How to transfer money from 1 account to another through pay using same number?
Answers
Answer:
Yes, you can transfer funds online through one bank account to another. You can use any of the following methods to transfer :
Immediate Payment Service (IMPS)-
You can transfer the fund to any other bank account anytime i.e. 24x7. To transfer the fund:
-Login to your online bank account
-Select the IMPS transfer option in the payment transfer link
-Add the payee details i.e. bank account number and IFSC code.
-Once the payee is added, select the payee in the registered payee list.
-Enter the transaction amount, your transaction password and OTP to process the transfer.
National Electronic Funds Transfer (NEFT)-
Normally the minimum transaction amount required for NEFT is Rs 1 and the maximum amount allowed is Rs 10 Lac.
You need to select the NEFT option after logging into your online banking account. Now select the NEFT option in the online transfer link. The rest of the process is similar to IMPS. But do note, you can use the NEFT option during the banking hours only.
Real Time Gross Settlement (RTGS):
The fund transfer limit through RTGS is normally Rs 2 Lac to Rs 10 Lac. You can transfer funds through online banking by logging into your account and using the transfer fund tab and choosing the RTGS option. You need to add the payee and account detail for transferring the amount. This facility is available only during the bank’s working hours and working days.
Unified Payment Interface (UPI):
You can use UPI to transfer funds to any other bank account immediately. UPI uses the same system as IMPS, but it is meant for mobile transfer using the bank’s app. If you have the app downloaded on your phone, you can transfer the fund by entering the payee id and the amount detail.
National Unified USSD Platform (NUUP):
You can dial *99# to get the interactive menu on your mobile screen and follow the required steps to get the balance enquiry, mini statement or fund transfer. The maximum limit for fund transfer is Rs. 5k per day
Bharat Interface for Money (BHIM):
A UPI based mobile payment interface, BHIM also offers payment transfer option through IFSC and MMID. Up to Rs 10K can be transferred at once and Rs. 20K per day is the limit. At present, the app is available on the android platform