offline Fund Transfer
Online Fund Transfer
Online fund transfer can be initiated by using the net banking facility or mobile fund transfer facility using the bank mobile app. Some bank also offers the USSD Code fund transfer which enables a non-Smartphone user to transfer fund by dialing a code.
Offline Fund Transfer
Offline fund transfer is the transfer that is initiated by filling up a form and submitting it to the respective branch office. The office then sends the fund transfer request to the clearing office which then initiates the credit process.
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