A large number of people in India, especially the nomadic population, cannot access official banking channels due to lack of identity/address etc. This led to countless difficulties they faced when trying to send money back to their family members. Here comes the use of DMT, domestic money transfers.
An electronic way to transfer money from a bank to another account. Domestic money transfers are made in one financial institution or between several institutions supported by computerized systems.
With the arrival of new technologies, there is no manual intervention, making it easy for people to transfer money through various online sources. Domestic remittances have minimal costs and many advantages, making them the preferred choice for sending funds in a financial crisis.
Since such forwarding services are supported by computer systems and require little manual intervention, they can be done online. These online money transfers are fast, safe and reliable.
Safe Process of Domestic Money Transfer services in India?
The ways of transferring money have changed and become easier as the Digital age arrived. People can choose to transfer their money anywhere through electronic means. The Domestic money transfer allows to send money between banks in India as easy as transferring money across international boarders internationally. They are generally safe, secure and fast.
A Domestic money transfer is usually safe if you know the recipient. The legal service verifies the identity of each person involved in the transaction, so anonymous transfers are impossible. DMTs are safe, reliable and ready in real time. You need the recipient’s bank details and a valid mobile number. You can start DMT events at any time of the week.
The Process involves locate your nearest IPPB access point/ agent for fund transfer. Once Remitter Registration (one time) is done and the Beneficiary Registration (one time) is done, you can transfer the money. Remitter can upgrade its profile, if customer wishes/ requires transfers with higher limits. There is also the option of Refund process in case of any declines. Hence, Domestic Money Transfer services safe in India.
Services Available to customers under DMT
DMT registration is done with mobile number only with the option to upgrade it to full KYC. This can be done through the process for more benefits. The benefit is that you can transfer higher amount of money, just you have to do the KYC, which requires you to provide Mobile Number, Aadhaar Card, and the PAN. You can update the mobile number as well, in case of full KYC.
DMT offers to register Beneficiary , inquire about it if have any issues and doubts and also delete the account if necessary. Once you have done fund transfer though the Domestic Money Transfer, you can inquire about the transaction and can get detailed overview about it.
In case of the failed transaction or attempt, a refund process can be initiated. This may require proper information. If your money has not reached the destination as intended, there is also the complaint management for that scenario.
Customer wishing to transfer more money can also be fulfilled. It just requires profile upgradation.
These process and services offered by the Domestic Money Transfer Service makes it Safe and Secure to use.
BENEFITS OF DOMESTIC MONEY TRANSFER IN INDIA
· Low Service Charges
Money transfer services charge a small fee for domestic or international transfers. All you have to do is pay a portion of the transaction amount as a service fee. Domestic remittance fees are set low so that many customers can use our services.
· 24/7 Service
The DMT money transfer facility provides 24/7 service and gives you the flexibility to easily send money online. Now you don’t have to worry about bank timing. This is a simple process, requires no documentation, and saves you time.
· Fast Transaction
Domestic transfers allow recipients to receive funds in the shortest possible time. The domestic fast transfer feature has no delays and is very useful when you need money quickly. For medical emergencies or other reasons, being able to instantly send or receive money using this service is extremely beneficial.
· Open On Holidays
The biggest feature of domestic money transfer services is that you can send money even on holidays. The remittance system operates at full capacity even on public holidays. If you want to send money to your loved ones during the festive season or on weekends, you can use this service with confidence.
· Multiple Purposes
These services are used for various purposes. You can now pay your utility bills using the Bharat Bill Payment System and send money within the country using DMT services. Here we will tell you how to pay your electricity or water bill using Bharat Bill Payment System so that you never miss the payment deadline.
· Safe And Secure
The money transfer platform has end-to-end encryption, ensuring complete security. You can freely send money to your relatives without worrying about the safety of your transactions. Online money transfers are equipped with verification systems and tokenization to ensure that customers do not face any security issues.
In summary, With the arrival of new technologies, there is no manual intervention, making it easy for people to transfer money and the preferred choice for sending funds. Since services are supported by computer systems and require little manual intervention and can be done online, Domestic money transfers are fast, safe and reliable.
For more information, please visit our website- https://zenithfinserv.com/