NPCI had issued circular

According to the news, the NPCI circular dated October 31, 2023 states that all members are requested to take note of this and start and accept fund transfers through mobile number + bank name on all IMPS channels by January 31, 2024. Comply with. Banks will also provide the option to successfully add valid mobile number and bank name combination as payee/beneficiary on mobile banking and internet banking channels, the circular said.

IMPS

In online money transfer, a large number of fund transfers are done through IMPS. It is a vital payment system that provides 24×7 instant domestic money transfer facility and is accessible through various channels like Internet Banking, Mobile Banking App, Bank Branches, ATM, SMS and IVRS. Currently IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer mode.

For multiple accounts linked to mobile number

As per NPCI circular, for multiple accounts linked to a mobile number, the beneficiary bank will credit the primary/default account. The primary/default account will be identified using customer consent. If the customer’s consent is not provided, the bank will decline the transaction.

The post New IMPS money transfer rule will be implemented from tomorrow, it is important for you to know this first appeared on Rightsofemployees.com.

For this, only the mobile number of the beneficiary and the name registered in the bank will be required. This feature will be coming soon. In the present system, to send money through IMPS, registration has to be done by entering the name of the beneficiary, his bank account number and IFSC code of the bank.

This process of registration also takes some time. The amount cannot be sent until the beneficiary details are linked to the other account. Once the account is linked, the beneficiary receives the money through IMPS immediately. After the implementation of the new rule, the process of adding account details will not have to be completed.

Will be able to verify the beneficiary

It is being told that the new service of IMPS will also provide the facility to verify the beneficiary. With this, the sender of money will be able to see whether the account number of the person to whom he is sending the money is correct or not. The new feature will help the sender to double check the name entered in the bank details.

There will be expansion in these areas

NPCI said this new arrangement will be extended to corporates with wholesale and retail transactions. Its upper limit will vary from bank to bank depending on their policies.

Two ways to send money right now

– In the first method, to send money one has to use the bank account number, bank name and IFSC code of the bank. Using these, the beneficiary’s account has to be linked to one’s own account.
– The second method involves using mobile number and Mobile Money Identifier (MMID) to identify the beneficiary while sending money from one bank account to another. MMID is a seven digit number which the bank issues to its customer.

The post You can send up to Rs 5 lakh without adding any beneficiary to your account, know how? first appeared on Rightsofemployees.com.

Now the biggest problem is where to change these bad notes. So today we are telling you how to change notes in the bank. Here you can exchange notes up to the specified limit without any commission. Just know this rule.

Which notes can be exchanged?

RBI has made some rules regarding changing the notes, such as the signature of the RBI Governor, Gandhiji’s watermark and serial number should be visible on the note. If these security standards remain on the note, then the bank cannot refuse to exchange the note. If you have torn notes of 5, 10, 20 or 50 rupees, then it is necessary to have at least half of these notes. If this does not happen then these notes cannot be changed. If the number of torn notes is more than 20 and their value is above 5 thousand rupees, then you will also have to deposit some fee to change the note.

Can a note in multiple pieces be exchanged?

If you have notes in several pieces, they can also be exchanged. Although the process of changing them is a bit complicated. These notes have to be sent to the Reserve Bank branch through post. Along with this, you have to provide your bank account number, branch name, IFSC code information.

Which notes cannot be exchanged?

The note which is broken into pieces or the note is burnt, then that note cannot be changed in any ordinary bank. If you want to change such notes, then you will have to contact RBI directly. Even if slogans or political messages are written on the notes, the bank does not change that note. Apart from this, if the bank official feels that the note has been deliberately torn or cut, then in such a situation the bank may refuse to exchange the note.

The post Currency note change process : Mutilated notes are exchanged without commission in banks, this is the whole process first appeared on Rightsofemployees.com.

The interest received on the amount deposited in the EPFO ​​account is more than any bank in the country. You can withdraw the money deposited in the EPFO ​​account anytime when needed. However, to take advantage of all such facilities of EPFO, you have to always keep some important details updated in your account. IFSC code of your bank account is also one of those important details, which is very important to keep updated in PF account.

IFSC code changes when the bank account is transferred to another branch

If you have recently transferred your bank account from one branch to another or are going to get it done in the coming days, then this information is very important for you. Actually, whenever we transfer our bank account from one branch to another, the IFSC code of our bank branch also changes. In such a situation, it becomes very important to update the IFSC code in the EPF account as well.

If you do not update the IFSC code in your EPF account, then you may face a lot of problems in withdrawing the amount deposited in your PF account. Hence it is very important to keep the IFSC code updated in the PF account. Here we are going to tell you a very easy way to update IFSC code in EPF account. By following which you can also easily update the IFSC code in your PF account.

Easiest way to update IFSC code in EPFO ​​account

• First of all you have to go to the official website of EPFO ​​https://www.epfindia.gov.in/site_en/index.php .
• On the top of the homepage of the website, you will see a tab named Services, on which you have to click.
• After clicking on Services, you have to click on the For Employees option visible in it.
• After clicking on For Employees a new page will open. On this page, you have to come down and click on Member UAN/Online Service (OCS/OTCP) in Services section.
• Now you have to login by entering your 12 digit UAN number, password and captcha code. After login to the account, you have to click on Manage tab and click on KYC.
• Now a new page will open in front of you, where you will see the options of Bank, PAN, Passport. Where you have to click on Bank.
• Here you have to enter your account number and new IFSC code. After this, the details of the new branch of your bank will appear on the screen. After which you have to click on Save.
• After clicking on Save your details will be verified. This may take a few days. After the verification is complete, the IFSC code of the new branch of your bank will be updated in your EPFO ​​account.

The post EPFO Account Update: Big News ! IFSC code changed after bank account transfer? Update in EPFO ​​account like this, know the complete process first appeared on Rightsofemployees.com.