Instant Money Transfer
What It Is and What You Need To Initiate
An Instant Money Transfer
Instant Money Transfer
What it is and what you need to initiate an Instant Money Transfer
Instant Money Transfer (IMT) is a domestic fund transfer service that allows you to instantly send money to anyone in India. You just need to share the bank account details and mobile number of the beneficiary to enable the fund transfer. With digibank, you can initiate instant money transfers through methods such as IMPS, NEFT, and RTGS, available on the digibank app and internet banking portals. Your sums are credited into beneficiary accounts in 30 minutes or less and your beneficiary can withdraw the money received using a debit card from any ATM.
Instant Money Transfer – The Steps to Follow
- Login to the digibank app on your mobile phone using your User ID, PIN, Face ID or fingerprint on your internet-enabled smartphone. You may also log in through the digibank internet banking portal
- Click on the ‘Transfer’ Option on the home page.
- Click on the Select Payee Option and choose your preferred payee from the drop-down menu. In case you have not registered your payee, you can click on the add new payee tab and enter their details like their name, bank name, account number and branch and Bank IFSC code and mobile number. It usually takes about 30 minutes to add the beneficiary.
- Now enter the amount you wish to transfer and choose your preferred online money transfer method from IMPS, NEFT, and RTGS based on the amount you want to transfer. You may select the frequency of transfer along with a fixed date each month to enable automatic and instant online money transfers. You can also add a note or remark (optional) explaining the reason for the fund transfer for your records and click on the Fund transfer option.
- You now have to review the fund transfer details and click on ‘Confirm’.
Your payment will be processed, and funds with be transferred into the beneficiary account within minutes.
Advantages of Instant Money Transfer
- IMT is a quick, efficient, and time-saving process.
- The money transfer details are shared individually with the sender and receiver, thus maintaining absolute privacy.
- You can maintain fund transfer records in SMS form on your phone.
- IMT minimises the use of physical instruments for transfers and cuts down the need for unnecessary paperwork as it is based on the mobile network.
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Frequently Asked Questions
Is any service charge associated with Instant Money Transfer?
Yes, there is a basic service charge associated with Instant Money Transfer. The sender will be charged INR 25 on every money transfer they initiate.
Is there any limit on the amount of money one can transfer under the Instant Money Transfer method?
Yes, the sender can send up to INR 10,000 per transaction, while the receiver can receive up to INR 25,000 per month.
Are there any time constraints for Instant Money Transfer?
Yes, there is a set expiry date for every instant money transfer. The receiver cannot withdraw money once the money transfer request expires. In such a case, the sender will have to initiate a fresh transfer.
When is Instant Money Transfer most preferred?
You can opt for instant money transfer when you prefer cash payments over online payments or when you need cash urgently. You can also utilise this fast money transfer facility if you do not have the bank account details of the receiver.
How will I know if my beneficiary has received the fund transfer?
Both you and your beneficiary will get an SMS notification stating the fund transfer is completed. Your bank also sends you a notification informing you of your account balance post the fund transfer.
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