How to Add Beneficiary in IDFC First Bank


IDFC First Bank offers many ways to transfer money, such as UPI, IMPS, RGTS, etc. One such option is NEFT (National Electronic Fund Transfer), useful for transferring large amounts of money to another person. You must add a beneficiary to your account to transfer money through NEFT. IDFC Bank gives its customers access to 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 when adding a beneficiary).

How to Add Beneficiary in IDFC Bank

You can add beneficiaries through online and mobile banking; follow the procedures below, whichever you are comfortable adding beneficiaries to your IDFC First Bank account.

Add Beneficiary to IDFC Bank through Net Banking

  1. Visit the link “https://my.idfcfirstbank.com/login” and log into your IDFC First Bank Netbanking account using your bank username and password.
  2. After successful login, click the Pay” option from the menu and select the “Send Money” option.
  3. Now you will be redirected to a page, click on the New Payee” option to add a beneficiary.
  4. Enter the beneficiary’s bank account details, such as the account number followed by the beneficiary’s bank name.
  5. After filling in the beneficiary details and hitting continue, you will be redirected to a page where the bank will automatically retrieve the account holder’s name.
  6. If not, enter the beneficiary account number again, followed by the holder’s name.
  7. Upon the above step, click “Add to Payee List” and choose “Before Sending Money” to add a payee.
  8. Now, click “Add Payee” to add the beneficiary to the IDFC Bank account.
  9. After a successful attempt, you will receive an e-mail and SMS saying the beneficiary has been added to your account, and you can send money after 30 minutes.

Add Beneficiary to IDFC Bank through Mobile Banking

  1. First of all, download the “IDFC Mobile Banking” app from the App Store or the Play Store.
  2. After installing the app, log into your account using “IDFC Customer ID” and the password.
  3. Click ” Pay ” from the bottom menu and “Send Money“.
  4. Next, you will get a screen to select a beneficiary, choose “New Payee“.
  5. Enter the beneficiary’s bank account details, such as the account number followed by the beneficiary’s bank name.
  6. After filling in the beneficiary details and hitting continue, you will be redirected to a page where the bank will automatically retrieve the account holder’s name.
  7. If not, enter the beneficiary account number again, followed by the holder’s name.
  8. Upon the above step, tap “Add to Payee List” and choose “Before Sending Money” to add a payee.
  9. Click “Add Payee” to add the beneficiary to the IDFC Bank account.
  10. After a successful attempt, you will receive an e-mail and SMS saying the beneficiary has been added to your account, and you can send money after 30 minutes.

NOTE:

  1. For the first 24 hours, you may only send up to 2 lakhs; afterwards, you can send up to the bank’s NEFT/IMPS limit.
  2. You must wait 30 minutes before transferring funds to a newly established beneficiary account.
  3. IDFC First Bank’s Cooling Period is 30 Minutes.
PAVZI

Hi, I'm Pavzi. I have 15 Years of Experience in the Financial Industry; here, I have posted various Financial Updates and Money Matters with How-to Guides according to the Latest Fintech News updates.

Leave a Comment