While UPI is primarily designed to facilitate transactions between UPI-enabled bank accounts, it also offers a solution for transferring funds to non-UPI bank accounts. Here's how you can transfer funds from UPI to a non-UPI bank account:
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Add Beneficiary:
Firstly, you need to add the recipient as a beneficiary within your UPI app. This process involves providing the recipient's bank account details, such as the account number, IFSC code, and name.
Verification:
Once you've added the beneficiary, the UPI app will initiate a verification process to confirm the provided details, basically confirming the account holder's name and verifying the bank's IFSC code.
Transaction Initiation:
After the beneficiary is verified, you can proceed to initiate a transaction from your UPI app. Specify the amount you wish to transfer and select the beneficiary's bank account from the list of added beneficiaries.
To authorize the transaction, you may need to enter a UPI PIN or authenticate it using biometric verification (e.g., fingerprint or facial recognition), depending on the security measures implemented by your UPI app.
Processing Time:
Once you've completed the transaction, it will be processed by the UPI system. The processing time may vary depending on factors such as the participating banks and transaction volumes. Generally, funds are credited to the non-UPI bank account within a few hours to one business day.
Confirmation:
After the transaction is successfully processed, you will receive a confirmation notification on your UPI app, indicating that the funds have been transferred to the non-UPI bank account.
Simply put, UPI offers a convenient and efficient way to transfer funds to non-UPI banks, bridging the gap between UPI and non-UPI bank accounts and expanding the scope of digital transactions.
