Bank of India NEFT Form 2023: Bank of India has introduced a convenient feature for Online Interbank Fund Transfers through our Star Connect Internet Banking Service. With just a click of the mouse, you can now utilize RTGS/NEFT for seamless transactions. National Electronic Funds Transfer (NEFT) empowers you to transfer funds and make credit card payments to any bank across India.
इस पोस्ट में क्या है ?
- 1 What is NEFT?
- 1.1 Eligibility for Bank of India NEFT Facility
- 1.2 Bank of India NEFT Form
- 1.3 Minimum and Maximum Transfer Amounts
- 1.4 Bank of India NEFT Charges
- 1.5 How to Make Payments via NEFT
- 1.6 What the Customer Must Provide for Remittance
- 1.7 When is the Amount Credited to the Beneficiary Account?
- 1.8 NEFT Operating Days and Timings
- 1.9 Importance of Account Number
- 1.10 Differences Between RTGS and NEFT
- 1.11 Benefits of Bank of India NEFT
- 1.12 Can a Stopped NEFT Payment Be Initiated?
- 1.13 Bank of India NEFT Form 2023 FAQ
What is NEFT?
NEFT – NEFT, short for National Electronic Funds Transfer, allows for the seamless transfer of funds to the credit account of another participating bank through the RBI’s NEFT service.
Eligibility for Bank of India NEFT Facility
Individuals, businesses, and corporations who maintain accounts with a bank branch are eligible to utilize NEFT for fund transfers. Additionally, even individuals without a bank account (walk-in customers) can deposit cash at NEFT-enabled branches with instructions for fund transfers via NEFT. For such cash remittances, there is a maximum limit of Rs. 50,000 per transaction. These customers are required to provide complete details, including their full address and telephone number. NEFT simplifies the process, enabling originators or remitters to initiate funds transfer transactions, even if they do not have a bank account.
This service benefits:
- Customers with Savings or Current Accounts at the branch
- Walk-in customers for transactions under Rs. 50,000
In what way it is beneficial to the Customers
Customers can send money to accounts in another bank branch, and the funds are transferred instantly at a very reasonable cost.
Bank of India NEFT Form
Minimum and Maximum Transfer Amounts
- Minimum: Rs.1
- Maximum: Rs 2 Lakhs
Bank of India NEFT Charges
|Mode of Transaction||Charges|
|Up to ₹ 10,000||₹ 2.50 + Applicable GST 💲|
|Above ₹ 10,000||₹ 5.00 + Applicable GST 💲|
|Up to ₹ 10,000||₹ 2.50 + Applicable GST 💲|
|Above ₹ 10,000 and up to ₹ 1 lakh||₹ 5.00 + Applicable GST 💲|
|Above ₹ 1 lakh and up to ₹ 2 lakh||₹ 15 + Applicable GST 💲|
|Above ₹ 2 lakh and up to ₹ 10 lakh||₹ 25 + Applicable GST 💲|
How to Make Payments via NEFT
- NEFT via Bank Branch: If you prefer to make NEFT payments offline, you can visit your nearest Bank of India branch. Request an NEFT form or slip, and complete all the necessary details as required in the form. Submit the form to the cashier, and your bank branch will process the payment to the recipient within 2 working hours.
- NEFT via Internet Banking: You can also send money via NEFT using your Bank of India Internet Banking service. To use Internet banking, log in to the Bank of India website. You will need to add a new beneficiary, and then you’ll be able to make payments via NEFT. Online NEFT is available to all Bank of India customers with full transaction rights.
To access the Bank of India NEFT facility, you can download the application form or visit your nearest Bank of India branch. Submit the duly filled form to your base branch. If you are already a Bank of India Connect customer with “view right” and wish to have full transaction rights, please resubmit your application form (which can be downloaded from the provided URL) to your base branch.
To initiate an NEFT transaction through Bank of India Retail NetBanking, follow these steps:
- Log in to your Bank of India Retail NetBanking account.
- On the left-hand side navigation bar, locate and click on “Other Bank Transfer – NEFT” under the Funds Transfer section.
- Fill in all the required details, including the transfer amount, destination account number, IFSC Code, beneficiary name, and payment details. Ensure that all the information is accurate.
- After providing the necessary details correctly, a unique transaction confirmation number will be generated. This transaction number should be noted for any future inquiries related to this specific transaction.
What the Customer Must Provide for Remittance
To complete a successful NEFT remittance, the following mandatory information about the beneficiary is required:
- Beneficiary Name
- Beneficiary Address
- Beneficiary Account Number
- Beneficiary Account Type (only for NEFT)
- IFSC Code of the Beneficiary’s Bank Branch
When is the Amount Credited to the Beneficiary Account?
Once a transaction is confirmed, it will be immediately debited from the source account and processed. Transactions initiated before the designated cut-off time will be processed on the same day. However, transactions initiated outside NEFT hours or on NEFT holidays will be processed for onward transfer to the beneficiary bank on the next working day. It is essential to ensure that your account has sufficient funds to process the transaction. If you are retrying a transaction, please check the status of your previous attempt.
The time it takes for the amount to be credited to the beneficiary account depends entirely on the destination bank. Presently, NEFT transactions can be initiated at any time, and credits to the beneficiary account are typically on the same day or the immediate next working day, depending on the time of payment and the beneficiary’s bank.
As of December 16, NEFT is available for online transactions 24 hours a day, seven days a week, allowing you to transfer up to Rs 2 lakhs at a time.
NEFT Operating Days and Timings
NEFT operates on all days except on the 2nd and 4th Saturday of the month, Sundays, and National Holidays. NEFT works in settlement batches, with the last batch currently closing at 19:00 hours Monday to Friday and 13:00 hours on Saturdays (the NEFT service is not available on Sundays and RBI declared holidays). However, Bank of India NEFT requests can be initiated at any time, as it is available 24×7, 365 days a year.
Importance of Account Number
For Outward remittances: While sending funds, the account number of the beneficiary must be accurately provided in the voucher (indicating the intended remittance recipient).
For Inward remittances: When seeking remittances from other bank customers, it is mandatory to quote your 15-digit Finacle Account Number.
Differences Between RTGS and NEFT
Both RTGS (Real Time Gross Settlement) and NEFT are facilitated by RBI for online fund transfers between various member banks. As of November 15, 2010, according to RBI guidelines, RTGS is available only for transactions of Rs. 2,00,000/- and above. For any transaction below Rs. 2,00,000/-, NEFT should be used.
Benefits of Bank of India NEFT
- Bank of India NEFT is available to all, including existing and new Net banking users.
- Bank of India NEFT is simple, convenient, quick, and secure. Users can transfer funds to beneficiaries in other banks seamlessly and securely.
- Customers can use Bank of India NEFT anytime, from anywhere, making it a simple and convenient way to save time and energy.
- Bank of India NEFT is cost-effective and less expensive than conventional remittance methods like DD/MT.
Can a Stopped NEFT Payment Be Initiated?
No, once a transaction is processed, the payment cannot be stopped. If you have any queries or need assistance, you can call our Call Centre at 91-22-40919191 between 08:00 am and 08:00 pm.
Bank of India NEFT Form 2023 FAQ
NEFT stands for National Electronic Funds Transfer, which is a nationwide electronic payment system that allows individuals, businesses, and organizations to transfer funds from one bank account to another securely and quickly.
To use Bank of India NEFT services, you need to visit your nearest Bank of India branch or access their internet banking facility. You will be required to fill out the NEFT form with the necessary details and submit it to initiate the transfer.
To make an NEFT transfer, you need to provide the following information:
Beneficiary’s bank name and branch
Beneficiary’s account number and name
Your account details
The amount you wish to transfer
Yes, Bank of India provides an NEFT form that you can use to initiate transfers. You can obtain this form at your nearest branch or download it from the bank’s official website.
The charges for NEFT services may vary depending on the transaction amount. It’s advisable to check with your bank or refer to Bank of India’s official website for the latest fee schedule.