Banks with payment automation

[dvader]

Hi All,

Before anyone miss reads the title, no I don't mean Auto bill or EMI payments.

Usecase: I want to automate IMPS/NEFT payments to other savings account (personal use only) and my own accounts in other banks.

I know Standing Instructions exist, some banks call it scheduled payments. But they attract penalty on funds shortfall, which for personal scheduled payments doesn't make sense, and seems moronic if you ask me.

Does any bank have this facility yet?

Thanks,
dvader

 

[akshayhs]

You can set up a recurring self-transfer in your UPI app. I have one for auto-transfer of my salary from my salary account to my primary account. But half of the time, it does not do it's job. This is the only drawback for me.

 

[_na_cheese]

Following for informational purposes

 

[dvader]

You can set up a recurring self-transfer in your UPI app. I have one for auto-transfer of my salary from my salary account to my primary account. But half of the time, it does not do it's job. This is the only drawback for me.

Ok this is "A" solution. I mean I wouldn't want to automate anything more than 1L anyway. But if the success rate is around 50%, I would still be checking manually if it worked and that would defeat the purpose of automation.

Btw which UPI app?

 

[akshayhs]

Ok this is "A" solution. I mean I wouldn't want to automate anything more than 1L anyway. But if the success rate is around 50%, I would still be checking manually if it worked and that would defeat the purpose of automation.

Btw which UPI app?

I use Google Pay as my app of choice for self-transfers and credit card bill payments. Coming to the success rate, it is not the success rate of the transaction, rather Google's ability to let you perform the transaction.

 

[dvader]

I use Google Pay as my app of choice for self-transfers and credit card bill payments. Coming to the success rate, it is not the success rate of the transaction, rather Google's ability to let you perform the transaction.

What do you mean by google not letting you perform txn? Meanwhile let me try it myself.

 

[prankster]

ICICI allows recurring payments, can set number of months per your requirement.

 

[dvader]

ICICI allows recurring payments, can set number of months per your requirement.

Is there any penalty in case of fund shortfall?

 

[prankster]

Is there any penalty in case of fund shortfall?

Yes, charges are applicable as per the payment page but couldn't find more details

 

[dvader]

Yes, charges are applicable as per the payment page but couldn't find more details

Then it's the Vanilla Standing Instruction. ☹️