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|March 7, 2000||
Transferring your funds
Electronic Funds Transfer (EFT) is the fastest way to transfer money from your account to another account. The account could be in the name of another individual, residing in another city and banking with a different bank. The money is credited overnight and can be withdrawn by the receiver the day after the transfer. Of course, you need to know the bank's name and the account number of the person you are transferring the money to. Make sure you get this one right. And since it is only available in the four metros (Calcutta, Chennai, Delhi and Mumbai), it is rather restrictive in a way. And the flat rate of Rs 25 is rather cheap.
Electronic Clearance Service (ECS) is for dividends. Save yourself the bother of sleepless nights wondering if the dividend cheques is lost in the post. Supply the company where your investments are with the name of your bank and the bank account number and the dividends will find their way there. This service is available in 15 cities which have the regional RBI offices besides the four metros.
With this facility, you can even pay your Mahanagar Telephone Nigam Ltd (MTNL) telephone bills. The bill amount is debited from your account and goes to the RBI clearing house from where it is forwarded to MTNL. Other banks provide this bill payment facility but it need not be part of the ECS.
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