Bank of Baroda NEFT Form: Enjoy the Convenience of Online Funds Transfer Bank of Baroda offers you the “Online NEFT / RTGS” funds transfer service to enhance your net banking experience. The National Electronic Funds Transfer (NEFT) allows you to effortlessly transfer funds and make credit card payments to any bank in India. This service ensures smoother transactions with fewer restrictions, making your financial transactions more accessible and convenient. Explore further details about the Bank of Baroda NEFT Form below.
इस पोस्ट में क्या है ?
- 1 What is NEFT?
- 1.1 Eligibility for Bank of Baroda NEFT Facility
- 1.2 Bank of Baroda NEFT Form
- 1.3 Minimum and Maximum Transfer Amounts
- 1.4 Bank of Baroda NEFT Charges
- 1.5 How to Send Payment via NEFT
- 1.6 Difference between RTGS and NEFT
- 1.7 Benefits of Bank of Baroda NEFT
- 1.8 Important Instructions for Bank of Baroda NEFT
- 1.9 Bank of Baroda NEFT Form FAQ
What is NEFT?
NEFT has revolutionized online fund transfers. Initially, people were hesitant to embrace this advanced technology due to concerns about complexity, but its widespread success has overcome these reservations. As more individuals use NEFT and share their positive experiences, it has gained popularity. NEFT incurs charges when the beneficiary holds an account with the same bank. However, if the remitter transfers money to a beneficiary in another bank, a fee structure applies, varying with the transfer amount.
These charges are minimal, ranging from Rs 2.50 to Rs 25, making it an affordable option. NEFT is highly secure and promotes cashless transactions. Both the remitter and beneficiary receive transaction notifications, ensuring peace of mind. The bank provides clear transaction timings, simplifying the process and making it hassle-free.
Eligibility for Bank of Baroda NEFT Facility
Individuals, businesses, and corporations with accounts at a bank branch are eligible to utilize NEFT for fund transfers. Additionally, individuals who do not have a bank account, often referred to as walk-in customers, can also deposit cash at NEFT-enabled branches with instructions to transfer funds via NEFT. However, cash remittances by such customers are limited to a maximum of Rs. 50,000 per transaction. These customers must provide complete details, including their address and telephone number. NEFT provides a convenient way for originators or remitters to initiate fund transfers, even without holding a bank account.
This service is available to:
- Customers with Savings or Current Accounts at the branch.
- Walk-in customers for transactions below Rs. 50,000.
The benefits to customers include the ability to remit funds to accounts at other bank branches with instantaneous transfers and nominal charges.
Bank of Baroda NEFT Form
Minimum and Maximum Transfer Amounts
- Minimum: Rs.1
- Maximum: Rs 2 Lakhs
Bank of Baroda NEFT Charges
Reserve Bank of India has eliminated service charges imposed by banks for online NEFT transfers through internet banking and mobile banking. However, NEFT initiated at a bank branch still incurs charges. Presently, the BOB NEFT Charges are as follows:
Transaction Amount | NEFT Charges |
---|---|
Up to Rs.1 lakh | NIL |
Above Rs.1 lakh – Rs.2 lakh | Rs.15 per transaction |
Above Rs.2 lakh | Rs.25 per transaction |
How to Send Payment via NEFT
There are two ways to send payments via NEFT. The first is NEFT via Online Internet Banking, and the second is NEFT via Bank Branch.
NEFT via Bank Branch: If you prefer to make NEFT transactions offline, you can visit your nearest Bank of Baroda branch. Request an NEFT Form or Slip, fill in all the required details, and submit it to the cashier. Your bank branch will process the payment within 2 working hours.
NEFT Via Internet Banking: Alternatively, you can send money via NEFT using your Bank of Baroda Internet Banking Service. To do this, log in to the Bank of Baroda website, add a new beneficiary, and then you’ll be able to make payments via NEFT. Online NEFT is available for all Bank of Baroda customers with full transaction rights.
To avail of the Bank of Baroda NEFT Facility, download the application form or visit your Bank of Baroda branch to submit the duly filled form. If you are already a Bank of Baroda Connect customer with “view rights” and want to avail full transaction rights, please resubmit your application form to your base branch.
- Login to Bank of Baroda Retail NetBanking.
- On the left-hand side navigation bar, click on “Other Bank Transfer – NEFT” under the Funds Transfer section.
- Fill in all details, including the transfer amount, destination account number, IFSC Code, beneficiary name, and payment details. Once these details are correctly filled in, a unique transaction confirmation number will be generated, which should be quoted for any query related to the transaction.
What the customer needs for remittance:
- IFSC of the bank branch to which the remittance is to be made (IFSC is an 11-character code).
- Beneficiary account number, name, and address (to whom the remittance is intended).
To get the IFSC of the branch:
- It is available on the cheque leaf supplied by the bank.
- You can obtain it from the branch where your account is maintained.
- It is also available on the RBI website.
- If the IFSC of the beneficiary bank is not known, you can obtain it by selecting the Bank and Branch while registering the beneficiary.
When is the amount credited in the beneficiary account?
- Transactions initiated before the cutoff time are processed on the same day.
- Transactions initiated outside NEFT hours and on NEFT holidays will be processed on the next working day.
- Once the amount is debited and processed by Bank of Baroda, the credit into the beneficiary account depends on the destination bank.
Cut off time for remittance through Bank of Baroda NEFT: From January 2020, NEFT is available 24/7, and customers can make NEFT transactions at any time.
Importance of Account Number:
- For outward remittances, the account number of the beneficiary is to be mentioned correctly in the voucher.
- For inward remittances, customers must quote their 15-digit Finacle Account Number compulsorily when seeking remittance from other banks.
Difference between RTGS and NEFT
Both RTGS (Real Time Gross Settlement) and NEFT are facilitated by RBI for online funds transfer between various member banks. However, RTGS is available for transactions of Rs. 2,00,000 and above, while NEFT should be used for transactions below Rs. 2,00,000.
Benefits of Bank of Baroda NEFT
- Bank of Baroda NEFT is available to all customers, both existing and new, who are eligible to use this online facility.
- NEFT is simple, convenient, quick, and secure. It allows users to transfer funds to beneficiaries in other banks in a simple, convenient, and seamless manner. Funds transfer to other banks is faster, secure, and safe.
- Customers can use Bank of Baroda NEFT anytime, anywhere, saving time and energy.
- NEFT costs less than conventional modes of remittance like DD/MT.
Can Stopped NEFT Payments be initiated?
No, once the transaction is initiated, the payment cannot be stopped.
Important Instructions for Bank of Baroda NEFT
- Funds transfer requests will be presented to RBI on the same day.
- On Saturdays (excluding the second and fourth Saturday), funds transfer requests made will be presented to RBI on the same day.
- Funds transfer requests made on non-working days will also be presented to RBI on the next working day.
- The time taken to credit the account depends on the Payee’s Bank’s processing time.
- The money will reach the Payee’s bank within the time stipulated by the Reserve Bank of India.
Contact Information for Bank of Baroda NEFT
- Tel: 022-6759 2721, 6759 2719, 6698 1559
- Fax: 022-6698 3246
- Email: [email protected]
Bank of Baroda NEFT Form FAQ
NEFT, or National Electronic Funds Transfer, is a system that facilitates the transfer of funds between banks. In the context of Bank of Baroda, it enables customers to electronically transfer money to beneficiaries in other banks.
You can access the NEFT Form through the official website of Bank of Baroda or by visiting your nearest Bank of Baroda branch.
NEFT is a simple, convenient, and secure way to transfer funds to beneficiaries in other banks. It is faster, safe, and costs less compared to conventional modes of remittance like Demand Drafts (DD) and Money Transfers (MT).
Yes, Bank of Baroda NEFT is available to all customers, including both existing and new users who are eligible to use this online facility.
No, once an NEFT transaction is initiated, the payment cannot be stopped.