Information required about beneficiary is: Bank account number, IFSC code, branch information, beneficiary’s name as mentioned in the bank account, and phone number.
Follow these steps to add a beneficiary in your HDFC Bank account through net banking:
Step 1: Log in to your HDFC Net banking account using customer ID and password
Step 2: After logging in, go to the ‘Fund Transfer’ tab.
Step 3: Under the Request option, click ‘Add Beneficiary’ and select the type of transfer such as transfer to an account with the same bank or Third-Party Transfer (TPT).
Step 4: Fill in the beneficiary’s information. Fill out the form with the beneficiary’s bank account information and contact information, then click ‘Add’ it.
Step 5: Click ‘Ok’ on the Pop-Up message notification and confirm the details.
Step 6 Enter OTP sent to your registered mobile phone and email ID. Confirm the addition of the beneficiary using the OTP.
The process of adding beneficiary is complete.
The bank takes half an hour to approve a request once it is made, according to the HDFC Bank website. You can make a transaction and pay funds to the beneficiary after an hour.
How much can you transfer once a beneficiary is added
To keep your account secure, you are only allowed to transfer money up to Rs 50,000 using RTGS and NEFT and upto Rs 25,000 using IMPS to the newly added payee during the first 24 hours, as per the bank’s policy. The transfer limit will be your Third-party transfer (TPT) limit after 24 hours. Please keep in mind that the TPT limits apply to transfers to other HDFC Bank Customer accounts as well. Note that in a 24-hour period, a maximum of 7 beneficiaries can be added, updated, or deleted, according to the HDFC website.
Can we transfer money without adding beneficiary?
To make any fund transfer from your account via net banking, including via IMPS and NEFT, HDFC Bank asks you to add the beneficiary’s account. Making an IMPS transfer using MMID is the only way to transfer payments to an account without adding it as a beneficiary. This MMID, which stands for Mobile Money Identification Number, is a seven-digit number that is unique. You can make an IMPS transfer using the beneficiary’s MMID and contact information, as per the HDFC Bank website.