How To Transfer Funds Using Mobile Banking?

by Shashank Bhaskar Finance Adviser

Do you know mobile banking apps are a one-stop solution to all your banking transactions? Digital technologies have ensured that a lot of banking services are now readily available on our smartphone like balance checks, account statement, bill payments, opening fixed deposits etc. Another very important use of mobile banking apps is to transfer funds.

Transferring funds using m banking is extremely convenient and can be done in a few simple steps. Once you figure out how to use mobile net banking, then you can use it any time when you have a stable internet connection.

Steps to transfer funds:

The first step is to collect the details of the recipient. To make a fund transfer, you need the following details:

Recipient’s name
Bank name and branch
Bank account number
IFSC code

Once you have these details, you need to add the beneficiary to your account. Once the beneficiary is added, you can easily make fund transfers. You will need to add the details from the earlier step in your mobile banking apps. Once you submit this information, it will take between half an hour to one hour for the beneficiary to be added.

If you are transferring funds using National Electronic Fund Transfer (NEFT) then you have fund transfer limits for the first 24 hours and the first 48 hours. After that, regular third-party limits of the bank apply.

Once the beneficiary is added, you need to decide which method of fund transfer you will use. You can use NEFT, Real Time Gross Settlement (RTGS) or Immediate Payment Services (IMPS). RTGS is only used for high value transactions within banking hours. IMPS can be done at any time and can even be done using the mobile number of the recipient. However, IMPS is also possible using the bank account details.

Once you choose the mode of fund transfer, you need to select the beneficiary and add the amount of transfer and submit it. The mobile net banking app may ask you for additional verification and authentication. This may be in the form of Mobile Money Identifier (MMID) for IMPS and either OTP or secret questions for NEFT and RTGS. Once the authentication is complete, the fund transfer gets processed.

In case of NEFT, the fund transfer is processed in batches and can get credited from anywhere between the same day or two business days from date of fund transfer. RTGS and IMPS get transferred immediately.

Using mobile banking for making fund transfer is extremely convenient. With mobile banking apps also evolving and becoming sophisticated, transferring funds has literally condensed itself into a matter of a few clicks. This form of fund transfer is not only convenient but also extremely affordable and secure. Mobile net banking is simple to use and if you haven’t then you must download your bank’s mobile banking app and use it to transfer funds.