Moving all funds from my one bank account to another?

[NikhilG]

What is suggested, moving all funds in 1 transaction (1cr+) or moving 10 to 15 lac per day and taking few days.
Factors considered.
1. Failed transaction sometimes
2. Max capping of transfers ( in this case bank rtgs to be used)
3. Banks reporting to it department (as it's white but still who wants even eaves dropping by it department)

What is the healthy way?

 

[praful47]

🤑 🤑 🤑

 

[sunit123]

Nothing to worry....If Banker's cheque is FREE...Make Banker's cheque and deposit in new bank account.

If you are comfortable with online then transfer 500 Rs first as a test transaction and then transfer 15/20 lakh daily depending on your RTGS limit.

NO reporting within same PAN.....You are transferring funds from left hand to right hand therefore NO tax implication.

 

[keerthirahul123]

I have done multiple times and no issues between HDFC to SBI, ICICI, Federal, IndusInd etc. RTGS works perfectly fine.

 

[hender]

What is suggested, moving all funds in 1 transaction (1cr+) or moving 10 to 15 lac per day and taking few days.
Factors considered.
1. Failed transaction sometimes
2. Max capping of transfers ( in this case bank rtgs to be used)
3. Banks reporting to it department (as it's white but still who wants even eaves dropping by it department)

What is the healthy way?

It's more about, how much comfortable you feel, doing so.

Source money is in FD form ?
Will you do FD in Destination bank ?
Have you received the money as gift/land sale ?
Have you reported that money in previous ITR ?
Transfer to different bank is a 5 min JOB.
Accountability/Taxation/Reporting is different !!

 

[NikhilG]

Nothing to worry....If Banker's cheque is FREE...Make Banker's cheque and deposit in new bank account.

If you are comfortable with online then transfer 500 Rs first as a test transaction and then transfer 15/20 lakh daily depending on your RTGS limit.

NO reporting within same PAN.....You are transferring funds from left hand to right hand therefore NO tax implication.

Bankers cheque is bank rtgs right?
I think they ask to fill rtgs form and probability of making mistakes in filling the form or banker making mistakes while doing rtgs as there is no test transaction in that or a way of saving the beneficiary like we have in the case of net banking?

 

[sunit123]

Bankers cheque is bank rtgs right?
I think they ask to fill rtgs form and probability of making mistakes in filling the form or banker making mistakes while doing rtgs as there is no test transaction in that or a way of saving the beneficiary like we have in the case of net banking?

No...Banker's cheque is like DD

Do not make RTGS from bank...They might make error while transferring...Do RTGS only through net banking