Yes, you can transfer money between different banks using UPI (Unified Payments Interface). UPI enables seamless and instant fund transfers between different banks, providing you with a convenient way to send money to accounts held in other banks. Here's how it works:
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UPI-enabled apps:
Firstly, you need to have a UPI-enabled app on your smartphone. Most banks offer their own UPI apps, and there are also third-party UPI apps available, such as Google Pay, PhonePe, Paytm, and BHIM. Download and install any UPI app of your choice.
Registration and linking:
After installing the UPI app, you'll need to register and link your bank account(s) with the app.
Adding a beneficiary:
To transfer money to another bank account, you'll need to add the recipient as a beneficiary in your UPI app. Once the beneficiary is added, you can initiate transfers to their account.
Initiating a transaction:
Select the option to send money or make a payment, and choose the UPI payment method. Enter the recipient's bank account details, specify the amount you want to transfer, and review the transaction details before confirming the payment.
UPI PIN authentication:
After confirming the transaction, you'll be prompted to enter your UPI PIN to authenticate and authorize the payment. The UPI PIN acts as a security measure to prevent unauthorized transactions.
Instant transfer:
Once you enter the UPI PIN, the money will be instantly debited from your bank account and credited to the recipient's bank account. Both you and the recipient will receive a confirmation message or notification regarding the successful transfer.
While UPI allows transfers between different banks, there might be certain limits imposed by your bank or the UPI app on the maximum amount you can transfer in a single transaction or within a specific time period. Make sure to check these limits and adhere to them when initiating transfers.
By leveraging UPI, you can enjoy the convenience of instant and hassle-free money transfers between different banks, eliminating the need for traditional methods like NEFT or IMPS.
