Transferring money from one bank account to another one is quite easy. Most of the people don’t know about it and don’t use it. Its very powerful, very safe, absolutely free and fast. It saves lots of time and paperwork(and so the environment).
There are two service RBI offers for the same
1. NEFT (National Electronic Funds Transfer system) – a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.).
2. RGTS – The acronym “RTGS” stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. This is the fastest possible money transfer system through the banking channel. This service is not free and there is some amount payable for using this.
All you need from your bank is Internet banking service and have online transfer service enabled on your account (some of the forms for doing so are provided below). For the account in which you need to transfer you need IFSC code (for getting IFSC code for a bank branch please see the document below).
HSBC Third Party Transfer Activate form:
HDFC Third Party Transfer Activate form:
NEFT Code for banks:
IFSC Code for banks:
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Now, since money withdrawal from ATM is free from 1st April 2009, banks started charging NEFT transfers – fist one I know is HDFC Bank. Amount is really small like Rs 5 or 10 plus service charges, its pain as it should be free and fast with no mannual interaction..