In the digital world, our government and RBI is emphasizing more on online and mobile banking. But my parents still prefer offline banking.
Transferring money online from one bank to another is the most prevalent means of banking among youth.
But this article covers various ways to transfer money offline from one bank to another.
How to Transfer Money Offline from one Bank Account to Another?
• Visit your nearest RTGS/NEFT enabled branch
• Get RTGS/NEFT form
• Chose mode of payment (RTGS/NEFT)
• Fill up your detail
• Fill up the beneficiary detail
• Fill up cheque details
• Attach your cheque
• Submit the form to the bank
• Done
How to Transfer Money Offline from one Bank Account to Another through Cheque?
Transactions of money with the help of a bank have become much easier than before.
Getting ahead with the mission of Digital India, RBI has come up with two options for the electronic transfer of money.
They are – NEFT (National Electronic Funds Transfer) and RTGS (Real-time Gross Settlement).
These options are available both for online and offline users.
To send money offline without Cheque, follow the steps given below.
- Visit any branch nearest to you and make sure that it is NEFT/RTGS Enabled branch.
- Once you reach the branch, first take an NEFT/RTGS form and fill it out carefully. Ensure that you have filled in all the details correctly, such as sender name, payee name, payee account number and IFSC code.
- Now enter the check information in the form, such as the number of the check.
- Attach the check with the form, and once again, ensure that you have filled all the information correctly.
- Finally, submit your request form to the bank.
Note : One thing to keep in mind is that the bank may also charge you some fees for this facility. This fee may vary bank to bank as RBI has left it to the banks to decide.
How to Transfer Money Offline from one Bank Account to Another without Cheque?
It took me a long time to gather information about depositing money in a bank without a cheque.
I went to the bank and got information about this subject.
The bankers assured me that it is possible to transfer money from one account to another without a cheque.
To send money without a cheque, you have to go to the same branch where you have an account.
In this case, you have to visit your branch and fill the mandate form and attach it with the NEFT/RTGS form.
You can use this mandate form as a cheque, and give instructions to the bank to transfer a promised money on your behalf.
However, if your account is not in the same branch, the rules will change for you.
At this stage, you can send only up to ₹ 50000, that too on depositing cash.
What is NEFT?
NEFT (National Electronic Fund Transfer) is a online and offline payment facility offered by every bank.
It was launched in 2005 by the Reserve Bank of India.
It is used to transfer funds from one bank account to another.
You can avail of this facility online by using Internet Banking. To avail of this facility offline, visit any nearest NEFT enabled branch.
Please make a note of one thing that this facility is not available in every branch of the bank.
How much time does it take for NEFT transfer?
Fund transfer through NEFT can take 24-72 hours to reflect in the beneficiary’s account.
What is the Timing of NEFT?
For online transactions, NEFT is available 24/7, but it’s not the same for offline transactions.
You have to visit the bank’s branch during banking hours only. Otherwise, they may deny it.
Can NEFT get delayed?
NEFT Transfer can take up to 72 hours, so don’t panic.
If your beneficiary has not received the money even after 72 hours, you can contact the branch.
Bank will help you in every possible way.
Is there any charges for NEFT transaction?
Through NEFT, you can do any transaction of amount.
Transaction charge as per RBI
| Amount | Charges |
| 2 Lakhs to 5 Lakhs | Rs 25 + GST |
| 5 Lakhs + | Rs 50 + GST |
What is RTGS?
RTGS, called Real Time Gross Settlement, is the fastest medium to transfer funds from one bank to another.
It was also Launched in 2005 by the Reserve Bank of India.
In RTGS, you can transfer only an amount that is more than Rs 2 lakhs.
Using RTGS, we can transfer funds both online and offline.
Please make a note of one thing that this facility is not available in every branch of the bank.
All the fund transfers are done quickly and securely under the supervision of RBI.
How much time does it take for RTGS transfer?
Fund transfer through RTGS can take up to 30 minutes to reflect in the beneficiary’s account.
What is the Timing of RTGS?
For online transactions, RTGS is available 24/7, but it’s not the same for offline transactions.
You have to visit the bank’s branch during banking hours only. Otherwise, they may deny it.
Can RTGS get delayed?
RTGS is a real-time fund transfer service, but it can be delayed due to server issues at your branch.
Is there any charges for NEFT transactions?
This facility is mostly used for doing large transactions. At least Rs 2 Lakhs can be transferred through RTGS.
Transaction charge as per RBI
| Amount | Charges |
| 2 Lakhs to 5 Lakhs | Rs 25 + GST |
| 5 Lakhs + | Rs 50 + GST |
Thanks for checking out this article
