Just like the last time when I made a post on How to Deposit Cash in a bank account, I am going to make another post unrelated to fitness. This is largely due to the complaints we get about why are we not using payment gateways.
I dwelled into the question before and have been telling everyone that there are a lot of costs involved with that along with risks which we don't wish to undertake, such as our own payments being held with them for months, paying 4% on transaction fee each time, and also losing out on interest on capital when our current capital is stored with them.
4% is a lot of amount for us to pay since we are a small business which work on low profit percentages and it is a huge hit which we do not wish to undertake. However, with far superior customer service experience we have been able to survive this disadvantage and we are thriving with people willing to go the extra mile to pay us the way we desire.
However, I, Nipun Jain is writing down this post for you just to teach you how to do an Internet Banking Transfer easily with your Bank Account without having to go to bank or do that pesky internet banking on a website.
However if you do not have a bank account you can easily deposit cash in a bank account by walking up to the bank. I wrote a post on it before and here is the link for you to navigate to the same. Click Here
This post will teach you how to Transfer Funds from one Bank Account to another, simply by using your Mobile Banking App.
- A Bank Account
- A Smartphone
- Your Bank's Mobile Banking App downloaded on it
- Your mPin (Can be Self-Generated)
- Details of the person you wish to send the money to.
In this post I will use an example of transferring 1 Rupee from my savings account with Axis Bank to my another savings account with Union Bank of India.
Step 1: Login to your Net Banking App
- Click on the login button.
- You will be asked to enter the mPin code. And then you can see your accounts with the bank.
- I have for now attached my savings account and a credit card. I am going to select the Savings Account.
Here is a demo of 3 pics side by side of the 3 steps. Tap on the image to view the full sized if you are on a small screen.
Step 2: Add Beneficiary
- By scrolling sidewards you can go to the transfer funds page
- Now you can select the option of transferring funds to a non axis bank account since that is what we are going to use for demonstration.
- You will be presented with a list of beneficiaries (Beneficiary is the person who you are sending funds to, means person benefitting) if you already have any. So select the option to add a beneficiary. Please note that I have hidden the existing beneficiaries added to my account.
Step 3: Inserting the Details of the Beneficiary
- The Nickname is the one which you are going to use for your own beneficiary list and purpose. So if account beneficiary is NJF LTD registered with the bank, you can simply add Nipun Jain as nickname.
- Name of beneficiary must be strictly the same as registered with their bank. Do ask them the exact spelling.
- Mobile number of the beneficiary should also be same as they registered with the bank. Email is not that necessary.
- IFSC code will also be asked for identification of the bank and branch. It will be hassle free to have IFSC code handy else you will have to select the bank and branch separately.
IFSC Code is Indian Financial System Code, which is an eleven character code assigned by RBI to identify every bank branches uniquely, that are participating in NEFT system in India. This code is used by electronic payment system applications such as RTGS, ,National Electronic Fund Transfer and CFMS.
- After you confirm the details you will be sent an SMS by your bank having the OTP (One Time Password) to confirm the adding of beneficiary. This is done to prevent misuse of your bank account. After this the person will be added to beneficiary list forever and you will not have to go through the tedious tasks of Step 2 and 3 ever again.
Step 4: Entering Payment Details and Paying
- When doing this for the first time, the app directly took me to payment page. Otherwise you can simply select the person from list of beneficiaries and similar page should appear. Here the first pic just shows you complete details of the person. Tap on Pay to proceed.
- In the amount enter the sum of money you wish to send. I have entered 1 rupee.
- The remarks section is for personal reference when you get your account statement. Enter anything you want here.
- In the payment options you have 3 options. You can choose to send money on later date. You can choose a standard NEFT which is usually free and operates only within bank days. Then there is IMPS which works 24x7 but some banks charge for it. If you have a previlege account with your bank then you won’t be charged for it.
So suppose if you are ordering anything from our store and its night or a public holiday, you can choose IMPS if you want to be just done with it.
- Tap the confirm button to initiate the process.
Step 5: Congrats!!!
- If you did it right, you will be redirected to the confirmation page. Here you will find the UTR number and all other details of the transaction.
- This is the screenshot we ask for when you order anything from our store. So just store the screenshots and email them to us when asked.
If you forget to screenshot, then you don’t need to worry. You can go to the page where you first landed after logging in and tap on the account. Here you will be able to see your recent transactions. Like the second transaction has a long huge code. It means nothing but
NEFT (transaction type) MB (Mobile Bankng) then UTR Number, and then beneficiary
So that will be it. See you next time. I hope you loved the post and learnt something new which surprisingly a lot of kids and even adults don’t know. This is a life skill.
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