IDFC First Bank offers a lot of ways to money transfer like UPI, IMPS, RGTS and etc, one such option is NEFT (National Electronic Fund Transfer) which is useful for transferring large amounts of money to another person. To transfer money through NEFT you must add a beneficiary to your account. IDFC Bank is given access to their customers to use NEFT mode through online and mobile banking.
Required Details to Add Beneficiary in IDFC Bank:
- Account number of the beneficiary.
- Bank Name of the beneficiary.
- Bank IFSC Code of the beneficiary.
- Type of account.
- The bank registered mobile number (You will receive OTP while adding beneficiary).
How to Add Beneficiary in IDFC Bank
You can add beneficiaries through both online banking and mobile banking, follow the below procedures whichever you are comfortable to add beneficiaries to your IDFC First Bank account.
Add Beneficiary to IDFC Bank through Net Banking
- Visit the given link “https://my.idfcfirstbank.com/login” and login into your IDFC First Bank Netbanking account using your bank user name and password.
- After successful login, click on the “Pay” option from the menu and select the “Send Money” option.
- Now you will be redirected to a page, click on the “New Payee” option to add a beneficiary.
- Now, enter the bank account details of the beneficiary like the account number followed by the beneficiary bank name.
- After filling in the beneficiary details hit continue, now you will be redirected to a page having the bank account holder’s name automatically retrieved by the bank.
- If not, enter the beneficiary account number again followed by the account holder’s name.
- Upon the above step, click on “Add to Payee List” and choose “Before Sending Money” to add a payee.
- Now, click on “Add Payee” to add the beneficiary to the IDFC Bank account.
- After a successful attempt, you will receive an e-mail and SMS saying beneficiary added to your account and you can send money after 30 minutes.
Add Beneficiary to IDFC Bank through Mobile Banking
- First of all download the “IDFC Mobile Banking” app from the App Store or the Play Store.
- After installing the app, login into your account using “IDFC Customer ID” and the password.
- Click on the “Pay” option from the bottom menu and click “Send Money“.
- Next, you will get a screen to select a beneficiary, choose “New Payee“.
- Now, enter the bank account details of the beneficiary like the account number followed by the beneficiary’s bank name.
- After filling in the beneficiary details hit continue, now you will be redirected to a page having the bank account holder’s name automatically retrieved by the bank.
- If not, enter the beneficiary account number again followed by the account holder’s name.
- Upon the above step, Tap on “Add to Payee List” and choose “Before Sending Money” to add a payee.
- Now, click on “Add Payee” to add the beneficiary to the IDFC Bank account.
- After a successful attempt, you will receive an e-mail and SMS saying beneficiary added to your account and you can send money after 30 minutes.
NOTE:
- For the first 24 hours, you may only send up to 2 lakhs, and afterwards, you can send up to the bank’s NEFT/IMPS limit.
- You have to wait 30 minutes before transferring funds to a newly established beneficiary account.
- IDFC First Bank Cooling Period is 30 Minutes.