National Electronic Funds Transfer (NEFT) NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts in over 63000 bank branches across the country. This is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances.
FEATURES & BENEFITS
Customers can remit any amount using NEFT Customer intending to remit money through NEFT has to furnish the following particulars:
- IFSC (Indian Financial System Code) of the beneficiary Bank/Branch
- Full account number of the beneficiary
- Name of the beneficiary.
The facility is also available through online mode for all internet banking and mobile banking customers.
For corporate customers, bulk upload facility is also available at branches.
Customers can use this facility between 8 AM and 7 PM on all weekdays and between 8 AM and 1 PM on Saturday. There are twelve hourly settlements between 8 AM and 7 PM on all weekdays and six hourly settlements between 8 AM and 1 PM on Saturdays.
The money will be credited to the beneficiary’s account on the same day or at the most next day in case the message is sent during the last batch of settlement. Union Bank offers NEFT facility to its customers through all its branches.
Rs. 5/ per transaction if the transaction amount is less than Rs. 1 lakh
Rs. 25/- per transaction if the transaction amount is more than Rs. 1 lakh
NOTE: Charges are waived for customers availing services at our branches in North Eastern States
Customer Facilitation Center
NEFT Cell, 3rd Floor,
Union Bank of India
239, Union Bank Bhavan,
Mumbai – 400021
Mr.Sherkhane, Senior Manager – 022-22896587