Know How to Add Beneficiary to your Bank Account
Funds transfer basics: How to add beneficiary?
Need to transfer funds to a friend’s account? You can easily do that using HDFC Bank’s NetBanking facilities or Mobile Banking app. The only factor you need to take care of is, adding your friend as a beneficiary to your account.
You can transfer funds within HDFC Bank, as well as to accounts held in other banks. You have a host of options to transfer funds to an account. You can make an instant transfer to other bank accounts using IMPS or the NEFT option or make an RTGS payment. Before you use any method, you need to add your friend’s account as a beneficiary account. In this article, we list out five easy steps to add a beneficiary to your account.
How to add beneficiary?
If you need to send money across to another account, you need to add the account as a beneficiary. Keep the beneficiary’s account details handy. These include the bank account number, the IFSC code, the branch details, the beneficiary’s name as mentioned in the bank account, and phone number.
You can add the beneficiary following these steps:
1. Log in to your HDFC NetBanking account or Mobile Bank application. To log in to NetBanking, use your customer ID and password. The mobile banking app can be used by logging in using your customer ID and password or Quick Access Pin.
2. Once you log in, click on the ‘Fund Transfer’ tab.
3. You will see an option ‘Add Beneficiary’. Click on the tab to add your beneficiary.
4. You will be asked to enter the details of the beneficiary. Fill in the bank account details and contact details of the beneficiary in the form and click submit.
5. Once you hit the ‘Submit’ button, an OTP gets generated on your registered mobile phone. Confirm the addition using the OTP. Once the OTP authentication is done successfully your beneficiary addition request will be submitted to HDFC Bank.
Once the request is submitted, the bank takes 30 minutes to approve the request. After 30 minutes, you can make a transaction and send funds to the beneficiary.
How to transfer money without adding beneficiary?
HDFC Bank requires you to add a beneficiary’s account to make any transfer including IMPS and NEFT. The only other way of transferring funds to an account without adding it as a beneficiary is making an IMPS transfer using MMID. This MMID or Mobile Money Identification Number is a seven-digit unique number. Of this, the first four digits are the unique identification number of the bank offering IMPS. You can make an IMPS transfer using the MMID and contact details of the beneficiary.
Want to make an IMPS or NEFT transfer? Download the HDFC Mobile Banking app now. Click here to know more.