Canara Bank customers can transfer money to any bank account online using mobile baking and net banking. Before that, you need to add the receiver account as a beneficiary. Adding beneficiary means, you need to save the person’s account number as a beneficiary and then you can transfer money to his/her account.
You can add beneficiary using Canara Mobile Banking and net banking and after adding a beneficiary, you don’t need to enter his/her account number and IFSC code every time during money transfer. Just select his name from the beneficiary list and transfer money to his/her account.
So how to add beneficiary in Canara Bank? Here we will tell you two methods so you can add beneficiary for fund transfer in Canara Bank.
Add Beneficiary in Canara Bank using Mobile Banking
If you are using Canara Mobile Banking for money transfer then you can easily register the beneficiary account from mobile banking and transfer money using IMPS.
Open Canara Mobile Banking and log in.
Now open Manage Beneficiary section where you can add/delete the beneficiary.
1. Add Beneficiary Within Canara Bank
If you want to transfer money from Canara to Canara bank account then you need to add beneficiary within Canara Bank and you just need to enter receive account number and name, no IFSC code required.
Select Within Canara and tap on Add Beneficiary.
Now enter the person name and account number and submit. That’s it, the added beneficiary account will be activated and you can transfer money to his/her account via IMPS.
2. Add Beneficiary Other Bank
If you are going to transfer money to other bank accounts like ICICI, HDFC, etc then you need to add beneficiary add Other Bank. You need to enter the IFSC code including account number.
Select IMPS – Other Bank and click on Add Beneficiary.
Select Account + IFSC option.
Now enter the person name, account number and IFSC code and submit. (Ask this information to the person)
That’s it, now you can select the beneficiary and transfer money to his/her account through IMPS.
Add Beneficiary in Canara Bank using Net Banking
If you are using Canara Internet banking for money transfer then you can also add beneficiary through net banking and transfer money using IMPS, NEFT and RTGS.
Open net banking and login to your account.
Click and open Fund Transfer section, and here click on Beneficiary Management – Add Beneficiary. Select Within Canara Bank or Transfer to other Bank option.
1. Within Canara Bank
If you are adding other Canara Bank account as a beneficiary, then select Within Canara Bank option.
- Enter the account holder’s name, account number, and nickname and submit.
2. Transfer to Other Bank
If you are adding other bank accounts as a beneficiary like ICICI, HDFC, or any other bank then select Transfer to Other Bank option.
- Enter account holder name, account number, and IFSC code. Set a nickname for the account and submit.
Done! now you are ready to transfer money to the beneficiary account. In net banking, you can transfer money using IMPS, NEFT, and RTGS.
Frequently Asked Questions
(1) How long does it take to add beneficiary in Canara Bank?
Ans: You can add beneficiary in Canara Bank through net banking and mobile banking and it takes just 5 minutes. You just need to enter the person’s account number, name, and IFSC code. After adding the beneficiary, you can transfer money to his/her account instantly.
(2) Can we transfer funds, without adding a beneficiary in Canara Bank?
Ans: Yes, but only within Canara Bank (limited amount). If you want to transfer money to other banks and the amount is huge than you must need to add the account as a beneficiary.
(3) Do I need to for beneficiary activation after adding beneficiary?
Ans: No, the added beneficiary will be activated instantly and you can transfer money to the beneficiary account.