A complete guide on Domestic Fund Transfers all its key features.
In the age of the internet, the methods of sending money have changed and become more convenient. Today, you can opt for an electronic transfer of funds and remit money from anywhere. While facilities like Wire Transfers allow you to send funds across international borders electronically, you can just as easily initiate instant domestic fund transfers as well. With Domestic Money Transfers (DMT), you can conduct funds transfers within banks in India. To learn more, continue reading.
Direct Money Transfer is a service that allows you to send money to any bank account in India electronically. You can transfer funds between accounts held in the same bank or financial institutions or across multiple institutions. You can opt for a DMT even without having a bank account. Since such transfer services are backed by computer systems and require very little manual intervention, they can be conducted online. These online money transfers are instant, safe, and reliable.
You can easily facilitate fund transfers via various online and offline DMT services. Here are the many ways to utilise the DMT facility in India.
You can download digital or mobile wallets of banks and various third-party UPI providers in India. Certain third-party wallets and digital payment methods also allow cash to account transfers wherein you can send cash directly to the beneficiary’s bank account. Several banks also have their own eponymous wallets that facilitate direct fund transfers into the beneficiary’s bank account. You can also initiate wallet to wallet transfers. The latter option is particularly useful for those sections of society that do not have access to bank accounts.
You can initiate domestic fund transfers is via the internet and mobile banking platforms of your bank. This type of fund transfer involves three methods – National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Services (IMPS). While IMPS facilitates instant fund transfers, it takes approximately 30 minutes for beneficiaries to receive funds via NEFT and RTGS. You need details such as the beneficiary’s name, bank branch and name, IFSC code, and mobile number of the beneficiary to initiate fund transfers through these methods.
Senders and beneficiaries who do not have internet-enabled smartphones but use Global System for Mobile Communications (GSM) phones can also conduct Domestic Money Transfers in India. Senders must dial *99# on their mobile phone and select their preferred fund transfer method from a mobile number, IFSC code and bank account number, and UPI ID. Key in the necessary details of the chosen fund transfer method, and follow the IVR instructions to complete the transaction.
With so many ways to conduct Domestic Money Transfers in India, you can easily choose your preferred option. All fund transfer methods are safe, with robust encrypted firewalls facilitating secure fund transfers. However, it is best to conduct fund transfers via your own bank’s internet banking platform, mobile app and digital wallets.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.