If you send money to a particular recipient often, it only makes sense to add them as a beneficiary to make future transactions easier. But how do you add a beneficiary in Union Bank of India?
Thankfully, the bank makes adding inter and intra-bank beneficiaries easy, regardless of your preferred transaction method. So, you shouldn’t struggle to add beneficiaries with the internet banking service or the UBI mobile app.
In this article, I’ll show you how to add a beneficiary in Union Bank of India. Firstly, you’ll learn about the differences between intra-bank and inter-bank beneficiaries before learning how long it takes to add someone. Without more ado, let’s jump in.
How to Add Beneficiary in Union Bank of India
To send money to another bank account holder from your Union Bank of India, you need to add that account as a beneficiary. As the name implies, a beneficiary is someone entitled to receive money from your account instantly.
According to the Union Bank of India support page, “you have to register your beneficiary before making any fund transfer.” Since that’s clear already, how do you add a beneficiary in the Union Bank of India?
Here’s how to add a beneficiary in UBI using its internet banking service.
- Open the bank’s official website in your browser.
- From the homepage, click on the “Retail User Login” button to start logging into your account with the bank. Enter the correct username and password for your account to continue the process.
- After signing in successfully, locate the “Transfers” option from the options at the top (if you’re on a desktop) or the sidebar (mobile) to continue.
- On the following page, you should see a couple of transfer options. However, you only need a beneficiary to transfer through NEFT/RTGS (Other Banks) or IMPS. So, select the “NEFT/RTGS (Other Banks)” to reveal the “Register Beneficiary” option, and click on it when it shows up.
- The next page will load a page that will collect your beneficiary’s details. Complete all required fields and submit the form to add a new beneficiary to your account.
Union Bank of India will allow for a 24-hour cool down before adding the account as one of your beneficiaries. Once the process is complete, you can make instant transfers to your new beneficiary with few restrictions.
How Much Time Does It Take to Add Beneficiary in Union Bank of India?
If you read the preceding section to the end, you’ll notice that Union Bank of India doesn’t add beneficiaries to your account instantly. The bank will wait for another 24 hours after you’ve submitted the request before it reflects on your account, and there are valid reasons for that.
For one, it’s a security measure to ensure a scammer doesn’t escape with your money, even if they know your username and password. A whole 24 hours is enough for you to suspect unusual activity on your account, and if you don’t, after such an allowance, it’s on you, not them.
How to Add Third-Party Beneficiary in Union Bank of India
When adding beneficiaries to your Union Bank of India account, you should know the difference between interbank and intrabank beneficiaries. While the former refers to those holding an account with other banks, the latter describes other Union Bank users.
To add a first-party “intrabank” beneficiary to your UBI account, use the “To Other UBI accounts” from the “Transfers” tab. Not only does that make it easier to verify, but the cooling period won’t take up to 24 hours, according to anecdotes from other Union Bank of India customers.
On the other hand, adding a third-party “interbank” beneficiary is a bit more complex, but likely not as much as you think. The steps are the same as those from the preceding section: select the “NEFT/RTGS (Other Bank)” when adding the beneficiary to bring up the options required to add a third-party beneficiary.
How Do I Add a Beneficiary to My UBI Mobile App?
Union Bank of India has a mobile app that customers can use for quick transactions on the go, and as you can guess, it also features the option to add a beneficiary. However, since the interface is vastly different from what you’ll see on the internet banking platform, many customers ask: how do I add a beneficiary to my UBI app?
Here is how to add a beneficiary using the UBI mobile app.
- Log in to the app using your correct login info and PIN.
- From the dashboard, select the “Fund Transfer” option.
- Select the large red “Manage Payee” button on the next screen.
- Select what type of payee you’re sending money to. The options here are not as complicated as what you’d see on the website, and they include Union Bank of India, Other Bank, UPI ID, e-Cash Remittance, and MMID. You must choose between Union Bank of India or Other Bank to add a new beneficiary.
- When you select either, the interface will load a form automatically to collect information about the recipient. Complete the form, submit it, and authenticate by entering your PIN. The app will also send you an OTP for extra confirmation.
At this point, you’ve successfully added a beneficiary to your Union Bank of India account, and you can proceed with funding the transfer. Note that the cool-down period still applies in this context, and the request may not be successful for another 24 hours.
Adding someone as a beneficiary to your Union Bank account isn’t difficult when you know what you’re doing. You can add interbank and intrabank beneficiaries through the app and the website, and this app explains how in detail.