RBI policy boosts e-transfer of funds

If you frequently transfer money or plan to transfer money to your family, friends, or business partners, here’s some good news. The Reserve Bank of India (RBI) has waived off charges for Funds Transfer facilities. Moreover, the RBI has asked banks to pass on these benefits to customers. So now, transferring funds will now not only be easier but also more beneficial.

If you’ve never explored ETF facilities, here’s a summary of options currently available. Funds Transfer is a way of sending money online from one bank account to another. It could be within accounts of the same bank or those of different banks.

Now there’s no need to write paper cheques, fill pay-in slips and visit the branch to deposit them. Also, now you don’t need to worry about dishonoured cheques because of spelling errors or signature mismatches. Electronic funds Transfer leads to huge savings in time and effort.

There are several ways you can transfer funds online. Let’s look at some of them:

The RBI has also announced that it would be setting up a committee to look into charges for automated teller machines or ATMs. So you could expect lower ATM charges too shortly. All these measures will give a significant boost to digital banking and make financial transactions much more efficient, transparent and cheaper. MobileBanking options like UPI should also lead to more transactions.

To create your UPI ID with HDFC Bank, download the MobileBanking App.

* As per the latest RBI announcement, bank transfer charges are being waived off. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.