NATIONAL ELECTRONIC FUNDS TRANSFER(NEFT)
Introduction
Reserve Bank of India has introduced a system called The Reserve Bank of India National Electronic Funds Transfer System which may be referred to as NEFT System, for participating banks and institutions with the required system of computer and communication network through which funds transfer operation would take place. Our bank is one of the participants in the above system. Presently, our all the Service Outlets are enabled to offer NEFT facilities to their customers.
Objectives
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 our CBS branches.
- This facility is extended to Walk -in Customers.
- This facility is available to Walk- in customers against cash payment upto Rs.50,000/-
- Outward NEFT (N06) facility will not be available for first 7 days in any account of new customer.
- Outward NEFT from any branch other than the parent/base/home branch shall not be allowed.
