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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:
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.
TIMINGS
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 :
Get answers to frequently asked questions on National Electronic Funds Transfer (NEFT)
Q1. What is NEFT System? A. The National Electronic Funds Transfer System (NEFT) is a system designed to transfer funds electronically from your account with us to another account in other Banks anywhere in the country.
Q2. Is it necessary that I should have an account with us? A. Yes. As of now this facility is available to customers having account with our Bank. However, this facility will be available to Non-customers also for remittances up to Rs.50000/= shortly.
Q3. Is there any limit with regard to amount? A. There is no limit. Any amount can be transferred.
Q4. Can the money be transferred to any Bank in the country. A. No. Money can be transferred to only those Branches of Banks where this NEFT facility is enabled. However, presently, Reserve Bank of India has designated as many as listed branches. The number is increasing day by day.
Q5. How do I know whether the Branch where the money is to be transferred is enabled for NEFT? A. You can either get the information from http://www.rbi.org.in/scripts/neft.aspx published and updated by RBI from time to time OR you may get the information from the Bank where you are operating the account.
Q6. What procedures should I follow to transfer the funds? A. It is very simple. Fill up the application wherein you have to give the details of your account no, amount to be transferred, beneficiaries name, Bank and Branch and IFSC code of the beneficiary bank.
Q7. What is IFSC Code and where would I get it? A. Indian Financial System Code (IFSC) means a unique code of 11 digits of the NEFT enabled Branches. Normally, this code will be printed on the cheque books OR it may be obtained from the branch where the account is maintained.
Q8. How long will it take for me to transfer funds and for the beneficiary to get the funds? A. For you it takes you few minutes and the beneficiary would get the funds on the same day or the next day depending on the time of remittance.
Q9. Till what time the remittance is accepted? A. As per RBI the timings for NEFT is 8 AM and 06:30 PM on all weekdays and between 8 AM and 06:30 PM on Saturday (except 2nd & 4th Saturdays).
Q10. Can I initiate Stop Payment? A. Once the transaction is put through, you cannot stop the payment.
Q12. Can I get the funds from my clients in the same way? A. Yes. Tell your clients to transfer funds through NEFT and give your Branch’s IFSC code and 15-digit account number to your client.
Q13. How do I come to know about the funds transfer? Can I track the transaction in any way? Can I get acknowledgement? A. You can track the transaction. Either you can get the confirmation from the beneficiary himself OR from your branch, from where the transaction is initiated. You can receive an electronically generated acknowledgement. on registered mail id.
Q14. In case of non-credit or delay in credit to beneficiary’s account, whom should I contact? A. You can contact the Branch itself from where you have requested for funds transfer.
Q15. Can I send remittances abroad through NEFT? A. No. It is applicable to within the country
Q16. Can I receive Remittances from abroad to my account through NEFT? A. NO
Q17. Can I receive / send remittances from NRI Accounts? A. Yes. Subject to applicability of provisions of FEMA
Q18. How it is beneficial compared to other modes of transfers? A. The system is a very simple, fast and safe mode of funds transfer