A beneficiary account means a Demat account, which is in the name of an Individual. The beneficiary account can also be in the name of the firm, society, partnership, corporate, trust, and similar endeavors.
The beneficiary account is the recipient of the funds. The recipient usage and rules may vary based on the transaction and type of bank. In short, we can state that the recipient account is the account to which you have decided to transfer the money.
For instance, you wish to move funds to your sister, so, on the form, you can see your account number as “Payee account number” and your sister’s bank account number as “Beneficiary account number“. Once you have applied, the OBC bank would proceed further to transfer the funds to your sister’s account. That’s all.
How to Add New Beneficiary in Oriental Bank of Commerce internet banking:
Step 1: Visit the OBC official website, ie. https://www.obconline.co.in. Then, you can log in with your OBC User ID and password.
Step 2: Now click on the ‘Transactions‘ tab and select “Manage Beneficiary“.
Step 3: After Clicking on the “Manage Beneficiary” Section, select the Type of beneficiary. Choose the desired one and click ‘ok‘. Here, we are transferring money from obc to other banks. So, we are choosing “add Interbank beneficiary“.
Step 4: Enter the “Beneficiary Details” and “IFSC code” in the form. If you forgot the IFSC code, then you can search for the code from the drop-down menu.
You have to enter the basic details like Maximum Account Limit, Account Number, OBC Transaction Limit and so on.
Fill in all this information careful. Finally, click on the “Continue” button.
Step 5: Now enter “transaction password” and select the registered mobile number, then click on the ‘submit‘ button.
Step 6: On clicking on submit button, you will receive a One Time Password message on your registered mobile number. Note down the One Time password and follow the below steps.
After, enter the one Time Password in the required field and click ‘confirm‘. Then, you will receive a confirmation message saying that the new beneficiary is added successfully and you will be able to make a fund transfer to this beneficiary within 24 hours from now.
By following the above steps, you can add a beneficiary an OBC Internet banking account easily. If you want to get more details, then visit your nearest OBC Branch. Also, you can contact customer care for more details. Hope you have got an idea.
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I have tried several times to add a new beneficiary to my SB account. When I enter all details and click on continue the window does not move ahead.
Sir how to generate transaction password or login password same as transaction plz confirm.
is this count only working 24 hours to add a beneficiary account?
when ever i tried to add it always show the below massage,
([USERTX0004] [24035] Transaction password is disabled due to exceeded wrong attempts. Kindly use Forgot Password Option available on Login page to enable/reset password(s) else contact Parent Branch.)
please reset the transaction password by using the “Forgot Password” Option on the login page. Follow the steps to set up new password.
On the page where it says to enter the password and re-type the password. Mark the checkbox corresponding to the Transaction password and enter the password. Upon successful setting up of the transaction password, you could add new beneficiaries.
word transaction is not showing on dashboard, how i add beneficiary
try to find transfer tab and add new beneficiary option