Best ways to transfer money

25 April 2017

Net and mobile banking have simplified the ways in which you can send money and pay bills. We bring you the easiest ways to transfer funds and send money to friends, service providers and businesses.

National Electronic Funds Transfer (NEFT)

Enjoy easy transfer of funds from any bank branch to any other bank branch in India with NEFT.

Add a beneficiary with bank account number and IFSC code on your bank’s online banking tool.

Initiate transfers and pay your credit card bills using NEFT.

Enjoy same-day processing when you initiate transfer during working hours.

Real Time Gross Settlement (RTGS)

Make payments of Rs 2 lakh or more using the RTGS system.

Visit a branch to initiate transactions with no upper limit.

Add beneficiaries and transfer funds using online banking.

Benefit from real-time settlement of transactions during banks’ working hours.

Immediate Payment Service (IMPS)

Use IMPS to transfer money 24/7, even during public holidays.

Enjoy instant credits to your or your recipient’s account.

Avail IMPS using online banking or mobile banking.

Also initiate payments using mobile apps, such as HDFC Bank’s Chillr App.

Unified Payments Interface (UPI)

Enjoy round-the-clock UPI funds transfer service from National Payments Corporation of India (NPCI).

Transfer funds to any bank account using a Virtual Address (VA) or pay merchants.

Use the recipient’s VA or mobile number with MMID (Mobile Money Identifier) to make payments.

You can use any bank’s mobile app for UPI transfers, such as HSFC Bank’s Chillr app.

Mobile wallet

Enjoy the convenience of a virtual wallet that is available on your mobile device.

Easily link your virtual wallet (such as HDFC Bank’s PayZapp) to your bank account, debit or credit card.

Use the wallet to pay utility bills, recharge your mobile, shop online and transfer funds.

Pay your local grocer, vendor or store owner for purchases with a mobile wallet.