Question about Neft & IMPS

[Arjun]

Supposing i do a neft or a imps transfer to another person , i add all the right details but type his name wrong will the transfer go through or will it be cancelled ?

 

[Sanav3]

If the account no. is right it will go through

 

[Sobirvs]

shoud go through.

 

[sharktale1212]

Name is just a formality. CITIBANK etc don't even ask for name while adding third party beneficiaries.

 

[Phenomenal]

I had the same doubt for NEFT recently.Here's a good post about the same : http://www.livemint.com/Money/24MmdtxuWM0xipVl9hXO0N/Why-the-NEFT-system-needs-a-recheck.html

 

[pauldmps]

Only the account number is used to initiate transfer. So make sure that it is correct.
Once my friend's GF needed ₹500 and whatsapped my friend wrong acc no. The payment went through. Heavy bashing on phone followed!