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  • Category: Banking

    Transfer of bank balance from one account to another


    Have a query about bank fund transfer? Check out suggestions from experts on this page.

    How to transfer balance from a bank account to another bank account of different bank names?
    For example, SBI to UBI.
    What's the limit of transferring balance online?
    How much amount is taxable?
    How much amount will be deducted if one lakh rupees is received in an account?
    Please give details.
  • #140830
    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!!!

  • #140838
    The charges of transferring amount online or EFT ( Electronic Fund Transfer ) are different for different bank.
    For EFT only sender bank charges you since you use their gateway for money transfer.
    1. To transfer amount from one bank to other you will need name , account number , IFSC code of bank branch where you are transferring. Usually IFSC code can be found online on internet , some bank allows to browse bank names where you want to transfer money in fund transfer options.
    For example, SBI to UBI. SBI will charge you some transactional charges depends on amount and whether you use NEFT or RTGS service.
    2. Transfer limit is depends on account type. If it is business , saving or personal checking. Mostly maximum transfer is allowed in every bank since banks gets the transaction charges for transfer.
    3. There is no tax on money you transfer but there might be tax on transaction since it earning to bank which charges you as service tax. The receiver might have to pay taxes if he declare amount while filing tax returns.
    4. 1 lakh rupees is received in an account will not deduct anything for receiver , However sender will have to pay transaction charges. In case of SBI , NEFT type of transfer charge for 1 Lakh Rupees is 5 Rupees.

    Avi
    Life Is Beautiful

  • #140848
    There are multiple ways to transfer the money these days.

    For example you have options like -

    1. NEFT : upto 2 Lakh.
    2. IMPS : upto 2 lakh.
    3. RTGS : No specific limit. Higher amount however need to be processed through bank premise.

    NEFT, IMPS and RTGS all have the transaction cost. And people are going to be charged for the money transfer.

    These are the traditional money transfer methods. However UPI is now enabled in almost every bank branch in india. And now you can use the UPI enabled app to move money from one bank to another. All you have to do is know the UPI ID of the person that connects to another bank.

  • #140854
    Yes, you can transfer money from one bank account to another bank account by following this steps :
    step 1 : Login in into your Internet Banking website with your login details.

    Step 2: Before transferring the funds to other account add them to beneficiary. Then select inter-bank beneficiary to transfer fund to someone else account in another bank.
    Money transfer from one bank to another bank is called interbank transfer and can be done in many ways, but the preferred ways are:

    NEFT/RTGS : National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) allow individuals, companies and firms to transfer funds from one bank to another for this you need to fill a form providing your or the beneficiary's details — name, bank branch where the account is held, the Indian Financial System Code, a unique code for identifying the branch, and the account number and type. You have to submit a cheque while opting for this facility.

    Settlement Time: RTGS – Maximum 4 hours

    NEFT – Up to 48 hours.

    The another way is by NET BANKING for which you account number , IFSC code. I am not sure for the settlement time but basically it uses the above said instruments only .

  • #140857
    Very good information and very useful for those who are not aware of various ways but want to transfer money from one account to another.
    I want to add here that if you are transferring money online than you will have to access your online banking platform by giving your user name and password and after entering the system you will have to select the menu for inter bank transfer and then register the beneficiary to whom you want to send money. This registration takes little time but its approval is given generally after 3-4 hours and only then you will be able to send money. If you are doing this in evening than in most of the cases you will be able to send the money only next day morning. Once the beneficiary is registered you can select the beneficiary in future any time and send money immediately.

    Knowledge is power.

  • #141378
    Nowadays, there are various ways to transfer funds from one account to another. These are:-
    (a) National Electronic Fund Transfer (NEFT : upto Rs. 5 lakh
    (b) Immediate Payment Services (IMPS) : upto Rs. 2 lakh.
    (c) Real Time Gross Settlement (RTGS) : No limit
    (d) State Bank Group Trnasfer: Only between account-holders of SBI and associate banks: upto Rs. 5 lakh

    NEFT, IMPS and RTGS and State Bank Group Transfer l have transaction cost which generally varies from bank to bank. Generally private banks charge more than public sector banks.

    For transfer of Rs. 1 lakh from SBI to UBI under normal course, NEFT would be most suitable. There is no concept of tax on transferred amount.

    Caution: Explosive. Handle with care.

  • #141826
    To transfer your funds from one account of a bank to another account of different bank or to a different persons account in different bank there are so many ways which you can do sitting at home or from your office.

    1. NEFT National Fund Electronic Transfer through which you can transfer the amount. For this you should have 13 digits account number of the person to whom you want to transfer the funds and the IFSC code of the bank branch. There will be charges for the transaction and varies from one bank to another. NEFT transaction takes place in batches during a particular time and if you do the transaction within that time it will be transferred within that batch timings. Earlier there were restrictions for the limit but now2 as per my knowledge you can transfer any amount.

    2. RTGS Real Time Gross Settlement: This is also one type of fund transfer from one bank to another bank. The transaction under this is as good as NEFT. Here there is no batch concept but within the prescribed timings fixed by RBI you can transfer funds.

    3. And other various types include IMPS SBI monbile app Canmobile . But the restrictions for fund transfer are upto Rs200000.


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