You can transfer your money from one bank account to another account from a different bank easily.
There are three types of transaction methods, I am aware of so far :
NEFT - National Electronic Fund transfer, In this transaction happens on net basis, where all net transactions are bunched and processed batch wise.
NEFT operates in hourly batches from 9 am to 7 pm on week days and working saturday's
NEFT : No Minimum, Maximum-Rs.5 Lakhs
NEFT Transactions Rate for INB Channel (inter bank transfer)
Up to Rs.10,000 : Charges- Rs.2/-
From 10,001/- to 1 lac : Charges - Rs.4/-
Above 1 lac up to 2 lac: Charges-Rs.12/-
Above 2 lac : Charges-Rs.20/-
RTGS - Real Time Gross Settlement, In this transaction happen one-to-one basis without bunching with other transactions. RTGS is more preferred on transactions with large amount above 2 lakhs.
Monday to Working Saturday 9:00 hrs 16:00 hrs
RTGS Transactions Rate for INB Channel (inter bank transfer)
From 2 lac to 5 lac: Charges-Rs.20/-
Above 5 lac: Charges -Rs.40/-
IMPS : Immediate Payment Service (IMPS)is used for instant interbank electronic fund transfer service through mobile phones, extended to other channels such as ATM, Internet Banking, etc.
IMPS : Maximum amount is below 2 lakhs per day.
Charges on the IMPS transaction.
Upto 1000 NIL
RS 1,001 -10,000 2/- per Transaction + Service Tax
RS 10,001 -1,00,000 4/- per Transaction + Service Tax-
RS 1,00,001 -2,00,000 12/- per Transaction + Service Tax-
On the Taxes part, I believe the money in your account is already accounted for tax and no taxes will be levied for the receiver if it gone be 1 lakh. But if in case if the transaction is a recurring one and happens every month for 1 lakh which makes the receiver income as 12 per annum and it is taxable.
Rates I mentioned here are for SBI : referred from the SBI online site.
Some times peace is better than being Right!!!