Table of Contents
What is TPT Transfer?
TPT or third-party transfer is a process by which to transfer funds from your existing bank account to another, within your current bank or in a different bank.
For example, if you wish to send money to your sibling, you can make a bank transfer with TPT to send money straight from your bank account to theirs, even if they are banking with another institution. You can make the payment efficiently and securely without physically visiting the bank.
What are the Three TPT Modes?
NEFT
National Electronic Funds Transfer (NEFT) is a popular electronic payment method in India that lets customers and businesses make fund transfers easily across bank accounts. It works during specific times, and the RBI does not impose a fixed transaction limit.
Related Read: What are NEFT Transaction Charges and Fees for All Banks
RTGS
Using Real Time Gross Settlement (RTGS), you can transfer funds to linked accounts for amounts exceeding ₹2 lakh. RTGS is used for high-value transactions and is available 24/7. Payments made using RTGS are cleared individually and rapidly, allowing the receiver to access funds immediately.
IMPS
Immediate Payment Service (IMPS) is an inter-bank, real-time fund transfer system that offers instant, 24/7 fund transfers. IMPS can be accessed on multiple channels like mobile phones, online banking, or ATMs, thus enabling rapid and simple money transfers at all times.
Related Read: Difference Between IMPS and UPI
How To Make A Third Party Transfer – A Step-By-Step Guide
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Visit your bank’s website or mobile banking app and log in using your credentials. Make sure you have the access required to perform TPT. You may also make a TPT transaction in person at your bank’s branch, but online methods are faster and more convenient.
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Select the option which allows you to transfer funds, such as ‘Funds Transfer’ or ‘Payments’.
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Select the ‘Third Party Transfer’ option or a similar TPT banking option from the available money transfer choices.
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Enter the recipient’s IFSC, account number, full name, bank name, and any other required information accurately.
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Enter the amount you wish to transfer and the desired transfer date (if you’re scheduling a future payment). You can even add a brief reference note for the transfer.
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Review the transfer details and ensure that all the details are correct. To complete the transfer, click the “Confirm” button and enter your password / OTP. The transfer will be executed per the selected transfer mode (NEFT, RTGS or IMPS).
TPT Fund Transfer Limit
The TPT limit varies by bank and account type in India. Here’s a table summarising the limitations of various banks:
|
Bank |
The daily limit for online transfers |
|
HDFC Bank |
Up to ₹50 lakh |
|
SBI |
Up to ₹10 lakh |
|
ICICI Bank |
₹10 lakh or ₹1 crore (based on the customer segment) |
|
Axis Bank |
No maximum NEFT transaction limit through Axis Bank Internet Banking or mobile banking (known as ‘open by Axis Bank’) |
|
Kotak Mahindra Bank |
Up to ₹10 lakh |
TPT Fund Transfer Fees
|
Bank |
Transfer Fees |
|
HDFC Bank |
Online NEFT transactions: Free Offline NEFT transaction fees – ₹2 + GST: for transactions up to ₹10,00,000 ₹10 + GST for transactions beyond ₹10,00,000 |
|
SBI |
Online NEFT transactions: Free Offline fees – NEFT: ₹4 + GST: For transactions from ₹10,001 to ₹1,00,000 ₹12 + GST: For transactions above ₹1,00,000 up to ₹2,00,000 ₹20 + GST: For transactions above ₹2,00,000 RTGS: ₹20 + GST: For transactions from ₹2,00,000 to ₹5,00,000 |
|
Kotak Mahindra Bank |
NEFT (per transaction): ₹2: For transactions up to ₹10,000 ₹4: For transactions from ₹10,001 to ₹1,00,000 RTGS (per transaction): ₹20: For transactions from ₹2,00,001 to ₹5,00,000 ₹40: For transactions above ₹5,00,000 |
|
Axis Bank |
₹2.50: For transactions up to ₹10,000 ₹5: For transactions from ₹10,001 to ₹1,00,000 ₹15: For transactions from ₹1,00,000 to ₹2,00,000 ₹25: For transactions above ₹2,00,000 |
Conclusion
TPT has evolved into an easy and effective way to manage financial transactions, particularly with the introduction of digital banking and online payment services. It now plays an essential part in modern banking, providing efficiency, security, and ease of handling.
Frequently Asked Questions (FAQs)
What are the benefits of using TPT?
The main advantages of TPT include faster and more secure money transfers across different accounts. Some additional features of TTP include low transaction costs and the ability to schedule regular payments.
Can I schedule a TPT for a future date?
Yes, you can schedule a TPT for a future date using your bank’s online banking portal. Simply choose the transfer date when creating the transaction.
How long does it take for a TPT to be completed?
In India, NEFT takes 1-3 business days to carry out a TPT, however, RTGS allows for same-day transactions for amounts exceeding ₹2 lakh. IMPS allows rapid fund transfers 24/7.
How can I find my routing number and account number?
Check the bottom of your paper checks for your routing and account numbers for a third-party transfer. You can also log in to your online or mobile banking portal.
What is the difference between NEFT and TPT?
TPT allows you to make transactions from one bank account to another, typically via NEFT or RTGS, and is commonly used for larger transfers that require quick approval.
NEFT is a part of TPT and a popular electronic payment system that allows you to transfer payments easily between bank accounts.
