If you have recently opened a current account for your business, you may wonder how to do a transfer money from current to other accounts or the current account itself. You can transfer money from your current account online as well as offline. Let’s check what are the different options of sending money from current account online .
Post demonetization and During covid, the preference to transfer money online has risen considerably. Visting branch and transferring money offline is now decreasing day by day when the money can be transferred in real time from one account to the other. Moreover this has also eliminated the geographical barriers and helps to transfer money from your laptop, or even your mobile phone. The only required details is your IFSC code. Below mentioned are a few ways to transfer money from one account to another current account online.
You can use electronic method to transfer funds:
- Within your current bank accounts
- Transfer from current account to any other account of the same bank
- Transferring from current account to different account of different banks
- Transfering money through RTGS
- Transferring money through NEFT
- Transferring money through IMPS
Using NEFT to transfer money
You can transfer money from your current account to any other bank account through NEFT. National Electronic Funds Transfer is the most common online payment option that is used by customers. Companies choose to transfer salaries via NEFT. The money transfer is done on deferred settlement basis. The maximum limit tah t can be transferred depends upon the bank.
There are a few constrains to this as money can be transferred only on bank working days and cannot be completed on the weekends or on any bank holidays.
To transfer money you will require:
- Recipient’s name
- Recipient’s bank name
- Recipient’s bank account number
- IFSC code of the beneficiary bank
Using RTGS to transfer:
To send money via RTGS both the sender and the recipient’s account needs to be RTGS enabled. Also there is minimum amount of 2lakh and no upper limit to the money that can be sent.
To transfer money you would require:
- The amount to be sent
- Account number of the sender
- Name if the recipient
- Account number of the beneficiary
- Bank and branch name of the recipients
- IFSC code of the beneficiary
- Sender or receiver information
Using IMPS to transfer:
Immediate payment service enables you to send money any time 24 x 7 even on holidays or weekends. This can be done even with the help of you mobile phones.
You will require:
- MMID of the Recipient
- 7 Digit MMID Number
- MMID of the receiver
- Name of the beneficiary
- Beneficiary’s mobile number
- Account Number of the recipient
- IFSC Codes of the beneficiary bank
Using UPI to transfer:
You can transfer up to Rs. 1 lakh using the UPI ID and the virtual address. To enable the process of sending money via UPI the receiver should also have a valid VPA address and any UPI app in their phone. The steps to transfer money is very easy, where the money can be transferred even by entering the mobile number of the recipients.
After demonitization transferring money has become free, which would cost almost Rs. 15 per transaction.
