Welcome friends, in today's wonderful article where I will tell about PFMS, how much time does it take to send money from PFMS? How much time PFMS takes to transfer ? and How to transfer money through PFMS? You will get the complete answer in this article.
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PFMS is a fast, secure and reliable way to make payments. It enables you to send funds from your bank account and pay for goods and services online.
The speed of the payment depends on the type of transaction you are making:
- Online Transactions: The funds are transferred to your account within seconds.
- In store Transactions: The funds are transferred to your account within one working day after the merchant submits their sales data to us.
How much time PFMS takes to transfer money?
The average time taken by PFMS to transfer money is two days. However, the exact time will depend on the amount of money being transferred.
The minimum amount that can be transferred through PFMS is Rs.1,000 and maximum Rs.1 crore per transaction.
The funds are transferred to your account in the same bank branch within two days of receiving the request from your employer or pensioner.
The payment cannot be made through PFMS if your bank account number (BAN) is not linked to your Aadhaar number or if it does not match with the name mentioned in PAN card or KYC documents provided by you at the time of opening an account.
How to transfer money through PFMS step by step?
Step 1: Login to your account on PFCL website.
Step 2: Select “Cash Transfer” from the menu bar.
Step 3: Enter the amount of money you wish to transfer and click on “Submit” button.
Step 4: If you want to transfer funds from another bank account, then enter the name of the payee and select the bank branch where this account is maintained. You can also opt for net banking or mobile banking facility in order to transfer money without visiting any branch of PFCL.
Step 5: Now enter your Personal Mobile Number (PMN) or Account Number (AN) and secret PIN code that you have chosen while opening your account with PFCL.
Please note that secret PIN code cannot be changed once it has been set up by a customer. If you forget it, then you need to visit nearest branch of PFCL with original identity proof in order to reset your secret PIN code.
Press search button and all the relevant agencies will appear, tick the relevant check box against the Agency name.
(ii) Click on Add more button.
(iii) Click “Save” button on top right.
Selection of type of Agency :-
Selection is based on the legal status of the Agency. If agency is,
- Registered with Registrar of Society → Registered Society. If sponsored by Government then it is of the Registered Societies (Autonomous Body, Government of India) type if not then it is Registered Society (NGO) Type.
- If Registered with Charity Commissioner then it is a “Trust”
- If Registered under Companies Act then it is Private Sector Company. Depending on the stake of Government (Central or State) it would be a Central Government PSU or State Government PSU.
- If agency is created by an Act of Parliament or State Legislative Assembly (SLA) then it is a statutory body.
- If Registered outside Indian then it is an International Organisation.
- Individuals getting grant may register as Individual type.
Conclusion
Hope you guys have questions related to PFMS, How much time PFMS takes to transfer money and How to transfer money through PFMS?, The answer must have been found and it must have been understood well, if you want to ask any other question related to it, then I will definitely tell you by commenting, thank you.
||Jay Hind||
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