With the passage of time technology is upgraded and today banks provide the most convenient way to transfer your funds from one account to another as you don’t need to stand in a long way to transfer funds, you just need to login the website of your bank and should know the IFSC code of other bank account, after filling the asked details within a minute your transaction will take place. Online banking is very easy to do and mostly everyone around the globe is aware of this facility
For the safe online transactions RBI has issued IFSC (Indian Financial Institutions Codes). This is an alpha numeric code with 11 characters, code is issued on the cheque books and different branch have their different unique code. IFSC is very useful in the electronic transfer of money. With this system whole process of transferring online funds becomes more secure.
Customer need to be registered for electronic transactions with the bank and a password for verifying the customer, for access the online transaction you must have IFSC code of the account in which you wants to transfer the money. Many banks follow the additional steps for more security purpose
The positive aspects of electronic transfer of money are that it is open 24/7 and you can also setup vigilant so that you can get to know about the low balance. You don’t need to leave your home for money transfer just you need to get connected with internet to avail the facility. Through electronic modes the time is saved, paper work is reduced which led to minimum wastages.
Online transfer of money facility is mostly provided in every geographical area. A bank charge some fees to transfer online and the charges depends on how much money is being transferred and from which bank it is moved. Online mode of money transfer has made our life quite easier. So dear visitors if you don’t want to stand in a queue and wait for your chance to do any sort of money transaction then this is the best process of solving the problem.