Know how to transfer funds on a banking app

The use of mobile banking has made transferring money faster than before. You can transfer funds on a banking app using different online banking tools. A digital bank account enables you to download and use a mobile banking app to transfer money and do other banking activities online.

For instance, a digital bank account with IDFC FIRST Bank allows you to download the IDFC FIRST Bank mobile app from the PlayStore and do all banking activities on your mobile. 

To transfer funds, you can pre-set the fund transfer instruction with the sending or receiving bank through a mobile banking transfer facility. The IDFC FIRST bank mobile banking app allows you to transfer money through different ways such as NEFT, RTGS, and IMPS.

National Electronic Funds Transfer or NEFT fund transfer

The NEFT money transfer option helps electronic transfer of money instantly. The account holders like individuals, companies, and firms can transfer money from their IDFC FIRST Bank account to any account in the same bank or different banks using the IDFC FIRST Bank mobile app. 

They can transfer money to any individual or entity, which has an account in any bank. Even walk-in customers can transfer funds using NEFT by following the instructions at NEFT-enabled branches. Nevertheless, the cash remittance limit is Rs. 50,000 per transaction under NEFT.

To initiate NEFT in cash, you must furnish your complete address and telephone number. Though there are no charges incurred for receiving funds through NEFT transactions, you need to pay a minimal fee for money transfer. The RBI has fixed charges, and they include:

• Rs. 2.25 for transactions up to Rs. 10,000, 
• Rs. 4.75 for transactions between Rs. 10,001 and Rs. 1 lakh
• Rs. 14.75 for transactions above Rs. 1 lakh and up to Rs. 2 lakhs 
• Rs. 24.75 transactions above Rs. 2 lakhs

NEFT is one of the fastest methods of transferring funds that the money gets credited within two business hours.

RTGS Real-Time Gross Settlement 

RTGS is the other way to transfer money and is meant for high-value transactions. The minimum amount of money you can transfer through this system is Rs. 2 lakhs, and there is no maximum limit. The money transfer is fast and available only during working hours on weekdays.  

You can initiate the RTGS through the IDFC FIRST Bank mobile app. However, to send money you need to pay charges. To receive money, the bank does not charge you. The charges for transferring up to Rs. 5 lakhs are Rs. 24.50, and above Rs. 5 lakhs are Rs. 49.50.

IMPS

The IMPS service is offered by National Payments Corp., and the service is available round the clock, even during holidays. It helps the users to send and receive money instantly through banks. The customers can initiate money transfers through their mobiles and the charges are decided by the banks and PPIs (RBI-authorized Prepaid Payment Instruments)

UPI Money Transfer

Using the UPI or United Payment Interface, you can transfer money easily and instantly. All you need to do is to link your bank account and select the mobile number of the account payee on the IDFC FIRST Bank mobile app.

You can use any of the facilities explained above to transfer funds on the IDFC FIRST Bank mobile banking app.