RBL money withdrawal: How RBL Bank account holders can withdraw money via net banking
Why do things not seem to be going well for RBL Bank? First, the Managing Director and CEO of RBL Bank, Vishawvir Ahuja, resigned his post with immediate effect; Second, the Reserve Bank of India (RBI) appointed its Managing Director Yogesh K Dayal as an additional director to the board of directors of RBL Bank for a period of two years from December 24, 2021; Third, the Bank Employees Association of India (AIBEA) wrote a letter about the bank to Minister of Finance Nirmala Sitharaman. In its letter, the association urged the government to protect the interests of RBL Bank depositors and to consider merging the bank with a state bank. “We are worried and concerned about the developments taking place in the affairs of RBL Bank Ltd., the private bank based in Kolhapur,” AIBEA reportedly said in a letter to the Minister of Finance.
Now these things can remind RBL Bank account holders what happened with YES Bank account holders and what is happening with PMC Bank account holders and depositors. However, RBL Bank, in its press conference yesterday, said the fundamentals of the bank were intact and could improve significantly. In addition, Rajeev Ahuja, managing director and CEO of the bank, said the bank does not anticipate any major short-term capital needs, thwarting fears of management problems.
However, as an RBL Bank account holder, if you are worried and want to withdraw money from your RBL Bank account, here is what you can do.
Normally, after adding a beneficiary account via net banking, one can only transfer up to Rs 25,000 within the first 12 hours. However, this problem can also be overcome. Here’s how.
Withdrawal via Net banking
If you want to immediately withdraw money from your RBL bank account, you can use the bank’s online banking facility to transfer money to the account (s) you hold with other banks. . However, your mobile number must be registered with your RBL account to do this. The transfer can be made via IMPS (maximum up to Rs 2 lakh) or NEFT / RTGS (for a maximum up to Rs 10 lakh). The facility may be chargeable, however, the presumption here is that your account at the other bank is already added as a “beneficiary” in the RBL Net banking portal.
If you are adding the beneficiary account (the account in the other bank) for the first time, there is a cooling off period of 12 hours. If the beneficiary is added for the first time, you can only transfer up to Rs 25,000 maximum during the cool down period. In such scenario, you can add several of your accounts in other banks as beneficiary accounts and transfer up to Rs 25,000 to each account. This way you can withdraw / transfer well over 25,000 rupees immediately without waiting for the 12 hour cool-down period to end. If you don’t have any other bank accounts, you can use the bank accounts of your parents, spouse, children, siblings, or anyone you can trust to transfer the money to you later.
Steps to withdraw money from RBL Bank via Net Banking
Step 1: Visit the RBL Bank Net banking login page.
2nd step: Log in to your account by entering your username and password. You can activate net banking even if you have not been registered before without going to a branch, provided that your mobile number is registered on the RBL account. The steps for this are mentioned below.
Step 3: Click on “Funds Transfer”, then select “IMPS Funds Transfer”.
Step 4: You will need to add the details of the beneficiary (account you want to transfer money to) such as name, account number, IFS code, etc. in case the account was not added as a beneficiary earlier. This addition must be validated by you as well. You will receive a confirmation once it has been validated / added successfully.
Step 5: Enter the amount you want to transfer. It cannot exceed Rs 25,000 for the first transfer during the cool down period. Click Submit.
Step 6: You will need to verify all the details before making the final submission. Click on “Confirm” to make the final payment.
Step 7: A one-time password (OTP) will be sent to your registered mobile phone number. Enter the OTP in the required box to approve the money transfer. You will receive a confirmation of the transfer after it has been completed.
Keep in mind that all the details of the bank accounts you are transferring money to should be 100% correct to ensure that the money is not transferred to the wrong account. Also, if you add multiple payees in a short period of time, bank agents can call you to verify the same.
If you are not registered with RBL Bank Net banking
If you are not registered with RBL Bank Net banking, you can register without visiting the bank through its website. A person can register using any of the methods (providing information related to them) mentioned below:
- CAF & PAN
- Passport (for NRI clients and diplomats only)
- Credit card
- Debit card
- Loan account
So even if you don’t have a debit card from your RBL bank account, you can select CIF & PAN to register for the first time and enjoy the net banking facility. CIF stands for Customer Information File. It is mentioned on the first page of your bank book.
Other ways to withdraw money
These methods will take longer than net banking.
Go physically to the bank branch: One of the easiest ways to withdraw money from your bank account is to go to your branch with a completed check in favor of “Self”. If you go to your home branch, it is unlikely that you will pay any fees and be able to withdraw money without any limits. However, if you go to a branch other than your home, the bank may charge a fee and also cap the maximum amount you can withdraw.
Using the bank’s cash deposit facility: Check with the bank to see if this facility is available but keep in mind that it is likely to be chargeable and subject to a maximum limit.
Money transfer from one RBL bank account to another bank account by check: This method may take 2-3 days for the check to clear.