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MGB Fund Transfer

All customers of MGB can use their online fund transfer service. The online MGB transfer money service helps customers of the bank to transfer money from their account to anyone in India. MGB fund transfer service works on mobile phones so that you can easily transfer money from your account to beneficiary’s account in real-time.


Online MGB transfer money service saves you a lot of time as you don’t have to write a cheque and money can be transferred online. As the entire transfer process works online, you don’t have to submit cheque to beneficiary and they will receive credit in their bank account in real-time. Using MGB fund transfer service is extremely simple. Just download our app and register your MGB accounts. After that you can generate a secure banking PIN and use it to transfer funds to anyone in India from your Maharashtra Grameen Bank accounts.


Online fund transfer service by MGB also lets you transfer funds without adding beneficiaries so that you save time and can transfer money as and when required. All transactions performed via our app are 100% safe and secure. MGB will send you an SMS as soon as the transaction is processed. Similarly, the beneficiary will receive an SMS from their bank confirming the credit.


MGB transfer money service features:
  1. Real-time fund transfer from MGB account online
  2. Without adding beneficiary transfer funds
  3. Own account fund transfer for transferring money between your own MGB accounts
  4. Own account fund transfer across banks supported so you can transfer funds from your MGB account to account held with any other bank in India
  5. Use fund transfer service 24x7, 365 days a year
  6. Online transfer money facility can be used even on all Saturdays, Sundays, bank holidays and public holidays
  7. You can transfer money to any bank in India
  8. Transfer upto Rs. 1,00,000 per day from your account. This is the maximum limit as set by your bank
  9. Upto 10 transfers per day allowed from your account. This is the maximum limit as set by Maharashtra Grameen Bank
  10. No charges for using online MGB money transfer service
  11. Bank will send an SMS as soon as funds are transferred
  12. Beneficiary will also receive an SMS from their bank, confirming the fund transfer
  13. For transferring funds in real-time from your Maharashtra Grameen Bank account to beneficiary’s account, BHIM UPI is used

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How to transfer money from MGB account online:

  1. Download Cointab app for Android or iPhone
  2. Install app using mobile number which is registered in your MGB account
  3. Select MGB for bank account registration
  4. All your MGB accounts will be registered and activated for mobile banking
  5. Generate Maharashtra Grameen Bank banking PIN
  6. Select Transfer Money
  7. Enter beneficiary’s name
  8. Enter beneficiary’s bank account number & IFSC code
  9. Enter amount
  10. Enter your banking PIN (which you generated in the previous step)
  11. Money will be transferred from your MGB account and credited in recipient’s bank account in real-time
  12. You’ll get an SMS from Maharashtra Grameen Bank about the transaction. Recipient will also receive an SMS from their bank

Online transfer of money from your MGB account is a very simple and quick process and you can use the transfer money service whenever required. Please keep in mind that the maximum transfer limit is Rs. 1,00,000 per day and 10 transactions per day.

Online Money Transfer Service Features


Money transfer from bank account to anyone in India in real-time

Online MGB money transfer service enables you to do fund transfer from your account to anyone in India in real-time. It is not necessary for the beneficiary to have an account with MGB. They can have accounts with any bank in India and you can still do fund transfer in real-time.

Without adding beneficiary transfer money

Typically for online fund transfers you have to register and activate beneficiaries. But using our app you can do quick fund transfer without adding beneficiaries. For initiating fund transfer you only require beneficiary’s account number and IFSC code.

Fund transfer to Self account

One major advantage of online MGB transfer money service is that you can transfer funds between your own accounts easily. If you have multiple accounts with the bank then you can easily transfer funds from one account to another. In fact even if you have accounts with other banks you can transfer money from Maharashtra Grameen Bank account to other bank accounts.

BHIM UPI ID transfer money

Using online MGB transfer money service you can even transfer money to beneficiary’s BHIM UPI ID. This helps you transfer money without requesting for beneficiary’s bank account number & IFSC code. Once you transfer money, it will be credited in the beneficiary’s bank account which is linked with their BHIM UPI ID. Fund transfer is done in real-time.

Transfer money to mobile number

Using our app you can even transfer money to your friends and family via their mobile number without requesting for their bank account number & IFSC code or BHIM UPI ID. Their bank account which is linked to their mobile number in our app will get credited in real-time after you transfer money to them.

Transaction limit

Transfer limit is upto 10 transfers on a daily basis, upto a total of Rs. 1,00,000. This is the transfer limit as set by Maharashtra Grameen Bank.

Zero fees for using online money transfer service

MGB offers online money transfer service for free of cost so that you don’t have to pay any charge for transferring money from your bank account to any account in India.

24x7 service

Online money transfer service is available 24x7 so that whenever required you can do fund transfer in real-time. This helps you do money transfers without visiting the branch or ATM. This service also works on weekends, bank holidays and public holidays.

Online Transfer Money service benefits


Time saving: Using online MGB transfer money service you can immediately transfer funds to beneficiary, without writing a cheque or withdrawing cash from the branch or ATM. This helps you save a lot of time.

Easy access: Fund transfer service is completely online and can be used 24x7, throughout the year.

Cost saving: There are no fees for using Maharashtra Grameen Bank money transfer facility and you can transfer money to beneficiaries as and when required without worrying about transaction charges.

Security: All MGB mobile banking transactions are 100% secure due to linking of your account on your mobile number and your banking PIN

Multi Purpose: In addition to transferring money to beneficiary, you can also use MGB money transfer service to recharge your mobile / DTH, pay electricity / gas / credit card bill, buy insurance, book fixed deposit, buy mutual fund, etc.

Security of MGB Online Transfer Money

MGB Online Fund Transfer is fully secured in following ways:

  1. UPI registration for your MGB accounts can only be done on your mobile due to linking of your mobile number with your bank account
  2. To use BHIM services, you have to create a new UPI PIN using your debit card
  3. To perform financial transactions you have to use your MGB UPI PIN. Without this PIN, no transaction will go through
  4. You can also set up app password so that no one can even open the app without knowing your app password
  5. You can also create a PIN or pattern lock for your phone so that no one can open your mobile

Timing of MGB Online Transfer Money

  • UPI services are available on all days, including Saturday and Sunday
  • Advantage of MGB BHIM is that it can be used at night as well
  • As banking is extremely important in day to day life, you can use UPI facility even on bank holidays and public holidays
  • BHIM services can be availed throughout the year

Online Money Transfer Service Eligibility

In order to use MGB Online Money Transfer service you must meet the following requirements:

  • A savings or current account with MGB
  • Mobile number should be registered with your bank
  • Android or iPhone mobile phone
  • Internet connection either via SIM card or WiFi

Limitations of Online Transfer Money Service

Please keep in mind the following limitations of MGB online fund transfer service:

  • It will not work if your mobile number is not registered in MGB
  • Without Android or iPhone mobile phone, it will not work
  • Without internet connection, it will not work
  • One can only transfer upto Rs. 1,00,000 per day per bank account
  • One can transfer upto 10 times per day per bank account

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