These 5 steps are helpful for a successful fund transfer

These 5 steps are helpful for a successful fund transfer

As COVID-19 is surging across the world people have adapted to a new lifestyle that involves carrying out their businesses from their homes. They don’t leave their homes without a mask and most of the time, they avoid leaving their homes. To adapt to these changing times, several sectors including banking have moved their business online and that too on the smartphone. While they have been around even before 2020, banking apps have received a huge boost during the pandemic. Through these apps, you can perform actions like fund transfer without visiting the bank physically. Doing so involves a few steps. They are:

1. Install the app:

You need to have the banking app on the phone for fund transfer. If you don’t have the app though, don’t worry, you install the app. It is easy to find the app on the play store. So, to install the RTGS money transfer app please unlock your smartphone, click on the play store, search for the banking app and then click on the button that ultimately installs it on your phone. Once you have installed the app and you don’t have an account on the app, you can proceed to open saving account online on the app.

2. Open the account:

As stated earlier, you need to have an account if you want to carry out a fund transfer on the banking app. If you don’t have one, you can also opt to open your account on the app. Once you have installed the app, open and proceed towards the account opening application form. Once the form has loaded on the app, please proceed to fill it with personal information like your name, age, home address and other contact details. Once you have provided details please upload a soft copy of your documents on the app. Your Aadhar card, PAN card, passport and utility bills are some of the valid documents that you can upload.

3. Log in to the account:

Once you have submitted the documents and your application form is verified by the bank, you will be given a welcoming kit by the bank. This kit will have things like your account number, passbook, chequebook, debit card and the net banking user ID and password. Once you have the user ID and password, you can proceed to log in to the account to transfer money.

4. Select the type of transfer option:

While transferring money on the app you need to keep in mind that there is more than one type of fund transfer option that is available to you namely NEFT, IMPS and RTGS. These different types of transfer options can be classified based on the time taken for the money to be deposited into the receiving account.

5. Transfer the money:

Once you have selected the type of fund transfer you want to proceed with, you need to add the beneficiary account. A beneficiary account is an account to which you want to transfer your money. Adding the beneficiary involves steps like adding your account number and IFSC code. Once that’s done, the beneficiary will be added to your account in a matter of minutes.

Please follow the five steps above if you want to complete your fund transfer successfully. However, if you are still having doubts, please contact a bank of your preference.