The Central Fund Management System (CFMS) is a digital platform used by the Indian government to manage financial transactions. Adding a beneficiary to your CFMS account allows you to effortlessly transfer funds to others. This can be useful for various purposes, like salary payments, pensions, or vendor payments.
Creating a beneficiary in CFMS may seem overwhelming, but it’s actually quite straightforward. Here’s a step-by-step guide to help you:
Before You Start:
- Gather the beneficiary’s information, including their name, bank account number, IFSC code, and Aadhaar number (if available).
- Access the CFMS portal for your state. Remember, each state has its own portal, so make sure you’re using the right one.
Step 1: Login and Navigate
- Log in to the portal using your credentials.
- Look for “Beneficiary Management” or “Add Beneficiary.” The name may vary depending on your state’s portal layout.
Step 2: Enter Beneficiary Details
- Complete the form with the beneficiary’s information.
- Fill in all the necessary fields correctly, such as:
- Beneficiary Name
- Bank Account Number
- IFSC Code
- Account Type (Savings/Current)
- Mobile Number (optional but recommended)
- Aadhaar Number (optional but recommended for faster verification)
- Review all the details before proceeding.
Step 3: Verify and Submit
- Most portals require a verification step to confirm the beneficiary’s bank account details. This might involve entering a one-time PIN (OTP) received on the linked mobile number.
- Once verified, submit the form.
Step 4: Approval and Activation
- Your beneficiary creation request will be sent for approval. This might require your department head or an authorized official.
- The approval process may take a few hours or days, depending on your state’s workflow.
- You’ll receive a notification when your beneficiary is approved and activated.
Step 5: Add Beneficiary for Transactions
- After activation, you can add your new beneficiary when creating bills or fund transfers within the CFMS portal.
- Choose the beneficiary from the list, enter the amount, and submit the transaction.
Congratulations! You’ve successfully added a beneficiary to your CFMS account.
- While Aadhaar and mobile number are optional, providing them can speed up the verification process and reduce errors.
- You can add multiple beneficiaries to your account for different purposes.
- If you encounter any issues or have questions, consult the CFMS user manual or contact your state’s CFMS helpline for assistance.
Adding a beneficiary in CFMS is a convenient and efficient way to manage your finances. By following these steps, you can easily add beneficiaries and start making secure transactions.
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