DMT -Overview

DMT -Overview

What is Direct Money Transfer(DMT) ?

DMT is an assisted retailer model, An electronic way that allows instant money transfer from retail location to any bank account across India.

There are one ways to transfer the money’s

Customer can give cash to spice money Adhikari and the Adhikari can transfer that amount from his wallet to the bank account  given by the customer. To use this service YBL e-KYC is mandatory.

Process To Do DMT

    • Adhikari will ask for bank account number, IFSC code and sender(Customer who has come to the Adhikari shop to the DMT) mobile number.
    • Adhikari will select the available BC Bank.
    • With the sender mobile number received by the Adhikari he should first search if the number is already registered with the Adhikari and also check the bank account already registered under the same mobile number.

Note: In one sender number agent can add 15 bank account 

1. If account and IFSC code found with same sender then he will process the amount

2. If with the same sender number account and IFSC code is not available then SMA will check how many account are already with the sender.

If the limit is already exceed the SMA will asked for another mobile number.

3. If available then the SMA will transfer the amount

4. That if sender is not available then sender need to be added

Important Note: 

    • There is no charge for YBL service activation.
    • The Adhikari that have completed the E-KYC will always get Yes bank as BC as priority.
    • If the Adhiakri has not completed Yes Bank E-KYC then he can be in any of these bank like IBL,RBL,NSDL & Fino. And in all these cases the maximum transaction limit in a day is R25K in a month cumulated per sender.
    • To increase the limit the Adhikar needs to do sender EKYC in YBL only.
    • Rs2.25lakh is the limit of money per sender that the Adhikari can transferred (after E-KYC) monthlY
    • Per day amount that can be transferred to one sender is Rs 75k after E-KYC-50K + 25 K
    • There is no number of transaction limit in DMT
    • There is a maximum limit of money that can be transferred in one account in a month is Rs 2 lakh – This limit is global and if the money transfers happening through other bank the counter is included in the Rs2lakh limit.
    • For non E-KYC sender if the amount transferred is 25k it will transfer as 5k in 5 chunks.
    • There is no charge for YBL service activation.
    • E-KYC limit of transfer is Rs2.25 lakh per month, per sender cumulative & 12 lakh + 3 lakh per year, per sender and this is the global limit.
    • To send money more that 25K both sender and adhikari KYC is mandatory.
    •  Without E-KYC limit of transfer is Rs. 25 k per month & 3 lakh per year.

                                                       Tagging/CTST


Outcome- Query > DMT (Money Transfer)

Sub Outcome- DMT Limit Check Query 

Outcome- Query > DMT (Money Transfer)

Sub Outcome- Query DMT>Procedure to use DMT