United Bank of India NEFT Form 2020: National Electronic Funds Transfer. With National Electronic Funds Transfer (NEFT) you can transfer funds and make Credit card payments to any bank across India. With this service your transactions are easier, and, with fewer restrictions, they reach further than before.
- 1 What is NEFT?
- 2 Who can transfer funds using NEFT?
- 3 Minimum and Maximum Amount for Transfer
- 4 United Bank of India NEFT Charges
- 5 How to Send Payment via NEFT
- 6 What the customer must have for remittance
- 7 How to get the IFSC of the branch
- 8 When is the amount credited in the beneficiary account?
- 9 Cut off time for remittance through United Bank of India NEFT
- 10 What is the difference between RTGS and NEFT?
- 11 What is the Benefits of United Bank of India NEFT
- 12 Can I Stopped NEFT Payment be initiated?
- 13 Important Instructions for United Bank of India NEFT
What is NEFT?
National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.
Who can transfer funds using NEFT?
Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals, firms or corporates who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branch with instructions to transfer funds using NEFT up to an amount of Rs. 50,000/-. A separate Transaction Code (No. 50) has been allotted in the NEFT system to facilitate walk-in customers to deposit cash and transfer funds to a beneficiary. Such customers have to furnish full details including complete address, telephone number, etc. NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without the need for having a bank account.
- Customers of the branch where they are having Savings/Current Accounts
- Walking customers for below Rs. 50,000.
In what way it is beneficial to the Customers
Customer can remit funds to the account of another bank branch and The funds are transferred instantaneously at nominal charges
Minimum and Maximum Amount for Transfer
- Minimum: Rs.1
- Maximum: No Limit
United Bank of India NEFT Charges
Please Note : New RBI news on 7th June 2019 – RBI has waived off charges for payments via NEFT and RTGS and asked banks to pass on the benefits to customers. This means that payments via NEFT and RTGS would become either free or charges would be drastically reduced. This was announced in the Statement on Developmental and Regulatory Policies, which was released today by the central bank as part of its monetary policy review.
SO as per RBI– No Charges on Union Bank NEFT Transaction from 1st July 2019. Thanks RBI ♥♥
How to Send Payment via NEFT
There are two ways to send payment via NEFT and one of them is 1. NEFT via Online Internet Banking and 2nd is 2. NEFT via Bank Branch..
NEFT via Bank Branch : If you want to make NEFT via offline mode i.e from Bank Branch then you need to visit your nearest United Bank of India Branch and Request for NEFT Form or Slip and Fill all the require details asked in NEFT Form and submit to Cashier, Now you bank brach send payment to another person within 2 working hours
NEFT Via Internet Banking : You may also send money via NEFT by using your United Bank of India Internet Banking Service, for using Internet banking, you need to login at United Bank of India Website and then you will require to add new Beneficiary and then you are able to make payment via NEFT. Online NEFT is enabled for all customers of United Bank of India (Internet Banking) with full transaction right. If you would like to avail United Bank of India NEFT Facility then please download the application form or visit to your United Bank of India Brach and submit the duly filled form to your base branch. If you are already a United Bank of India Connect customer with “view right” and would like to avail full transaction right, please resubmit your application form (can download from above URL) to you base branch.
- Login to United Bank of India NetBanking
- On the left hand side navigation bar, click on “Other Bank Transfer – NEFT” under the Funds Transfer section.
- Fill in all details like transfer amount, destination account number, IFSC Code, beneficiary name & payment details. After these details are filled in correctly, a unique transaction confirmation number would be generated. This number is to be quoted for any query related to this particular transaction.
What the customer must have for remittance
- IFSC of the bank branch to which the remittance to be made (IFSC is 11 characters code)
- Beneficiary account number, Name and Address (to whom the remittance is intended to )
- Approach the branch with the above details
How to get the IFSC of the branch
Indian Financial System Code (IFSC) means a unique code of 11 digits of NEFT/RTGS 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. It is also available on the RBI website. In case the IFSC of the beneficiary bank is not known, the same can be obtained by selecting the Bank and Branch while registering the beneficiary.
- It is available on the cheque leaf supplied by the bank
- Can also get from the branch
When is the amount credited in the beneficiary account?
- United Bank of India NEFT is open 24×7, 365 days.
- Transactions, once confirmed will be immediately debited from the source account and taken up for processing. Transactions initiated before the cut off time shall be processed on the same day.
- All transactions initiated outside the NEFT hours and on NEFT holidays will be processed (for onward transfer to beneficiary bank) only on the next working day. Please ensure that there are sufficient funds in your account to process the transaction. In case you are retrying, please check the status of your previous transaction
- Please note that once the amount is debited and processed from United Bank of India, the credit into the beneficiary account is completely dependent on the destination bank
Cut off time for remittance through United Bank of India NEFT
- NEFT Hours- 24 Hours Available from 1st January 2020
Importance Account Number
Outward : While remitting the funds, Account Number of the beneficiary is to be mentioned correctly in the voucher (to whom the remittance is intended to ).Inward : While seeking remittance from other bank Customers it is mandatory to quote your 15 Digit Finacle Account Number compulsorily.
What is the difference between RTGS and NEFT?
- Both RTGS (Real Time Gross Settlement) & NEFT are facilitated by RBI for doing online funds transfer between various member banks.
- Effective 15th November 2010, as per RBI guidelines, RTGS (Real Time Gross Settlement) is available only for transactions of Rs.2,00,000/- and above. For any transaction below Rs.2,00,000/- NEFT should be used
What is the Benefits of United Bank of India NEFT
- United Bank of India NEFT is Available to all – All our Net banking (existing & new) users are eligible to utilize this on-line facility.
- United Bank of India NEFT Facility is simple, convenient, quick and secure – Users can transfer funds to the beneficiaries in other banks in a simple, convenient and seamless manner. Funds transfer to other banks is faster, secure and safe
- Customers can use United Bank of India NEFT Anytime, anywhere… Simple and easy to operate – from home / office anytime, anywhere, Save time and energy
- Get more for less – United Bank of India NEFT cost less than the conventional modes of remittance such as DD/MT
Can I Stopped NEFT Payment be initiated?
No. Once the transaction is put through, payment cannot be stopped
Important Instructions for United Bank of India NEFT
- The actual time taken to credit the account depends on the time taken by the Payee’s Bank to process the payment
- The money will reach the Payee’s bank within the time stipulated by the Reserve Bank of India
RTGS/NEFT Customer Facilitation Centre.