Canara Bank NEFT Form 2023: Inter Bank Transfer facilitates the electronic transfer of funds from the remitter’s account in one bank to the beneficiary’s account held in any other bank branch. Using the National Electronic Funds Transfer (NEFT), you can seamlessly transfer funds and make credit card payments to banks all across India. This service ensures that your transactions are more convenient and come with fewer limitations, allowing you to reach a wider range of recipients than ever before.
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What is NEFT?
This fund transfer system operates on a Deferred Net Settlement basis, where transactions are settled in batches. Currently, NEFT transactions are processed in hourly batches, running from 8 am to 7 pm on weekdays and from 8 am to 1 pm on Saturdays.
Eligibility for Canara Bank NEFT Service
Individuals, firms, or corporations maintaining accounts with a bank branch are eligible to transfer funds through NEFT. Additionally, individuals without a bank account (walk-in customers) can deposit cash at NEFT-enabled branches for fund transfers through NEFT, subject to a maximum limit of Rs. 50,000 per transaction. Walk-in customers are required to provide complete details, including their address and telephone number. NEFT offers the advantage of allowing originators or remitters to initiate fund transfers, even without holding a bank account.
- Customers with Savings or Current Accounts at the branch
- Walk-in customers for transactions below Rs. 50,000
- Benefits to Customers
- Facilitates instant fund transfers to accounts at other bank branches.
- Transfers funds rapidly at a nominal cost.
Canara Bank NEFT Form
Minimum and Maximum Transfer Amounts
- Minimum: Rs.1
- Maximum: No Limit
Canara Bank NEFT Charges
Mode of Transaction | Charges |
---|---|
Online modes (i.e. internet banking, Mobile app) | No Charges |
Through branches | |
Up to ₹ 10,000 | 💲 2.25 + Applicable GST |
Above ₹ 10,000 and upto ₹ 1 lakh | 💲 4.75 + Applicable GST |
Above ₹ 1 lakh and upto ₹ 2 lakh | 💲 14.75 + Applicable GST |
Above ₹ 2 lakh and upto ₹ 10 lakh | 💲 24.75 + Applicable GST |
How to Make Payments Using NEFT
There are two methods to send payments through NEFT: NEFT via Online Internet Banking and NEFT via a Bank Branch.
NEFT via Bank Branch: To initiate NEFT through the offline mode, you must visit your nearest Canara Bank branch. Request an NEFT Form or Slip, fill in the required details, and submit it to the cashier. Your bank branch will then send the payment to the recipient within 2 working hours.
NEFT Via Internet Banking: You can also send money via NEFT using Canara Bank’s Internet Banking service. To use Internet banking, log in to the Canara Bank website, add a new beneficiary, and then make the payment via NEFT. Online NEFT is available to all Canara Bank customers with full transaction rights. If you wish to avail of Canara Bank NEFT Facility, you can download the application form or visit your Canara Bank branch and submit the duly filled form. If you are already a Canara Bank Connect customer with “view right” and would like to avail full transaction rights, please resubmit your application form to your base branch.
Here’s how to use Canara Bank Retail NetBanking to perform NEFT transactions:
- Log in to Canara Bank Retail NetBanking.
- On the left-hand side navigation bar, click on “Other Bank Transfer – NEFT” under the Funds Transfer section.
- Fill in all the necessary 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. You should quote this number for any inquiries related to the transaction.
What You Need for the Remittance:
- Amount to be remitted
- Remitting customer’s account number to be debited
- Name and IFS Code of the beneficiary bank
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if any
- Mobile number/email id (for NEFT to receive credit confirmation)
How to Obtain the IFSC of the Branch:
The Indian Financial System Code (IFSC) is a unique 11-digit code for NEFT/RTGS-enabled branches. You can find this code on your cheque books or 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 unknown, you can select the bank and branch while registering the beneficiary.
Canara Bank NEFT operates 24×7, 365 days a year. Transactions are processed immediately and debited from the source account upon confirmation. Transactions initiated before the cut-off time are processed on the same day. Any transactions initiated outside NEFT hours or on NEFT holidays will be processed for onward transfer to the beneficiary bank on the next working day.
The Cut-Off Time for Remittance Through Canara Bank NEFT:
As of December 16, NEFT transactions are available 24 hours a day, seven days a week. You can transfer up to Rs 2 lakhs online at a time.
The Importance of the Account Number:
- While remitting funds, mention the beneficiary’s account number correctly in the voucher.
- While seeking remittances from other bank customers, quote your 15-digit Finacle Account Number compulsorily.
Differences Between RTGS and NEFT
NEFT operates on a Deferred Net Settlement (DNS) basis, settling transactions in batches. In DNS, settlement takes place with all transactions received until a specific cut-off time. Currently, NEFT operates in hourly batches from 8 am to 7 pm. In contrast, RTGS transactions are settled individually, processed continuously throughout RTGS business hours. NEFT transactions are processed even after business hours, while RTGS transactions done after business hours will be rejected at RBI on the same day.
Benefits of Canara Bank NEFT
Canara Bank NEFT is available to all Canara Bank Net banking users. It is simple, convenient, quick, and secure, allowing users to transfer funds seamlessly. NEFT is available anytime and anywhere, saving time and energy. It is cost-effective compared to conventional modes of remittance like DD/MT. Can I Stop an Initiated NEFT Payment?
No, once a transaction is initiated, the payment cannot be stopped.
Important Instructions for Canara Bank NEFT:
The time taken to credit the beneficiary’s account depends on the recipient bank’s processing time. The money will reach the recipient’s bank within the time stipulated by the Reserve Bank of India. In case of non-credit or delay in credit to the beneficiary account, contact the Canara Bank branch or NEFT customer facilitation center.
For inquiries, you can contact the NEFT customer facilitation center:
CANARA BANK, 4th Floor, Canara Building, Adi Marzban Road, Ballard Estate, Mumbai-400 038 Tel: 022-22690581 / 022-22691157 Fax: 022-2269675 Email: [email protected] / [email protected]
Canara Bank NEFT Form 2023 FAQ
NEFT stands for National Electronic Funds Transfer. It is an electronic payment system that enables fund transfers from one bank account to another. NEFT transactions are settled in batches and are processed in hourly time slots.
The Canara Bank NEFT Form is used to initiate NEFT transactions. Customers can fill out this form to send money to another bank account using the NEFT system.
You can obtain the Canara Bank NEFT Form from any Canara Bank branch. It is typically available at the bank’s customer service or cash counter.
To fill out the NEFT Form, you will need to provide details such as the beneficiary’s name, account number, bank branch, IFSC code, and the amount you want to transfer.