Central Bank of India National Electronic Funds Transfer(NEFT)

Central Bank of India NEFT

The Central Bank of India offers all its customers National Electronic Fund Transfer (NEFT) services across the nation. Funds can be transferred to any other NEFT-enabled bank in India through internet banking services. This can be done by logging into your respective internet banking account through the PC, mobile phone or tablet. NEFT is basically an electronic fund transfer mechanism that is facilitated by the Reserve Bank of India (RBI). It is one of the most common, fast, secure and reliable methods of sending money.

Process to Transfer Funds through NEFT from Central Bank of India to another Bank

• Step1: Go to the Central Bank of India website
• Step 2: Login to the respective internet banking account by providing username and password
• Step 3: Click on the ‘Main Menu’ option and scroll down to choose ‘Other Bank Account’ option
• Step 4: Fill in all relevant details such as the transaction amount, the ‘From’ and ‘To’ columns, payment due date and remarks, if any
• Enter the transaction password and hit the ‘Submit’ button

Summary of steps

How to Pay Credit Card Bill through Central Bank of India NEFT

It is an easy and hassle-free process to make credit card bill payments through Central Bank of India NEFT. Here is how to do it:

• Log in to the Central Bank of India internet banking account
• Include the name of the credit card company as the beneficiary under the NEFT section
• Provide the IFSC code and 16-digit credit card number in place of the account number
• The credit card issuing authority will be the name of the bank
• Credit card payments can be directed to the credit card company through NEFT funds transfer

Details Required to Carry Out a NEFT Transaction

• The 16-digit beneficiary account number
• Payee name
• IFSC

Check IFSC Code for Top Banks:

Central Bank of India NEFT Fees and Charges

*Please note that other charges will be levied for all Central Bank of India NEFT transactions

Central Bank of India NEFT Timing

All NEFT transactions are processed by Central Bank of India from 8 a.m. to 7 p.m.. NEFT services will not be available on bank holidays.

Benefits of Central Bank of India NEFT

• Nationwide reach: One can make a transfer to any bank that is NEFT-enabled across the country without any hassle, making it a very convenient fund transfer mechanism.
• Safe and secure mechanism: NEFT is a very safe, reliable and secure method of transferring funds. It less likely that there will be any chance of error in this type of payment mechanisms.
• Governed by RBI: The NEFT mechanism is managed by the RBI and hence it is a very safe method. In case of any dispute or when a dispute is not resolved by the bank, the customer can directly approach the RBI.
• Economical: Compared to other fund transfer methods, NEFT is very economical and pocket-friendly. The service charge is reasonable and not on the higher rate like other modes of fund transfer.

Limitations of Central Bank of India NEFT

• Not immediate: Funds are not transferred only during the working hours of the bank. So, in case of an emergency, the money cannot be sent as an when required.
• Bank holidays: Customers cannot use NEFT services during bank holidays. This comes as one of the major disadvantages of NEFT.

FAQ's of Central Bank of India NEFT

1. Expand NEFT? What is a NEFT funds transfer?

   Ans: The full form of NEFT is National Electronic Funds Transfer. NEFT is basically a fund transfer system through which money can be sent to other bank accounts through an electronic or online transfer.

2. Can NEFT transfer be done at any time through Central Bank of India?

   Ans: Ideally, NEFT a NEFT transfer will only be processed during the working hours of the bank. However, the fund transfer can be initiated at any point in time.

3. How does NEFT work in Central Bank of India?

   Ans: The RBI manages the fund transfer system.

4. How can a user confirm if the bank branch he/she is transferring money to is NEFT-enabled?

   Ans: To check this, log on to the RBI website. The RBI regularly updates the list of banks that are NEFT enabled.

5. Are fund settlements made in batches?

   Ans: Usually, all NEFT fund transfers made through the Central Bank of India are settled in a phased manner on an hourly basis. There are 12 hourly batches.

6. Do you have to have an account with Central Bank of India to carry out a NEFT transaction?

   Ans: Yes. It is mandatory to have an account as this facility is only available to account holders.

7. Is it mandatory to have an internet banking account to avail NEFT facility?

   Ans: To make a fund transfer online through NEFT, it is a must to have an active account with the Central Bank of India.

8. What can I do if the NEFT transfer is delayed?

   Ans: The first option is to contact the respective Central Bank of India bank branch or call their customer care number. If the issue is not resolved, one can directly approach the RBI.

9. In case the money is not received or credited to the payee’s account, will the sender get his/her money back?

   Ans: If there is any error in a NEFT transaction and the money is not credited, it will be refunded.

10. Is it required to have a bank account to transfer funds through NEFT?

    Ans: Yes. NEFT transactions cannot be done without a bank account because NEFT is an account to account transfer mechanism.

11. Can an account holder receive foreign remittances through NEFT?

    Ans: No. All NEFT fund transfers are only possible in India.

12. Can an account holder send money to other country account holders through NEFT?

    Ans: No. NEFT services cannot be used to send money to other country account holders.