The best banking app ensures fast and safe online fund transfers. Most platforms are 100% secured to make sure you don’t fall prey to scams. You need to input the correct beneficiary details like IFSC code, account number and branch details. Now users can send money at anytime and anywhere with just a few clicks. Here’s a look at the top features that a good mobile banking app must offer for a hassle-free transfer.
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Security
The best banking app in India is extremely safe and secure. Robust SIM Binding feature is in-built. Users also have to use username and password or mobile number and MPIN to log into their account. The subsequent logins can be via Face ID and Fingerprints (biometrics). Make sure the app follows all security standards by RBI. A 2-factor authentication must be in place as well. Now users can send money stress-free.
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Zero Charges
This means there are no fees on transactions. It ensures effective online fund transfer since you need not be worried about paying anything extra. This is widely applied across debit cards, credit cards and net banking. Get easy access to your funds and send only as much as you wish to via the app. Money can be sent via IMPS, NEFT or RTGS. Explore the app for other free services since it also serves as an account opening application or UPI app.
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High Speed
The online fund transfers are done via 3-click payments. The money is sent instantly without having to wait for hours. You can be a part of the National Electronic Fund Transfer service and complete the transfer online. This is available 25×7 including Monday- Sunday and all bank holidays. Medical admissions, college fee deadlines or last-minute ticket bookings can be fulfilled right away.
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Multiple Services
Funds must be allowed to transfer via three methods. The best app allows:
- NEFT: Use the app’s internet banking portal by becoming a participating member of the RBI-NEFT scheme. The minimum amount is ₹1 up to ₹20,00,000. Get your net banking registration done to begin.
- IMPS- The best IMPS service is presented by the National Payments Corporation. You can send up to ₹20,00,000 at any time.
- RTGS- Make sure the beneficiary’s account is associated with a bank that participates in RBI-RTGS scheme. Transfer between ₹2,00,000 and ₹20,00,000.
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Standing Instructions
Being able to set the number of times an amount should be transferred makes it convenient. Add a start date and stop date. Rest assured that the app with automatically send a pre-decided amount to a pre-decided account at regular intervals. This can be weekly, monthly, quarterly, half-yearly and yearly.
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Higher Transfer Limit
It will allow users to send a bulk amount at once without multiple transactions. This makes the whole process quick and simple. Pick an app that has a higher limit of ₹20,00,000 to be able to cater to wedding, home renovation or education expenses. See the lower limit too since it can be helpful to send small amounts on a recurring basis for house rent or school fees.
IDFC FIRST Bank’s Mobile Banking App offers effective money transfer via these features. It is highly protected so you never have to worry about phishing, ransomware and other cybercrimes.
