How to Add a Beneficiary in City Union Bank for Online Fund Transfer

City Union Bank Online Funds Transfers

City Union Bank customers looking to add a beneficiary can easily learn to do so using the bank’s online portal. On the homepage of the City Union Bank website, there are demos available for different processes to be done using the web portal. Customers can select the required demo to understand how a particular online procedure works.

On the right side, below the login fields, is a Demo link, which will lead the customer to a webpage containing a list of online banking demos. The customer can choose any demo related to the topic he wants clarity on. After a City Union Bank customer has been directed to the demo list page, he needs to select and click on the ‘Add Beneficiary within CUB’ option which is the second item in the list. Selecting ‘Click here’ will take the customer to a video presentation explaining the addition of beneficiary process in detail.

Steps to add a beneficiary

Customers wanting to understand how they should add a beneficiary for doing money transfers using the City Union Bank website need to follow the below given steps.

• Customers need to login to their personal banking accounts, to transfer funds to a beneficiary. After login, the customer would be taken to his bank account home page to manage his account.
• The account holder needs to click on the ‘main menu’ option on the right top corner of the page. An online banking menu opens up for the customer.
• From the menu options, he needs to select ‘transfers’, which again contains five sub menu options.
• Out of the five options available, customers need to select the ‘Add Beneficiary’ link for any additions to their beneficiaries list.
• A web page opens up with various fields that need to be filled with details of the beneficiary by the account holder.
• First, the nickname selected for the beneficiary needs to entered.
• Then the account details of the beneficiary like the type of account held and the account number has to be filled in the given fields. Beside the account number field is an option got obtaining the account details of the beneficiary. Clicking on ‘Obtain account details’ will open up a pop-up containing the complete account details of the beneficiary. After clicking ‘ok’, the beneficiary name and the beneficiary branch name details will automatically get populated in the respective fields.
• The beneficiary’s address, along with the pincode needs to be entered by the account holder.
• The relationship between the account holder and the beneficiary needs to be selected from the drop down menu available under the ‘Beneficiary Relationship’ field.
• Additionally, the beneficiary’s phone number and email address can also be recorded.
• After filling in all the required fields, the account holder should click on ‘Add’ to move on to the next page. This page will provide him with a consolidated view of all his entries from the previous page.
• After verifying that the details he has entered are correct, the account holder needs to select ‘Confirm’ to add this particular beneficiary.

An acknowledgement page will be available after this step confirming that the entered beneficiary details have been added to his existing list and fund transfers are now possible with this new beneficiary. City Union Bank customers availing the net banking facility can transfer funds to any beneficiary that they have added using the above mentioned process. For example, if a customer wants to transfer funds to a beneficiary holding an account in the T Nagar branch of City Union Bank in Chennai, he needs to be aware of the City Union Bank IFSC code for T Nagar branch in Chennai to successfully complete the transfer.

How Online Banking is Making Life Easier

This is the day and age of the internet, the World Wide Web being a ‘know-it-all’ that has made life simpler to an unbelievable degree. Take banking for instance- before the introduction of the concept of online banking, long queues at the bank counter and rapid loss of patience with the slow moving bank procedures was a common pain. Thankfully, Charles Babbage’s invention jumped in for the rescue.

The Case of the IFSC Codes,

Most of what makes online banking a breeze hinges on the idea of IFSC codes. Two of the most monotonous banking related chores, depositing money into an account and maintaining the smooth functioning of the said account (in terms of regular activity) can now be managed with these simple 11 digit alphanumeric codes. A typical IFSC code comprises of the following components- the first 4 characters denoting the specific name of the bank, the fifth character is always a zero (0) and the final six characters denote the code for this specific branch of the bank in question. Take an IFSC code for a digital visiting card- with clear markings and pointers to help a lender reach a borrower’s bank account, through the online media.

Example of the Works,

Let’s take our good friend, Mr. Yoda, who needs some money to plan a heist on the Empire, and he wants you to help. Yoda’s savings bank account is with the Bank of Maharashtra, Mumbai and you are located in Indiranagar, Bangalore. Distances are never a factor when online banking is an option. Simply, utilise your bank’s online banking interface to forward the requisite monies to Yoda, and feed the IFSC Code for Bank of Maharashtra on your system to correctly identify his account. The transfer is instantaneous, safe and immensely under your control.

Without the IFSC code acting as the digital bridge between your account and Yoda’s, it would be next to impossible to correctly zero-in on the accurate account. That would be a kin to searching for a needle in a haystack, whilst blindfolded and wearing mittens. With this handy keyword, and the infinite possibilities of online banking, the Empire is definitely going down!!

So, Is Online Banking a Boon?

Definitely. In a world that is running 24x7, traditional banking has become redundant and obscure. Online banking, with all its charming bells and whistles is the expected next step. Distances have shrunk, human errors have been eliminated and the boring pilgrimages to the banks have been eradicated thanks to this offspring of emerging technologies and modern banking methodologies. What more can you ask for?