Beneficiary Account is the bank account to which you are sending money from your bank account. You can add or delete the beneficiary account online using internet banking and mobile banking. There are two kinds and they are interbank and intrabank.
What is Interbank Beneficiary?
When you have a bank account in one bank and the beneficiary account is in another bank. Such account is called Interbank.
For example, let us assume that you have an account with the State Bank of India. And the other account is in Canara Bank.
What is Intrabank Beneficiary?
When the beneficiary account is in your bank itself it would be called the intrabank one.
For example, you and the person to who you are sending money have an account with Canara Bank itself.
Methods to Add or Delete Beneficiary Account
You can add or delete the account online using the internet and mobile banking. I have explained both the method below.
Using Internet Banking
Using Mobile Banking
Things to Note
This is the general procedure to add or delete accounts. The steps may vary a little with respect to banks. But you will definitely get an idea of how you can add or remove accounts.
In some banks, you have to wait for 2-3 hours after adding the accounts for the activation purpose. And some banks also allow you to activate the beneficiary offline by visiting the home branch of the bank.
Once the account is activated you can perform funds transfer transactions. But if you want to remove the account from the list of beneficiaries then you can do that in real-time. Just select the account and tap or click on delete.