How to Add Intra Bank Beneficiary in Saptagiri Grameena Bank
Intra Bank means within the same bank. Intra Bank Transfer means that a person (remitter) having account in bank "A" is transferring money to another person (payee/ beneficiary) having account in bank "A".
Intra Bank Transfer enables electronic transfer of funds from the account of the remitter in a Bank to the account of the 'beneficiary' maintained with in the same bank, however, the branches of remitter and 'beneficiary' may be different.
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 Saptagiri Grameena Bank Bank account to another bank account within Saptagiri Grameena Bank Bank then you are required to add an intra bank 'beneficiary' to your account. After adding the intra 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.
If you want to add payee/ beneficiary in your account with Saptagiri Grameena Bank Bank, you need to follow below mentioned step by step process to add payee/ beneficiary to your account:
Steps to Add Intra Bank Beneficiary in Saptagiri Grameena Bank
- Visit the official website of Saptagiri Grameena Bank Bank
- Log in to your account using your user name (customer ID) and password (IPIN)
- In the menu, search for "Payments & Transfers" tab
- From "Payments & Transfers" tab, select "Manage Beneficiary" option
- Now you need to select Intra Bank (where beneficiary's account is also in Saptagiri Grameena Bank Bank) option
- Choose "Add Payee" option
- Fill in Payee/ Beneficiary's personal details in the relevant columns such as:
- Name of Beneficiary
- Account Number
- Bank Name
- Branch Name
- IFSC Code
- Transfer Limit
- Tick the "I Accept Terms & Conditions" check box given at the bottom of the page
- Click on "Confirm" or "Continue" button
- A One Time Password (OTP) will be sent on your registered mobile number as the second layer of security
- Enter the OTP to authenticate the registration of the beneficiary
- Then the beneficiary will be added and you will receive a notification that you have added a beneficiary
- The added beneficiary will be activated in a few minutes/ hours
- After the activation of the beneficiary, you can transfer funds to beneficiary's account
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
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