What is An Intra Bank Transfer
5 June, 2024
Synopsis:
An Intra-bank transfer involves a fund transfer between two accounts in the same bank.
At HDFC Bank, you can do intra-bank transfers easily.
You can initiate the transfers through online and mobile banking platforms.
Imagine this scenario – you and your parents have a bank account in the same bank. You have now moved to another city, but are responsible for your family’s financial wellbeing, because of which you send money to your parents every month. Since both you and your parents have an account in the same bank, you can initiate an intra-bank transfer. Here’s all you need to know about intra-bank transfers, how to initiate them and how they compare to inter-bank transfers.
What is an Intra-Bank Transfer?
An intra-bank transfer is a fund transfer facility that allows you to move funds between two accounts in the same bank. With intra-bank transfers, you can move money from one of your own accounts into another account held within the same bank. You can also initiate the transfer into an account held by another person, in the same bank, irrespective of their bank branch.
Also referred to as an internal bank fund transfer, intra-bank transfers enables you to conduct instant transactions, wherein your beneficiary typically receives the funds in their account within minutes. You can conduct these transfers through online banking platforms, ATMs or by visiting the bank’s branch.
Rules Governing Intra Bank Transfers
The following are the general rules concerning intra-bank fund transfer:
You mainly need the account number of the beneficiary – the online system automatically pulls up their other vital banking details and codes to complete the transfer.
Online banking platforms have a separate section from where you can initiate the transfer.
NEFT and IMPS are not required for such transfers.
Banks typically levy zero to nominal fees for intra-bank transfers, which generally depends on the transaction amount.
Some banks also permit intra-bank transactions via their customer care helplines, but administrative costs may apply.
How to Initiate An Online Intra-Bank Transfer?
The process of conducting an intra-bank fund transaction is rather simple. Here are the steps:
Login to your internet or mobile banking account and locate the ‘fund transfer’ option.
Choose the facility to conduct a transfer between two accounts in the same bank and select the account from which you wish to initiate the transfer (if you have multiple accounts).
If you wish to move money into another account you have with the bank, select it or input the account number of your intended beneficiary holding an account in the same bank.
Now enter the amount you wish to transfer, along with the transfer date.
Click on the ‘Fund Transfer’ tab to process your request.
Intra vs Inter Bank Fund Transfers – A Tabular Comparison
Comparison Factor | Intra Bank Transfer | Inter Bank Transfers |
Transferring Entities | Made between accounts in the same bank. | Made between accounts in different banks. |
Requirements | Beneficiary’s Account Number | Account number, bank name, branch name, IFSC Code, etc. |
Method/Facility | Internet banking, mobile app, ATM, Customer Care Helpline | Online banking platforms like IMPS, RTGS, NEFT, UPI, etc. |
Transfer Speed | Instant | Instant or up to 1 hour, depending on chosen method. |
Setting Up Beneficiary’s Account Details | Not Required | You must set up the beneficiary’s account, which takes up to 30 minutes. |
Conduct Intra-Bank Transfers with HDFC Bank
If you have multiple HDFC Bank accounts, or need to transfer money into another HDFC Bank account held by a family member or friend, you can do so easily. Simply login to your HDFC Bank internet banking account or download our mobile banking app on your smartphone. With your HDFC Bank account, you can conduct all kinds of inter and intra-bank transactions effortlessly.
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
