3.6.1 FAQ

  1. Can I use the ad hoc transfer transaction to transfer funds towards the repayment of a loan which I hold in the same bank?

    No, fund transfers can be made only to current or savings account through the ad hoc transfer transaction.

  2. Can I set a future date for a fund transfer?

    You can set a future date for a payment using the Pay Later option.

  3. What happens if I have set up a future dated transfer, but don't have enough funds in my account on the transaction date for the transfer?

    Balance check will not be performed at the time of transaction initiation with future date. The transaction will get declined in case of insufficient funds in the account on the given transaction date.

  4. What happens if the transaction amount is less than set Transaction Limit?

    If the transaction amount is less than the minimum limit or more than the maximum transaction limit set by the Bank, the user will not be able to initiate the transfer.

  5. Can I make a payment towards an account which is currently not registered as my payee?

    Yes, you can make payments to the accounts which are not registered as payees through the ad hoc transfer transaction.

  6. Are separate transaction limits applicable for when I initiate a transfer using Ad hoc Transfer and using Transfer Money by selecting a payee?

    Transaction limits are defined based on each payment network. The same limits get utilized if the transaction is initiated from Ad hoc Transfer or by using Transfer Money (provided the payment network is the same).

  7. Can I cancel a Recurring Transfer instruction?

    Yes, you can cancel Recurring Transfer transactions provided that the instruction has some instructions that have not yet been executed. You cannot reverse transfers that have already been initiated.

    Once an instruction has been cancelled, it will no longer be visible on the View Repeat Transfer screen.

  8. What happens if I have set up a transfer for a future date, but on that date, I don't have enough funds in my account to cover the transfer?

    In this case, the transfer will not be made. Transfers are executed only if there are funds available in your account.

  9. Can I cancel a specific instalment of a recurring payment?

    No, you cannot cancel the specific instalment of recurrent payment, but you can cancel entire instruction given for recurring payment.

  10. Is there any limit on the number of payments that can be initiated at a time through multiple payments?

    Yes she limit will be enforced as defined by the bank. If you attempt to add another transfer record after reaching this limit, you will see an error message.

  11. Do fund transfers between business accounts need authorization?

    Transferring funds between business accounts needs approval if the transaction is set up for Two Factor Authentication.

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