HDFC Bank NEFT Form, Rules, Timing, Charges & How to do NEFT?
HDFC Bank NEFT Form, Rules, Timing, Charges & How to do NEFT?: With e-Monies National Electronic Funds Transfer 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. With National Electronic Funds Transfer (NEFT) you can transfer funds and make Credit card payments to any bank across India. In this article we provide complete details for HDFC Bank NEFT like – How to send payment via HDFC Bank NEFT, Charges of HDFC Bank NEFT, Timing of HDFC Bank NEFT etc.. Now check more details for HDFC Bank NEFT From below….
What is NEFT?
NEFT has paved the way for big fund transfers online. Earlier people would have been skeptical to use it because it is such high-end technology and that it could cause confusion but with the success of this scheme, more and more people are using it and also spreading the word. There are charges attached to NEFT if the beneficiary has an account with the same bank. But if the remitter is transferring money to a beneficiary from another bank, there are a list of charges attached to it. It varies for the sum that is being transferred. It is minimal and ranges from Rs 2.50 to Rs 25. As a result, it doesn’t even pinch the pocket and is very reasonable. This transfer is considered to be very safe and is encouraged because there is no cash involved. The Remitter and Beneficiary receive a message once the transaction is done, thus leaving both absolutely relaxed. Once the timings are known, which the bank provides, all you need to transfer and everything is taken care of.
Who can avail HDFC Bank 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
HDFC Bank NEFT Form
HDFC Bank NEFT Form in PDF Format (Official)
- HDFC Bank NEFT Form in PDF Format (Official)
- Click Here to Download HDFC Bank RTGS, NEFT Form (In Excel)
Minimum and Maximum Amount for Transfer
- Minimum: Rs.1
- Maximum: No Limit
Please Note : New RBI news on 7th June 2019 – RBI has waived off charges for payments via NEFT and RTGS and asked banks to pass on the benefits to customers. This means that payments via NEFT and RTGS would become either free or charges would be drastically reduced. This was announced in the Statement on Developmental and Regulatory Policies, which was released today by the central bank as part of its monetary policy review.
HDFC Bank NEFT Charges
NEFT transactions on NetBanking are charged as below:
- Amounts up to Rs. 10,000 – Rs.2.5 (exclusive of taxes) per transaction
- Amounts from Rs.10,001 to Rs.1 lakh – Rs. 5 (exclusive of taxes) per transaction
- Amounts above Rs. 1 lakh up to Rs. 2 lakh – Rs. 15 (exclusive of taxes) per transaction
- Amounts above Rs.2 lakh – Rs.25 (exclusive of taxes) 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 Internet Banking : You may also send money via NEFT by using your HDFC Bank Internet Banking Service, for using Internet banking, you need to login at HDFC Bank 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 HDFC Bank (Internet Banking) with full transaction right. If you would like to avail HDFC Bank NEFT Facility then please download the application form or visit to your HDFC Bank Brach and submit the duly filled form to your base branch. If you are already a HDFC Bank 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.
To use E-Monies National Electronic Funds Transfer you will need to begin by adding a beneficiary. Then you can go on to make a funds transfer or Credit card payment.
To add a beneficiary –
Both the NetBanking and Third Party Funds Transfer facilities should be enabled. (If you’re not yet registered, just fill the form at your closest HDFC Bank branch).
You should have your beneficiary’s IFSC handy. You can get this from the beneficiary bank.
When the above is complete you can follow these steps:
- Step 1 – Log into HDFC Bank NetBanking, using your Customer ID and Password
- Step 2 – Go to Fund Transfer tab.
- Step 3 – Click ‘Add a Beneficiary’, and then select Beneficiary Type – Transfer to other bank
- Step 4 – Enter the beneficiary account or Credit card number
- Step 5 – Select the IFSC, using the bank and branch name. Now you can add the beneficiary. Remember, this is a one-time process.
- Step 6 – Click ‘Add’, then ‘Confirm’
- Step 7 – Authenticate yourself at the secure access step, and wait for your confirmation message
The beneficiary will be activated in 30 minutes (due to security reasons). The Beneficiary can be viewed in the “View Beneficiary” option of the Enquire Section.
Post activation of a beneficiary,
- Rs.50,000 (in full or parts) can be transferred for the first 24 hours.
- Rs.100,000 (in full or in parts) can be transferred for the first 48 hours.
An added beneficiary to whom no funds are transferred for more than 24 months, is treated as a new beneficiary in all respects.
A maximum of 7 beneficiaries can be added/modified/deleted in a period of 24 hours.
To make your funds transfer/Credit card payment –
- Step 1 – Go to Fund Transfer tab, and click Transfer to other bank
- Step 2 – Select account, beneficiary, and enter the relevant details.
- Step 3 – Accept the Terms and Conditions
- Step 4 – Review the details, and, if all is correct, confirm to complete the process
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 HDFC Bank 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
What the customer must have for remittance
IFSC of the bank branch to which the remittance to be made (IFSC is 11 characters code)
Beneficiary account number, Name and Address (to whom the remittance is intended to )
Approach the branch with the above details
When is the amount credited in the beneficiary account?
- HDFC Bank NEFT is open 24×7, 365 days.
- 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 HDFC Bank, the credit into the beneficiary account is completely dependent on the destination bank
Timing of HDFC Bank NEFT
|Monday – Friday||8:00 to 18:00 hours|
|Saturday||8:00 to 13:00 hours|
- NEFT Hours- 08:00 am – 06:00 pm on Monday to Saturday, excluding second and fourth Saturdays of the month
- 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 18:00 hours Monday to Friday and 13:00 hours on Saturdays (The NEFT service is not available on Sundays and RBI declared holidays). However HDFC Bank 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 HDFC Bank NEFT
- HDFC Bank NEFT is Available to all – All our Net banking (existing & new) users are eligible to utilize this on-line facility.
- HDFC Bank 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 HDFC Bank NEFT Anytime, anywhere… Simple and easy to operate – from home / office anytime, anywhere, Save time and energy
- Get more for less – HDFC Bank 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 HDFC Bank 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
General notes for HDFC Bank NEFT
- The funds transfer option is applicable for all beneficiary bank branches participating in the NEFT scheme.
- Kindly ensure that the Beneficiary Details are correct before the execution of the transfer.
- Please note down the transaction reference number for any clarifications/communications with regards to NEFT transactions. This reference number should be used to follow-up with the destination bank for credit into recipients’ account.
- Please note that NEFT transactions are to be used only for transferring funds from HDFC Bank to other banks. For transferring funds to another HDFC Bank account, please use the Third Party Transfer option.