Bank of India Third Party Transfer TPT www.deekpay.com

What is TPT Transfer?

Bank of IndiaTPT transfers, i.e. Indian banking systemThird-party transfers, is a method of transferring funds from one bank account in the same bank or a different bank to another bank account. This method of transfer allows individuals to send money to any recipient, whether they hold accounts in the same bank or in completely different banks.

TPT's flexibility and convenience make it a popular choice for personal and business transactions. It supports a wide range of transfer methods, including NEFT, andRTGS respond in singing IMPSTo ensure that funds can be sent quickly and securely, TPT transactions can be initiated through online banking platforms, mobile banking apps or by visiting a bank branch.

This approach is easy to use and allows individuals to seamlessly manage their financial activities. While TPT is similar to UPI Similar, but it offers more options for scheduled transactions and large transfers.

Recommended Reading:What is UPI?

Three modes of TPT transfers in Indian banks

TPT transfers support three main modes, each of which is tailored to different transaction needs. These modes include:

NEFT (National Electronic Funds Transfer): NEFT applies toIndiaFunds transfer between banks in different locations. It processes transactions in half-hourly batches to ensure reliable fund transfers.NEFT is ideal for time-insensitive transactions that need to be handled securely. RTGS (Real Time Gross Settlement): RTGS is designed for high value transactions that require immediate processing. It allows for real-time transfers and is ideal for large-value payments. This model is best suited for urgent and large transfers that require immediate settlement. IMPS (Instant Money Payment Service): IMPS provides instant funds transfers 24/7, facilitating transactions outside of banking hours.IMPS is ideal for fast, low- to medium-value transfers and supports both inter- and intra-bank transactions.

These modes provide users with a variety of options for making TPT transfers to meet different needs and preferences.

Recommended Reading:Differences between UPI and IMPS fund transfers

How to make a third party transfer

Making a Third Party Transfer (TPT) is a simple process. Below is a step-by-step guide:

Log in to Online Banking: Use your personal credentials to access the Online Banking Portal or Mobile Banking App. Select Funds Transfer Option: Navigate to the "Funds Transfer" section and select "Third Party Transfer". Select the transfer method: select the preferred transfer method based on your personal requirements: NEFT, RTGS or IMPS. Add Beneficiary Details: Enter the payee's name, bank account number and IFSC codeThis ensures that the funds are transferred accurately. This ensures that funds are transferred accurately. Enter Transfer Amount: Specify the amount the individual wishes to transfer and verify the transaction details. Validate transaction: Validate the transaction using OTP or other secure methods to ensure secure processing. Confirm transfer: View transaction details and confirm the transfer. Once successful, the user will receive a confirmation message.

By following these steps, users can easily make TPT transfers for smooth and efficient transactions.

Bank of India TPT Funds Transfer Limit

TPT limits vary by Indian bank and account type. The table below summarises the limits for each bank:

Daily limit for online bank transfers HDFC Bank up to Rs. 50 lakh SBI up to Rs. 10 lakh ICICI Bank Rs. 10 lakh or Rs. 10 million (depending on customer segmentation) Axis Bank NEFT transactions through Axis Bank Internet Banking or Mobile Banking (referred to as "opened by Axis Bank") No maximum limit Kotak Mahindra Bank No maximum limit for NEFT transactions Axis Bank through Axis Bank Internet Banking or Mobile Banking (known as "opened by Axis Bank") No maximum limit for NEFT transactions Kotak Mahindra Bank Up to Rs. 10 lakhs

Bank of India TPT Fund Transfer Charges

Bank Transfer Fee HDFC Bank Online NEFT Transaction: Free Offline NEFT Transaction Fee ₹2 + GST: For transactions up to ₹10,00,000 ₹10 + GST: For transactions above ₹10,00. 000SBI Online NEFT Transaction: Free Offline Fee NEFT: ₹2 + GST: For transactions up to ₹10,000 ₹4 + GST: For transactions between ₹10,001 and ₹1, 00,000 ₹4 + GST: For transactions between ₹10,001 and ₹1, 00,000 ₹1, 00,000 00,000 ₹12 + GST: for transactions above ₹1,00,000 to ₹2,00,000 ₹20 + GST: for transactions above ₹2,00,000 RTGS: ₹20 + GST: For transactions from ₹2,00,000 to ₹5,00,000 Kotak Mahindra BankNEFT (per transaction): ₹2: For transactions of up to ₹10,000 ₹4: for transactions from ₹10,001 to ₹1,00,000 RTGS (per transaction): ₹20: for transactions from ₹2, 00,001 to ₹1,00,000 RTGS (per transaction): ₹20: for transactions from ₹2, 00,001 to ₹5,00,000 00,001 to ₹5,00,000 ₹40: for transactions above ₹5,00,000 Axis Bank ₹2.50: for transactions up to ₹10,000 Axis Bank ₹5: for transactions from ₹10,001 to ₹1,00,000 ₹15: for transactions from ₹1,00,000 to ₹2,00,000 ₹25: for transactions above ₹2,00,000

concluding remarks

TPT Transfer offers a versatile and efficient solution for funds transfers, catering for different needs through three main modes: NEFT, RTGS and IMPS. each mode is designed to meet specific transaction requirements, providing users with the flexibility to choose the most appropriate method.

TPT is an essential tool for personal and business financial management, providing secure and seamless transactions. Its ease of use and accessibility through online and mobile banking makes it a popular choice for many. Understanding the different TPT models and their unique features can help users make informed decisions about their financial transactions.

While TPT is reliable for regular and larger transfers, RTGS is especially beneficial for high-value transactions that require immediate processing. As digital payment solutions continue to evolve, TPT remains an important component of efficient financial management.

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