I have an account in HDFC Bank in Delhi and my sister has one in State Bank of India, Mumbai. What is the most cost-effective way to transfer funds from my account to my sister’s account?Both the banks are participants in the Electronic Clearing System (ECS) and are located in metros.
You should ask your bank to give you a form that enables you to write an ECS mandate that will enable you to transfer funds, without any cost, to your sister every month. You have to specify your sister’s bank branch and account details in your mandate.
