How much money can I transfer from one bank to another bank?

Navigating Bank Transfers: Understanding Your Limits

Moving money between bank accounts is a commonplace activity, but understanding the limitations on how much you can transfer at once is crucial. While seemingly straightforward, the maximum amount you can transfer from one bank to another in India depends heavily on the method you choose. There’s no single, universally applicable limit.

The most common methods for inter-bank transfers include using the account number and IFSC code (Indian Financial System Code), or utilizing a mobile number and MMID (Mobile Money Identifier). These methods carry different transfer limits.

Account Number and IFSC Code Transfers:

This traditional method, often used for larger transactions, generally has a per-transaction limit of ₹5 lakh (500,000 Indian rupees). However, this isn’t the whole story. While you might only be able to transfer ₹5 lakh in a single transaction, your daily limit is often significantly higher. Many banks set a daily limit of ₹20 lakh (2,000,000 Indian rupees) for transfers using this method. This means you can make multiple transactions throughout the day, provided the sum total remains within the daily cap.

Mobile Number and MMID Transfers:

This more convenient method, often used for smaller, more frequent transfers, typically has lower transaction and daily limits. The specific values, however, vary greatly from bank to bank. It’s critical to contact your bank directly to determine the precise limits applicable to your account. These limits can change, so regularly checking your bank’s website or contacting customer service is recommended.

Factors Influencing Transfer Limits:

Several factors beyond the chosen transfer method can impact your transfer limits. These include:

• Your account type: Limits for savings accounts might differ from those for current accounts or business accounts.
• Your account history: Banks may adjust limits based on your transaction history and account activity. A history of suspicious activity might lead to lower limits.
• Bank policies: Each bank sets its own specific limits, and these can vary significantly.
• KYC compliance: Ensuring your Know Your Customer (KYC) details are fully updated and compliant is essential for avoiding unexpected transfer restrictions.

In Conclusion:

While ₹5 lakh per transaction and ₹20 lakh per day are common figures for account number and IFSC code transfers, this is not a universal rule. For mobile number and MMID transfers, limits are even more variable. To avoid delays or failed transactions, always check with your bank directly for the most up-to-date and accurate information regarding your specific transfer limits. Proactive communication with your bank will ensure smooth and efficient money transfers.