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Transfer Money to Bank Account Research Team | Posted On Tuesday, February 26,2019, 05:42 PM

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Transfer Money to Bank Account



Do you invest in mutual funds or stocks? Have you availed life insurance? Right from mutual fund investments to shares to insurance claims, rental payments, utility payments like electricity and water bills to loan EMIs, every rupee earned or spent goes to or comes from savings bank accounts.

How to Add a Bank Account in WhatsApp Payment?

The WhatsApp Pay feature is available only in India. The transactions are done via UPI (Unified Payments Interface). More than 20 crore citizen’s use WhatsApp daily. WhatsApp Pay allows you to send payments to family and friends in minutes, just like a photo or file.

  • To use WhatsApp Pay feature, have a mobile number and a bank account with banks that support UPI. The mobile number you use on WhatsApp Pay must be the same mobile number linked to bank account.
  • To use WhatsApp Pay feature, search for ‘Payments’ tab in the ‘Settings’ drop down within the app.
  • There’s an easy way to do this. Just ask a friend who’s activated the payments feature to try and send you money.
  • After selecting the ‘Payments’ option, you will run through a series of steps.

Add a bank account. You must accept terms and conditions and WhatsApp Payments privacy policy. Verify your mobile number with an SMS. Within a few seconds a list of bank accounts which are linked with mobile number, show up. You have to select one of the bank accounts. You have to verify that debit card is linked to bank account. Enter OTP to your mobile number and choose the UPI PIN. Use the UPI PIN each time you make a transaction.

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SEE ALSO:  Add a Bank Account in WhatsApp Payment

Transfer Money to Bank Account

How to Link your Accounts?

Banks have made it easy to link bank account with Aadhaar.

STEP 1: Just log on to the bank app.

STEP 2: Go to “My Accounts” section under the ‘Services’ Tab and click on “View/Update Aadhaar Card details” option.

STEP 3: Enter the Aadhaar Number twice and then click on the submit button.

STEP 4: If there’s successful linking between bank account with Aadhaar, you get a message showing successful linking.

You can link bank account with Aadhaar offline by visiting the bank’s branch.

Money Transfer using Net Banking:

  1. You must first login to net banking giving the username and password.
  2. You then add beneficiary details (These are bank account and IFSC details). Check IFSC details at IndianMoney Bank IFSC Code Locator.
  3. You then wait for 30 minutes to maybe 24 hours for beneficiary activation.
  4. You then login to Net Banking again.
  5. You will have to choose beneficiary and enter amount.
  6. Wait for an OTP to be delivered to mobile.
  7. Enter OTP for authentication. If you are using NEFT the transaction is processed later.

Linking Bank Accounts to UPI Apps:

You can link bank account with UPI App. You have to link bank account to make or receive payments from friends and family. Link bank account the moment you download UPI App. These are several UPI Apps which can be linked to bank account like BHIM, Google Pay, Paytm, PhonePe, SBI Pay and so on.

  • Get bank account details with mobile number:

Bank Accounts are fetched by UPI Apps using registered mobile number. Use mobile number registered with bank account.

  • Choose bank account

Choose bank name to link the bank account. You will find these names alphabetically in UPI Apps. If you have more than one bank account, you get to see all bank accounts simultaneously. UPI App saves details of bank accounts.

  • Only one account can be linked at a time

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You can link only one bank account to UPI App at a time. You will receive money to this bank account, if a friend sends money to you. If you have linked Axis Bank Account to BHIM App and a friend sends money to UPI ID,  - @upi. This money will go to Axis Bank Account.

SEE ALSO:  Linking Bank Accounts to UPI Apps:

Every bank account has a unique UPI PIN. You can check bank account balance by entering UPI PIN of linked bank accounts.

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