Need to transfer funds to a friend’s account? You can easily do that using HDFC Bank’s NetBanking facilities or Mobile Banking app. The only factor you need to take care of is, adding your friend as a beneficiary to your account.
You can transfer funds within HDFC Bank, as well as to accounts held in other banks. You have a host of options to transfer funds to an account. You can make an instant transfer to other bank accounts using IMPS or the NEFT option or make an RTGS payment. Before you use any method, you need to add your friend’s account as a beneficiary account. In this article, we list out five easy steps to add a beneficiary to your account.
How to add beneficiary?
If you need to send money across to another account, you need to add the account as a beneficiary. Keep the beneficiary’s account details handy. These include the bank account number, the IFSC code, the branch details, the beneficiary’s name as mentioned in the bank account, and phone number.
You can add the beneficiary following these steps:
1. Log in to your HDFC NetBanking account or Mobile Bank application. To log in to NetBanking, use your customer ID and password. The mobile banking app can be used by logging in using your customer ID and password or Quick Access Pin.
2. Once you log in, click on the ‘Fund Transfer’ tab.
3. You will see an option ‘Add Beneficiary’. Click on the tab to add your beneficiary.
4. You will be asked to enter the details of the beneficiary. Fill in the bank account details and contact details of the beneficiary in the form and click submit.
5. Once you hit the ‘Submit’ button, an OTP gets generated on your registered mobile phone and email ID. Confirm the addition using the OTP. You then successfully raise a request with HDFC Bank to add a beneficiary to your account. The beneficiary is added as soon as the bank approves of your request.
Once a request is submitted, the bank takes half an hour to approve the request. After 30 minutes, you can make a transaction and send funds to the beneficiary
How to transfer money without adding beneficiary?
HDFC Bank requires you to add a beneficiary’s account to make any transfer including IMPS and NEFT. The only other way of transferring funds to an account without adding it as a beneficiary is making an IMPS transfer using MMID. This MMID or Mobile Money Identification Number is a seven-digit unique number. Of this, the first four digits are the unique identification number of the bank offering IMPS. You can make an IMPS transfer using the MMID and contact details of the beneficiary.
Want to make an IMPS or NEFT transfer? Download the HDFC Mobile Banking app now. Click here to get started.
FAQs
Write the names of the first beneficiary(ies) you would like to receive your benefit after you die. You may name an individual(s), entity (such as a charity, business, religious organization, funeral home, etc.), trust, or estate. You may name more than one.
How do I fill beneficiary details? ›
Name only living persons as beneficiaries, unless you are naming a trust, your estate or an organization. Do not name the same person or organization as both a primary and secondary beneficiary. Do not use the word “or” when designating multiple beneficiaries. Do not impose any conditions on payment.
What information do you need to add a beneficiary? ›
Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.
How do you prove you are a beneficiary? ›
Gather Necessary Documents
These may include a certified copy of the death certificate, the policy document, and a completed beneficiary statement. In some cases, you may also need to provide additional documentation, such as proof of identity and relationship to the deceased.
What do you write on beneficiary statement description? ›
The Beneficiary statement description (CR) is the reference that forms part of the payment description on the beneficiary's statement. If the beneficiary is a bank-approved beneficiary, it may be necessary to capture the beneficiary statement description in accordance with certain predefined criteria.
What is a beneficiary statement? ›
A beneficiary statement is a disclosure from the lender of record. It notes the unpaid balance remaining on a mortgage loan as of a certain date, including the interest rate. Lenders charge to deliver a beneficiary statement on request.
What is an example of a beneficiary name? ›
Life insurance beneficiaries can be individuals, such as a spouse or adult child, or entities, such as a trust. For example, if you have minor children, you may choose to establish a trust and name it as the beneficiary of your life insurance policy.
What is beneficiary documentation? ›
A beneficiary designation is a document that names the individual who will receive an asset in the case of your passing. Beneficiary designations are unique to each asset and are managed by the entity that holds said asset.
What are beneficiary documents? ›
A designation of beneficiary form outlines your desire to have the funds due upon your death paid out in a particular way.
How to add beneficiary online? ›
Step 1: Visit the Net Banking portal of HDFC Bank and log in with your customer ID and password. Step 2: Click on the 'Funds Transfer' tab. Step 3: On the redirected page, click the 'Request' option and then click 'Add a Beneficiary'. Step 4: Click 'Go' under the 'Transfer to Other Banks' option on the next page.
You do not need to designate a beneficiary unless you want to name some person or persons not listed above or you want the payment to be made in a different order.
Can you list yourself as a beneficiary? ›
But when implemented correctly, you can be the beneficiary of your own life insurance policy. Your policy can help protect your family's financial security after your death and while you're still alive.
How do life insurance companies verify beneficiaries? ›
Many states require insurance companies to check the Social Security “Master Death File” for deceased policy holders and to try to notify their beneficiaries when they find a policyholder on that list. But that can take time. And it's not the rule in every state. So, don't count on the company finding you.
How do beneficiaries receive their money? ›
Distributing assets to beneficiaries
After all debts have been paid, an estate's remaining assets — minus any probate feeds — are distributed to beneficiaries in accordance with the will, or — if there is no will — by following a state's laws of succession, otherwise known as the “order of heirs.”
How do insurance companies verify beneficiaries? ›
The companies will search their records to determine whether they have life policies or annuity contracts and will contact you directly only if they find a policy in the name of the deceased and you are the designated beneficiary or authorized legal representative. This service is free of charge.
Do I have to fill out a beneficiary designation form? ›
You do not need to designate a beneficiary unless you want to name some person or persons not listed above or you want the payment to be made in a different order.
What percentage should I put for beneficiary? ›
If you decide to have more than one beneficiary, you will allocate a percentage of the death benefit for each, so that the total allocation equals 100%. A simple example of this would be allocating 50% to your partner, and 25% to each of your two children, for a total of 100%.
What do you write in a bank beneficiary name? ›
Start by writing the full legal name of your beneficiary. This includes their first name, middle name (if applicable), and last name. Make sure to double-check the spelling of their name to ensure accuracy. If the beneficiary has a title or suffix (such as "Jr." or "III"), include it after their last name.
