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Online Funds Transfer at a glance

 

 

Which accounts can I transfer funds to?

You can transfer funds between any of your transaction accounts, such as your savings account and current account. You can also transfer funds to pre-designated third party accounts.

As an RBS N.V. NetBanking user, you can also make an e-Transfer request online, to any other account in another bank in India . Funds are transferred to the credit account with the other participating bank using RBI's EFT/SEFT service. RBI acts as the service provider and the credit to the other bank's account is effected within 24 hours.

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How do I go about using this service?

Follow these simple steps to do an online fund transfer:

  • Login to NetBanking.
  • Go to the 'Transfers' section.
  • Click on the 'Add e-Transfer Account' link and fill in the details of the account for third party account transfers, in case you haven't registered for an e-Transfer account.
  • To transfer funds online, select the debit Account and the destination Account, specify the amount to be transferred and click on 'Transfer Now'.
  • For scheduling one-time or recurring transfers to pre-designated third party accounts, click on 'Confirm' after specifying the starting date, transfer frequency and number of transfers you wish to make.

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When do my transfers get processed?

The transfers are processed instantly and your account is debited instantly. You have the option to schedule third party transfers for a later date also.

However, e-Transfer credit to the third party bank accounts would be effected only on the next day. If you submit your request before 12 noon IST, your payment would be effected by the next working day. However, transactions done post 12 noon IST would be sent to RBI the next day, and hence the credit would be effected the day after.

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Is there a limit on the amount of money or the number of transfers I can do?

No, there is no limit to the number of transfers that you can perform. However, the daily limit and per transaction limit as stated in the 'Limit Inquiry' section are applicable for fund transfer amounts. The daily limit displayed here is the combined limit for bill payments and pre-designated third party account transfers.

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Can I schedule online fund transfer payments for a future date?

Yes, you have the option to schedule pre-designated third party account transfers within The Royal Bank of Scotland N.V. or another bank for a future date also.

You can even create a regular schedule of payments, such as one-time, weekly, monthly, annually, etc. You can do this by selecting the 'Schedule for later' option in the Funds Transfer section of NetBanking.

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How do I know that my transfer is complete?

The transfers are processed instantly and reflects immediately either in your account statement(s) on NetBanking or as a "CYBER-RECEIPT" in your NetBanking Mailbox.

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Is there a charge for the online fund tranfer service?

No, the online fund transfer service currently is free of cost. However, please do refer to Product 'Schedule of Benefits' for updated information on charges.

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