National Electronic Funds Transfer
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Reserve Bank of India has introduced a system called ' National Electronic Funds Transfer System (NEFT)' through which funds transfer operation would take place among member Banks and financial institutions. Our bank is one of the participants in the above system. Presently over 229 branches across the Uttarakhand are enabled to offer NEFT facilities to their customers. NEFT facility is also being provided to our all the CBS branches.
The objectives of the NEFT System are:
- To establish an Electronic Funds Transfer System to facilitate an efficient, Secure, economical, reliable and expeditious system of funds transfer and Clearing in the banking sector throughout India, and
- To relieve the stress on the existing paper based funds transfer and clearing system.
Eligibility Criteria For Customer Transactions :
- Fund Transfer through NEFT can be availed by the customers who maintain their operative accounts viz., Savings Bank, Current Account. This facility can also be allowed to CC / OD account etc., subject to ensuring end use of funds.
- Outward / Inward remittance facility under NEFT is offered to the customers of all the NEFT enabled branches as per list.
- This facility is now being extended to Non - customers for cash transactions upto Rs.50000/-
Procedure for availing the facility:
- Customers have to submit a request by filling up a form available in all NEFT Branches along with the cheques/Debit instruction to the branch.
- The customer has to inform the beneficiaries account number, Name and IFSC code the Bank/ Branch where the funds are to be remitted.
- NEFT transactions may be made for amounts inclusive of paisa component.
- There is no value limit for putting through an individual NEFT transaction.IFSC (Indian Financial System Code) is an eleven digit code given to each branch of all banks which are participating in NEFT.
- The list of the branches of all the Banks participating in NEFT is also available in RBI's website www.rbi.org.in
Presently eleven settlements are carried out during the day by RBI from Monday to Friday i.e. at 9.00AM, 10 AM, 11 AM, 12.00 Noon, 1.00 PM, 2.00 PM, 3.00 PM, 4.00 PM, 5.00 PM, 6.00 PM, 7.00 PM. On Saturday the settlements are carried out at 9.00AM, 10 AM, 11 AM, 12.00 Noon and 1.00 PM.