Which bank allow Instant IMPS/RTGS/NEFT for 5 Lacs without adding Payee?

[ramkumar_yramkumar_y is verified member.]

Hello,
A relative of mine is doing an Agri related product Procurement business.
He needs to send IMPS/RTGS/NEFT Instantly without adding beneficiary and waiting for 4 or 24 hours.
Which banks allows to send funds above 50k without adding beneficiaries and waiting?

 

[quino]

Hello,
A relative of mine is doing an Agri related product Procurement business.
He needs to send IMPS/RTGS/NEFT Instantly without adding beneficiary and waiting for 4 or 24 hours.
Which banks allows to send funds above 50k without adding beneficiaries and waiting?

i dont think any bank allows that. instantly.

best i saw was SBM bank can transfer unlimited after 30 min only. all others have some shitty 50k limit in the first 24hrs.

 

[mshenoy]

For such transactions it's always better to goto bank and do it. Just think without adding payee if they allow and someone gets access to your bank account they can just transfer any amount to anybody without any limit.

 

[phoenix1386]

Kotak might allow that.

However, what is the hurry? Recipient can’t wait a few hours for receiving money? Go the proper route and you and your financials will both be happy.

 

[Kumar93196]

Dbs bank but limit is 2lac only

 

[AlgoTrader]

canara bank is king in that

 

[phoenix1386]

What I love is the fact that by this time we could have added a payee and sent the entire money we wanted to.

It’s over 24 hours.

 

[ontherocks]

The limitations are for safety reasons. Think if someone hacked into your account and NEFT/RTGS/IMPS huge amount of money or entire balance in the first shot. Reacting to such a big amount is difficult both for customer and bank. If its limited to a certain amount in the first 24 hours, you and bank get time to react to it to prevent further damages.

 

[phoenix1386]

Yes they are.

 

[imdjay]

Hello,
A relative of mine is doing an Agri related product Procurement business.
He needs to send IMPS/RTGS/NEFT Instantly without adding beneficiary and waiting for 4 or 24 hours.
Which banks allows to send funds above 50k without adding beneficiaries and waiting?

ICICI wealth banking

 

[SonyTom]

What I love is the fact that by this time we could have added a payee and sent the entire money we wanted to.

It’s over 24 hours.

But still such discussions are useful for others.

Not an exact reply to the OP, but
SBI approves added beneficiary (if added before 8pm) in 1 hour.
After approval, can transfer upto 5 lakhs in the first 24 hours

 

[mj01]

Kotak allows up to 1 lakh without adding beneficiary. Had used it once sometime last year.

 

[smz]

Federal Bank current account.
Tried amount is between 50K-1L.
Didn't try above 1L