India has a large number of people with various backgrounds. There are some sets of people who come under the migrant population, such as migrant workers who work as security guards and low-wage employees in various industries.
These kinds of people sometimes don’t have access to open a savings bank account. So, the Indian Postal department started this scheme. The purpose of domestic money transfers is to facilitate money transactions for migrant workers without a bank account. Even, migrant people have faced numerous hardships to open a bank account in a bank.
This article talks about the benefits of domestic money transfer, product highlights, services, how to send cash through domestic money transfer, and DMT limits.
What is a domestic money transfer?
Domestic money transfer is an instant money transfer, you can do money transactions with any of the banks in India. Many private parties are also doing the same. In simple terms, you can transfer direct cash into the particular bank account provided to the customers by business owners.
Domestic Money Transfer is functioning based on the rules and regulations imposed by the Reserve Bank of India(RBI). Indian Post Payments Bank(IPPB) has the facility for domestic money transfers even in rural areas. Look after domestic money transfer-enabled post offices, In India, it has 1.55lakhs of post offices. So, you can access domestic money transfers near your post office. IPPB has money transfer products such as NEFT, UPI, IMPS, and RTGS.
10 Advantages of using domestic money transfer:
How to send cash through domestic money transfer:
Product highlights:
Available services from DMT:
Important note:
Full KYC registration is temporarily stopped.
DMT money transaction limits:
Low KYC:
Conclusion:
Rural people have to travel from their village to the city for each money transaction to the bank, even of whether they possess a bank account or not. But, domestic money transfer is the best solution for rural and migrant people. They can send money to any bank in India. It is the most appreciable one.
This scheme shows that the nice initiative even people can send and receive money only with the help of a mobile number. In case of an emergency, it is really helpful for everyone out there. So, make use of domestic money transfers at any time.
May is Small Business Month, a time to honor and recognize the achievements of the… Read More
Swiss International University (SIU) is on track to be one of the world's most respected… Read More
In a session that left students buzzing with fresh ideas and practical insights, Invertis University… Read More
At the 21st Shanghai International Automobile Industry Exhibition, which is surging with the wave of… Read More
Liverpool, UK—House of Spells and Comic Con Liverpool are once again collaborating to bring the… Read More
Introduction In India's booming EdTech space, there's one name that's making waves among Telugu students… Read More