Kotak Mahindra Bank recently introduced an email-based funds transfer service called Mail Money for existing Kotak customers. Mail Money enables customers to send money via email to the beneficiary and initiate a fund transfer through its secure net banking environment. Mail money only needs email ID and mobile number of your beneficiary.
How it Works?
With Mail Money, one doesn’t have to get into the hassles of registering beneficiaries. Simply send them money if you know their email ID and mobile number. Also, remember that you do not really need to know the recipients’ bank account number to send them money. This facility allows Kotak Mahindra Bank customers to conduct email money transfers to customers of any bank.
Kotak Mahindra Bank customers who want to use Mail Money will have to:
- Login using net banking and choose the option to send funds via email.
- Enter the beneficiary’s mobile number, email address and the amount to be transferred.
- Sender will receive a SMS with OTP, which has to be shared with the beneficiary
- The beneficiary will receive a SMS with OTP and an email with link to Kotak Mahindra Bank’s website, The beneficiary will then have to enter his/her OTP, along with OTP received separately from the sender.
- In addition to this, the beneficiary will have to enter his/her bank account details for the amount to be credited. (This is looking too long to me and confusing. One written in our infographic is better, but I am leaving it to the blogger to decide)
- The funds will be transferred via NEFT or IMPS fund transfer system.
Features of MailMoney
- Redemption link is delivered to the beneficiary’s email address. Beneficiaries have the option to choose the bank account where they are willing to transfer the money.
- Sender can initiate future date fund transfer upto 7 days. The amount will be transferred to the beneficiary (via IMPS/ NEFT) on the payment date or on the date the beneficiary authenticates the transaction, whichever is later.
- Mail money also allows you to cancel the transaction if you made a payment by mistake, till the time the transfer is not done.
- You can even regenerate OTPs, if one of the parties misplace or forget them. this is OK
Multiple layers of data encryption are used to secure online money transfers. Today, banks are much more adept, efficient, and technologically advanced to deal with fraudulent activities. Banks offers high levels of protection including confirmation messages, confirmation e-mails, and even phone call so that the security of your account isn’t compromised during any transaction.
To know more about Mail Money by Kotak Mahindra Bank, click here.