Question

Ramesh is a software professional working in a software development

company located at Hyderabad. He has a saving bank account with the State bank

of India but he has not opted for e-banking. His family members are residing in

Delhi. Ramesh’s father asked him to send Rs 4,50,000 at the earliest. His father

has a saving bank account with Bank of Baroda. Explain Ramesh the method he

should adopt for sending money as early as possible?​

Answer 1

Ramesh can use the method of NEFT.

• NEFT stands for National Electronic Funds Transfer.
• It is typically a national payment mechanism that enables funds transfer from one bank account to another on a single entity basis.
• The appropriate money may be properly transferred from active account in one particular bank branch to any other bank account owned by specific individuals, businesses or enterprises in the country.
• Since, Ramesh has a bank account in SBI and his father in Bank of Baroda, he can add his father as beneficiary and can easily transfer the amount.