Bank of India NEFT Form, Rules, Timing, Charges, BOI NEFT Form 2019
Bank of India NEFT Form, Rules, Timing, Charges & How to do NEFT?: Bank of India taken another step in providing you the facility of Online Interbank Fund Transfer through our Star Connect Internet Banking Service, on a mouse click, using RTGS/ NEFT. National Electronic Funds Transfer (NEFT On line Funds Transfer to other banks). 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. In this article we provide complete details for Bank of India NEFT like – How to send payment via Bank of India NEFT, Charges of Bank of India NEFT, Timing of Bank of India NEFT etc.. Now check more details for Bank of India NEFT From below….
What is NEFT?
NEFT -The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI’s NEFT service. RTGS -The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time”. The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India.
Who can avail Bank of India NEFT facility
Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. 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 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
Bank of India NEFT Form
Minimum and Maximum Amount for Transfer
- Minimum: Rs.1
- Maximum: No Limit
Bank of India NEFT Charges
|Outward Transaction Slab||Maximum Charges (exclusive of service tax)|
|Upto Rs. 10,000/-||Rs. 2.50/-|
|Upto Rs.10000||Rs.5/- per transaction|
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 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 Bank of India Internet Banking Service, for using Internet banking, you need to login at 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 Bank of India (Internet Banking) with full transaction right. If you would like to avail Bank of India NEFT Facility then please download the application form or visit to your Bank of India Brach and submit the duly filled form to your base branch. If you are already a 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 Bank of India Retail 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
The following information about the Beneficiary is mandatory –
- Beneficiary Name
- Beneficiary Address
- Beneficiary Account Number
- Beneficiary Account Type (only in case of NEFT)
- IFSC Code of the Beneficiary’s Bank Branch
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?
- 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 Bank of India, the credit into the beneficiary account is completely dependent on the destination bank
Presently, the NEFT transactions can be done any time, however, credits to the beneficiary account shall be on same day/ immediate next working depending on the time of payment and beneficiary bank. Presently, the RTGS timings* on any given working day is as under –
- Week Days 09:15 a.m. – 03:45 pm
- Saturday 09:15 a.m. – 11:45 a.m.
*Timings, above are subject to change
- NEFT works on all days except on 2nd & 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 request can be initiated anytime as it is open 24×7, 365 days.
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 Bank of India NEFT
- Bank of India NEFT is Available to all – All our Net banking (existing & new) users are eligible to utilize this on-line facility.
- 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 Bank of India NEFT Anytime, anywhere… Simple and easy to operate – from home / office anytime, anywhere, Save time and energy
- Get more for less – 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 Bank of India NEFT
- The Funds transfer request made by 6 p.m. will be presented to RBI on the same day. The Funds transfer request made after 6 p.m. will be presented to RBI on the next working day.
- On Saturdays (excluding second and fourth saturday), funds transfer request made by 6 p.m. will be presented to RBI on the same day. The Funds transfer request made after 6 p.m. will be presented to RBI on the next working day.
- Funds transfer request made on non- working days will also be presented to RBI on the next working day
- 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
What happens to the transaction, if the beneficiary details provided are incorrect OR erroneously beneficiary details are provided are incorrect?
Bank does not verify the Beneficiary Details given for outward NEFT transaction, and its fate entirely depends upon the Beneficiary Bank. If the beneficiary details provided matches at the Beneficiary Bank, the credit will be passed on, as per the details. But, in case the Beneficiary Bank rejects the transaction, for ANY reason, the customer account will be credited.
You can call our Call Centre at 91-22-40919191 on any day between 08:00 am- 08 pm