Transferring RS. 90k from HDFC Savings Account to SBI Current Account: An In-depth Guide

Transferring funds between different bank accounts has become a common yet essential task in today's digital era. Whether it's for personal or business reasons, there's often a need to transfer money from one account to another. This article focuses specifically on the process of transferring Rs. 90k from an HDFC Savings Account to an SBI Current Account using Immediate Payment Service (IMPS).

Understanding IMPS

Immediate Payment Service (IMPS) is a real-time fund transfer facility offered by banks in India through the National Electronic Funds Transfer (NEFT) network. It allows you to transfer money instantly from one bank account to another, provided both accounts are linked to the same service.

Transfer Process from HDFC Savings to SBI Current Account

Here's a detailed guide on how you can transfer Rs. 90k or any amount from your HDFC Savings Account to an SBI Current Account using IMPS:

1. Create a Beneficiary Account

The first step is to create the beneficiary account with your HDFC bank. This involves providing the necessary details of the recipient's SBI Current Account, including the account number and the IFSC (Indian Financial System Code) of the recipient's bank.

2. Ensure Time Restrictions

After successfully creating the beneficiary, there is a 24-hour time restriction during which you can only transfer a limited amount, typically up to Rs. 50,000. This period ensures that new senders are not overwhelmed by the volume of transactions.

3. Remove Time Restrictions

After the initial 24-hour period, you can remove the restriction and transfer up to Rs. 2 lakhs (200,000) using IMPS. This means you can now transfer the full Rs. 90k anytime after the initial 24-hour probation period.

Step-by-Step Guide to Transfer Rs. 90k Using IMPS

Step 1: Log in to Your HDFC Online Banking or Mobile App

Open your HDFC savings account linked online banking or mobile app. Ensure that you are signed in with your details and have access to the necessary permissions.

Step 2: Initiate the IMPS Transfer

Go to the 'Transfer' or 'IMPS' section of your online or mobile banking app. If you haven't created the beneficiary yet, you'll need to do so before proceeding.

Step 3: Enter Recipient Details

Input the details of the recipient such as account number, IFSC code, and the amount you wish to transfer. In this case, input the SBI Current Account details and the Rs. 90,000 amount.

Step 4: Review and Confirm the Transfer

Review the details once again to ensure you are transferring the correct amount to the correct recipient. Once you are satisfied, confirm the transaction. A one-time password (OTP) may be required for authentication.

Step 5: Receive SMS Confirmation

A confirmation message will be sent to both your mobile number and the recipient's mobile number to confirm the successful transfer.

Key Points to Note

1. Time Restrictions: Understand the 24-hour restriction and how to remove it after that period.

2. IMPS Limitations: Familiarize yourself with the daily transaction limits and the possibility of splitting the transfer to avoid any limits.

3. Security Measures: Always remember to use a secured internet connection and ensure that no one has access to your mobile app or banking credentials.

Conclusion

Transferring Rs. 90k or any significant amount from an HDFC Savings Account to an SBI Current Account using IMPS is a straightforward process once you know the steps. By following the guidelines provided, you can ensure a seamless and secure transaction. Whether you're transferring funds for personal needs or business purposes, understanding the process and adhering to the rules can make the transaction smoother.