How to Add Inter Bank Beneficiary in Hdfc Bank

Inter Bank means not within the same bank. Inter Bank Transfer states that a person (remitter) having account in bank "A" is transferring money to another person (payee/ beneficiary) having account in bank "B".

Inter Bank Transfer is a special service that allows you to transfer funds from your account with a Bank, to a Bank account with any other Bank in India.

Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in a Bank to the account of the beneficiary maintained in any other bank.

The person to whom the funds are to be transferred or the payment is to be made, needs to be added as a 'beneficiary' and his/ her bank account details should be provided in order to transfer the funds. Whenever you want to send payment from your Hdfc Bank Bank account to another bank account in other than Hdfc Bank Bank then you are required to add an inter bank 'beneficiary' to your account. After adding the inter bank 'beneficiary', you can transfer the amount from your account to his/ her account. For this purpose, you should have online banking facility activated in your account.

The process of adding an inter bank 'beneficiary' to your account is very easy and simple. It is not at all time-consuming. If you want to add payee/ beneficiary in your account with Hdfc Bank Bank, you need to follow below mentioned step by step process to add payee/ beneficiary to your account:

Steps to Add Beneficiary in Hdfc Bank

  1. Visit the official website of Hdfc Bank Bank
  2. Log in to your account using your user name (customer ID) and password (IPIN)
  3. In the menu, search for "Payments & Transfers" tab
  4. From "Payments & Transfers" tab, select "Manage Beneficiary" option
  5. Now you need to select Inter Bank (where beneficiary's account is in other than Hdfc Bank Bank) option
  6. Choose "Add Payee" option
  7. Fill in Payee/ Beneficiary's personal details in the relevant columns such as:
    • Name of Beneficiary
    • Beneficiary's Account Number
    • Beneficiary's Bank Name
    • Beneficiary's Branch Name
    • Beneficiary's IFSC Code
    • Transfer Limit
  8. Tick the "I Accept Terms & Conditions" check box given at the bottom of the page
  9. Click on "Confirm" or "Continue" button
  10. A One Time Password (OTP) will be sent on your registered mobile number as the second layer of security
  11. Enter the OTP to authenticate the registration of the beneficiary
  12. Then the beneficiary will be added and you will receive a notification that you have added a beneficiary
  13. The added beneficiary will be activated in a few minutes/ hours
  14. After the activation of the beneficiary, you can transfer funds to beneficiary's account

If, for any reason, beneficiary's account is not credited, the beneficiary's bank has to return the money to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch.

Types of Fund Transfer

There are 3 different types of online fund transfer from your account to the beneficiary's account. The details of such transfer are detailed below:

(1) RTGS (Real Time Gross Settlement)

In RTGS, the money gets transferred in real time which actually is meant for high-value transactions, minimum Rs. 2 lakhs. The transfer usually happens within 30 minutes from the time of initiation depending on the service window of RTGS.

RTGS is available 24x7, 365 days with effect from December 14, 2020. RBI has regularised that RTGS transactions will have round the clock availability on all days of the year and hence the bank customers can transfer funds through RTGS around the clock on all days including holidays. Now India has become one of the very few countries globally with a 24x7x365 large value real time (RTGS) payment system. You can check out here the difference between NEFT and RTGS.

(2) NEFT (National Electronic Fund Transfer)

In NEFT, the funds get transferred during the bank's working hours. Since the fund transfer happens in batches, there can be a delay in such fund transfer. NEFT is operated in hourly batches.

NEFT is available 24x7, 365 days with effect from December 16, 2019. RBI has regularised that NEFT transactions will have round the clock availability on all days of the year and hence the bank customers can transfer funds through NEFT around the clock on all days including holidays.

Check out here what is NEFT and RTGS.

(3) IMPS (Immediate Payment Service)

In IMPS, the amount gets transferred instantly (usually within 5 to 10 seconds) and this service is available 24x7. The maximum that you can send is Rs. 2 lakhs using IMPS. When you initiate a fund transfer via IMPS, the initiator bank sends a message to IMPS, which debits the money and sends it to the beneficiary's account.

IMPS transaction timings are 24x7 during 365 days of the year

This is to be noted that the bank does not verify the Beneficiary Details given for outward online fund transfer transaction, and its fate entirely depends upon the beneficiary's bank. If the beneficiary details provided matches at the beneficiary's bank, the credit will be passed on, as per the details provided by the remitter. In case, the beneficiary's bank rejects the transaction for any reason, the remitter's account will be credited.

Important Points to Remember

  • You can transfer the funds only after activation of beneficiary account
  • The minimum amount that can be transferred by RTGS is Rs 2 lakhs
  • The maximum that you can send is Rs. 2 lakhs using IMPS
  • Inward transactions are free, no charges will be levied on beneficiaries
  • The fund transfer is not instantaneous in case of NEFT
  • The branches of both the remitter and the beneficiary have to be RTGS-enabled. All the bank branches do not offer this facility. You can get the list of RTGS-enabled branches on the RBI's website
  • IMPS was launched by National Payments Corporation of India in 2010

Add Beneficiary in Other Banks

Add Inter Beneficiary in Other Banks