What is The Full Form of IFT in Banking
The IFT full form in Banking is Internal Funds Transfer. Internal Funds Transfer is the process of shifting monies from one account to another within a single financial organization. This may include transfers between a customer’s accounts or accounts owned by various customers at the same bank.
Significance and importance of IFT:
IFTs are often completed fast, frequently in real-time, because the funds do not have to leave the bank’s internal system. Banks frequently charge low to no costs for IFTs, making them an affordable option for customers to manage their funds. Because the transfer takes place within the same bank, it is generally regarded as secure, and banks typically have strong systems in place to protect these transactions.
Benefits of Internal funds transfer:
It is generally used to transfer money between a checking or a savings account. It can be of great use to pay off a loan or a credit card held by the same bank. It makes moving funds to another person’s account within the same bank easy. Customers can usually initiate IFTs through a variety of methods, such as internet banking, mobile banking apps, ATMs, or by going to a bank branch.
