National Electronic Funds Transfer (NEFT) NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts 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 06.30 PM on all weekdays and between 8 AM and 06:30 PM on Saturday (except 2nd & 4th Saturdays).There are twelve hourly settlements between 8 AM and 7 PM on all weekdays and between 8 AM and 7 PM on Saturday (except 2nd & 4th Saturdays).
Bulk NEFT File should be uploaded before 6 PM for same day processing. Sunday is holiday.
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.
NEFT Charges :
- For transaction amount up to Rs. 10,000 : Rs. 2.50 + taxes
- For transaction amount above Rs. 10,000 & up to Rs. 1 Lac : Rs. 5.00 + taxes
- For transaction amount above Rs. 1 Lac & up to Rs. 2 Lacs : Rs. 15.00 + taxes
- For transaction amount more than Rs. 2 Lacs : Rs. 25.00 + taxes