The JK Bank online money transfer facility facilitates its customers to transfer money without going to the bank in person. You can use online money transfer facilities such as NEFT, RTGS, or IMPS to transfer money to anyone’s account across the country.
You can also use J&K bank’s mPay application to transfer money within the accounts of J&K Bank and outside the bank.
JK online banking is a convenient way for retail customers and corporate customers to do banking because they can access their accounts anytime (24×7) from anywhere with the World Wide Web (WWW).
The customers do not have to stand in queues and also avoid delays and can try new simple and secure online banking features.
Here in this post, we will see how you can transfer money through the JK bank online money transfer facility.
JK Bank Online Money Transfer through Different Modes
mPay Money Transfer
J&K Bank mPay application makes banking much easier. J&K Bank mPay is a mobile application that you can use to access your bank account using your smartphone. Using the mPay app you can view account details, transfer money, recharge mobile/DTH, pay electricity/water, and a lot more.
J&K Bank existing customers with a savings/current account and a mobile phone registered with the bank can use the mPay app.
Now you no longer have to visit the branch for services such as Balance Enquiry, Mini Statement, and Money Transfer within J&K Bank, NEFT/RTGS payments, term deposits, Credit Card Enquiry, etc.
How to Activate J&K Bank mPay
You can download J&K Bank’s mPay mobile banking application from the Google play store for Android mobiles and from App Store for iOS. After you install the app you need to enter your card details for registration.
You can follow the below steps for registration.
- Open the mPay app from your smartphone after installation.
- Enter your debit (ATM) card number.
- Enter debit card PIN
- Provide your card expiry date
- Now press OK
- The bank will validate your information and send you an OTP.
- Enter the OTP you received.
- Once OTP validation completes, you will successfully register for J&K Bank mPay, and the bank will send you a default MPIN through SMS on your registered mobile. You can change the MPIN later.
- The mPay application has no user name; it works on two pins i.e. Login password and MPIN both of which are 4 digits.
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Fund Transfer Services Available on mPay
Fund transfer services available on mPay are:
Transfer within JK Bank
- Mobile-to-Account
- Mobile-to Mobile
Transfer to other Bank
- NEFT
- RTGS
- IMPS
J&K Bank mPay Transfer Limit
- 5, 00, 000 is the daily transaction limit, and Rs. 30, 00, 000 is the monthly transaction limit.
- The total per day transaction number is 20
- Within the J&K bank maximum amount per transaction is Rs. 3, 00,000.
- For NEFT/RTGS the maximum amount per transaction is Rs. 2, 00, 000.
How to Transfer Money From JK Bank mPay?
You can transfer money within JK Bank or outside JK Bank using mPay.
- To transfer funds within JK Bank you can send it by Mobile-to-Account or Mobile-to-Mobile option. For the Mobile-to-Account option, you have to enter the beneficiary account number, and for the Mobile-to-Mobile option, you have to enter the mobile number of the beneficiary which is registered with the bank.
- To transfer money outside the JK Bank from the mPay app you can send it through NEFT or RTGS or IMPS options. For these options, you first have to add the beneficiary and add his/her details like his account number, IFSC Code, Nickname, etc.
NEFT Money Transfer
National Electronic Funds Transfer NEFT) is one of India’s most important electronic capital transfer systems. Introduced in November 2005, NEFT is a facility for bank customers to quickly and securely transfer money from one account to another.
NEFT is a nationwide payment system that allows secure transactions throughout the country.
Before transferring money to any beneficiary you have to first add that beneficiary from the mPay app or through your net banking account, and add his details like his account number, Nickname, IFSC Code of the bank where his accounts are located, etc.
RTGS Money Transfer
RTGS means Real-Time Gross Settlement. Based on the gross settlement concept, RTGS is a money transfer system where money is transferred from one bank to another in real-time. RTGS is primarily intended for large value transactions.
So even if there is no upper limit on the amount transferred, you have to transfer at least Rs. 2 lakh at a time. The payment system is particularly useful when the amount of transaction is large and payments need to be processed quickly.
As with NEFT, the information required for a normal RTGS transfer is the payee name, account number, and account type, bank name, and IFSC code.
IMPS Money Transfer
IMPS (Immediate Payment Service) is a service provided by banks to ensure the transfer of funds between banks in real-time. Unlike NEFT, money can be sent through IMPS every day of the week, including public holidays and weekends.
IMPS allows customers to use their mobile phones as a channel for interbank transfers. It includes the transfer of funds to another bank account via P2A (Phone-to-Account), and P2P (Phone-to-Phone).
P2A (Phone-to-Account)
P2A allows customers to send money to other bank accounts using the beneficiary account number and the IFSC branch code where the beneficiary account is located.
Phone-to-Phone (P2P)
P2P allows customers to send/receive funds using the phone number and MMID (Mobile Money Identifier).
- Mobile Money Identifier (MMID) is a 7-digit number assigned to the customer’s account that allows him/her to receive money. The customer only needs MMID to receive money. To send funds to a recipient, the MMID and phone number of the recipient are needed.
- To create an MMID, go to IMPS: Create MMID, MMID for each registered account number will be sent through SMS.
