How Much Time after Adding Payee funds transferred allowed & how much?
We at times want to add an account and do transfer of funds. However, this addition of account comes with certain restrictions:The beneficiary will be activated for transfer after 30 minutes. Within 24 hours of adding a beneficiary,
1)NEFT/Within Bank - A maximum of Rs. 50,000 (in full or parts) can be transferred to that beneficiary
2)RTGS (transfer for amount > 2 lacs) - This mode of transfer is allowed only post 24 hours of beneficiary addition.
3)IMPS P2A - A maximum of Rs. 25,000 (in full or parts) can be transferred to that beneficiary in the first 24 hours. After this cooling period, the Third Party Transfer limits will apply. An added beneficiary to whom no funds are transferred for more than 24 months, is treated as a new beneficiary in all respects.
The screenshot below shows the procedure for adding a beneficiary in the HDFC bank.
A word of caution is that the above timing limit is followed by certain banks and some of them may not be following it and thus you must check it from your bank wrt time limit and the fund's transfer limit.
I hope our post will be able to answer the query of a lot of people who keep searching on the net that why I am not able to transfer money to the account though I have added an account or something of a similar nature.
Actually, this practice is to make sure that you have sufficient reaction time to reconsider and someone may not be forcibly getting the funds transferred from you.
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