Virman

A virman is a financial transaction where funds are transferred from one account to another within the same bank or financial institution. The term "virman" is derived from the Hindi word "virman," which means "transfer." This type of transaction is commonly used for internal fund management, such as moving money between different accounts owned by the same customer or for internal banking operations.

Virman transactions are typically processed electronically and can be initiated through various channels, including internet banking, mobile banking, or in-person at a bank branch. They are often used for routine banking activities, such as transferring salary payments to different accounts, moving funds between savings and checking accounts, or managing investments.

One of the key advantages of a virman is that it is usually free of charge for the customer, as it is an internal transfer within the same institution. This makes it a cost-effective way to manage funds without incurring additional fees. However, the availability and specific terms of virman services may vary depending on the bank or financial institution.

In summary, a virman is a convenient and often fee-free method for transferring funds between accounts within the same bank, facilitating efficient internal fund management.