10 Easy Step to Transfer Money Online Safely & Easily 2020
Transfer money online

10 Easy Step to Transfer Money Online Safely & Easily 2020

Updated – 20 Jan 2020.

Do you transfer money online?

If yes, then the article helps you to keep your online transfer safe. If no, then you will come to, how easy it is to transfer money online.

Let’s start…

How To Transfer Money Online

One of the most secure methods to transfer money online is Netbanking. Transfer through net banking is safer than other options like mobile wallets. Let’s see how you can use net banking for money transfer.

You require a net banking account to transfer money from your account to another account. In case, you don’t have the net banking facility activated on your account, visit your bank branch & apply for it.

There are Two Types of Online Transfer

1. Intra Bank Online Money Transfer (within the same bank)

Intra Bank transfer means transferring money to a bank account of the same bank. The accounts, however, can be in any branch of the same bank. Through intra-bank online money transfer, you can transfer funds to Fixed Deposit, RD or Any investment Like PPF or Mutual funds.

A) Own Bank Account

To transfer funds to your own Bank Account, your accounts need to be linked.

Step by step process

  • Log in to your account
  • Go to Payments & Transfer and click on Funds Transfer
  • Select Transfer Funds to Your own Bank Account
  • Select your other Bank account
  • Enter details like Transaction Amount, Transaction remarks
  • Enter One Time Password (OTP) to complete your transaction
  • Your Transaction gets completed and your payment confirmation number will be displayed on the screen.

B) Other Bank Account

This enables you to transfer money online to any account of the same bank ( branches can be different). For making this transaction you need to add the beneficiary to whom you want to transfer.

Step by step process

  • Go to Payments & Transfer and click on Funds Transfer
  • Select Transfer Funds to Other Bank Account
  • Select Payee from the list, if you didn’t add anyone, then first add the beneficiary.
  • After adding, select the payee.
  • Enter details like Transaction Amount, Transaction remarks
  • Approve the transaction using OTP.

You will get notification of the amount transferred.

2. Inter Bank Transfer Money Online ( with other banks)

Inter Bank Transfer enables electronic transfer of funds from the account in one bank to the bank account in any other Bank branch. There are three systems of Inter Bank Transfer – NEFT, RTGS and IMPS

A) National Electronic Fund Transfer (NEFT)

NEFT as it is known is a quick and fast way of transferring funds from a particular bank to any other bank that is a participant in this scheme.

This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to continuous.

Step by step process

  • Go to Payments & Transfer and click on Funds Transfer
  • Click on Transfer Funds to Other Bank Accounts.
  • Select NEFT
  • Select Payee from the list of registered Payees
  • Enter details like Transaction Amount, Transaction remarks.
  • Approve the transaction using OTP.

NEFT Transaction Limit – No min limit but max. limit of Rs 10 Lakh. It varies bank to bank as well. HDFC allows a limit of Max. 25 lakh but SBI allows only 10 lakh rupees.

Transaction Timing – 7:00 am to 7:00 pm on working days (time may vary with banks).

B) Real-Time Gross Settlement (RTGS)

RTGS is a funds transfer system where money transfer takes place from one bank to another on a “real-time” basis.

RTGS is used for transactions which are very high in value and need to be cleared immediately.

Step by Step Process

  • Go to Payments & Transfer and click on Funds Transfer
  • Click on Transfer Funds to Other Bank Accounts
  • Select RTGS
  • Select Payee from the list of registered Payees
  • Enter details like Transaction Amount, Transaction remarks
  • Approve the transaction using OTP.

Transaction Limit – Min 2 lakh, maximum 10 lakh.

Transaction Timing – 8:00 am to 4:00 pm on working days ( time may vary with banks).

C) Immediate Payment Service ( IMPS)

IMPS is an interbank electronic instant mobile money transfer service. It helps you to access your Bank Account and transfer funds instantly. The beneficiary account is credited immediately when a Fund Transfer request is made through Funds Transfer using IMPS.

You can transfer money anytime on any day through IMPS.

IMPS funds can transfer in two ways.

  • Using mobile and MMID
  • Using Account number and IFSC

Step by Step Process

For IMPS using Mobile Number and MMID

  • Go to Payments & Transfer and click on Funds Transfer
  • Select Transfer Funds through IMPS using Mobile Number and MMID
  • Select the account from which you wish to transfer funds
  • Enter Payee Mobile number, Payee MMID, transaction amount and remarks
  • Enter One Time Password (OTP) and complete the process.

For IMPS using Account Number and IFSC

  • Go to Payments & Transfer
  • Click on fund transfer through account number and IFSC
  • Select Transfer Funds to Other Bank Accounts
  • Select Payee from the list of registered Payees
  • Enter details like Transaction Amount, Transaction remarks.

Transaction limit – 2 lakh per day

Precautions To Securely Transfer Money Online

1. Use Secure Password

Transaction through net banking only can make through login Id and password. You can change the password from time to time. Don’t share your login id and password to anyone. In case you have shared it, you can change the password to secure your account.

It becomes necessary to set a strong password. The password should be a combination of alphabets, numbers and special characters. This makes the password strong. Even many banks impose a mandatory condition that the password must be a combination of alphabets, numbers and special characters.

2. Change Your Password Regularly

Regular change of password is one the simplest method to keep your net banking account safe. whenever you have a doubt that any other person might know your net banking password, quickly change the password.

Even the banks know the importance of password change. Sometimes, banks remind you to change the password, If you have not changed the password from a long period of 6 months or 1 year. Bank can remind you through a pop-up message about to change the password, every time you log in to your account.

transfer money online

In my first year, I didn’t change my password for 6 months. After six months, when I tried to log in, I got a message that you have to change the password first, only after that you can log in to your account. Some banks change password every quarter.

3. Avoid Public Computer To Login

A public computer like a cyber cafe, or public libraries is not a safe place for using your net banking. There are higher chances of your login Id and password being traced.

If anytime you have to access your account on public computers, make sure you log out your account, clear cache memory, browsing history and delete all the temporary files from the computer. This way you can be on the safer side.

4. Use Updated Antivirus Softwares

Viruses affect your computer by corrupting files, infect the operating system, steal information and access your computer. Only An antivirus can save your computer from virus attacks.

Everyday new types of viruses come into existence. To prevent your computer from that new virus, your antivirus should be licensed and updated. Because the pirated and old version of antivirus would not protect your computer system.

Use a reputed Antivirus they provide you better security. For example, ESET antivirus opens a secure an ESET secured browser automatically whenever you open any bank website.

Easy Step to Transfer Money Online Safely & Easily 2020

5. Keep Your Password Secret

Never share your password with anyone or write it down anywhere from where anyone gets access. This may create unauthorized access to your account. Also avoid easy- to- access password like names, birthday or mobile numbers.

6. Check Your Account At Regular Intervals

Check your account after making any transaction and even on a regular basis. Verify the transaction shown in your account with the transactions you actually made. In case, You find any discrepancy inform your bank immediately.

7. Never Allow Browser to Save Your Login ID and Password

We often autosave our user ID and password in the browser for a little bit of convenience. But this makes our account unsecured. Anyone having access to your computer will automatically get access to your account. So don’t activate autosave login id – password in the browser.

8. Type Your Internet Banking URL

It is safer to type your bank URL in the address bar of the browser than clicking on links given in an email. There are chances of fraudsters sending emails with fraudulent websites links that are designed exactly like the bank’s original website. Once you enter your login details on such a website, they may access your account and steal your money.

While logging on, check for ‘https://’ in the URL and ensure that it is your bank’s authentic website.

9. Disconnect the internet connection when not in use

Most broadband or other WiFi users do not disconnect the internet connection on their computer when they are not using it, because of unlimited data. But this can leads the malicious hackers to access your computer via an internet connection and steal your confidential information. To keep your data protected, ensure that you disconnect from the internet when you do not require it.

10. Don’t Use the Same Password For All Accounts

Never use the same password for all the accounts. This will help you to keep secure your other accounts, in case someone gets the information about your one account. I have two net banking accounts and I have set different passwords for both.

Internet has made our lives easy but if you are not aware you may fall victim of any fraud. So always follow these safety steps to keep your money secure while transferring online.

Did you find this article helpful? Let me know in the comments

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