Beneficiary addition

Beneficiary addition is the net banking step of saving a payee's account details before sending money. It acts as a safety pause.

Beneficiary addition: Beneficiary addition is the process of saving another person's or company's bank account details in your net banking or mobile banking before you transfer money. The bank usually confirms it with an OTP and may apply a short waiting time or a lower limit at first.

When you add a payee, you enter the name, account number and IFSC code, and confirm with an OTP. Banks apply a short delay or cap on the first transfers to give you time to notice mistakes or fraud. This is one of the reasons why scammers try to get you to approve things for them. Treat that pause as a friend, not as an irritation.

Be alert if someone asks you to add a beneficiary or read out the confirmation OTP for you. A fraudster who has your login may add themselves as a payee and then need only that code. Check the beneficiary list in your bank app sometimes and delete names you do not know. Turn on alerts for added payees. Banks differ in the waiting period and the limit they apply for new payees.

Tips

• Never read out the OTP sent for adding a payee.
• Review the saved beneficiary list in your bank app every few months.
• Double check the account number and IFSC before saving a payee.

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