PNB National Electronic Fund Transfer
All customers of Punjab National Bank (PNB) can avail National Electronic Fund Transfer (NEFT) services across the nation. Money transfer can be made through internet and mobile banking to all NEFT-enabled banks in India. One needs to provide bank account details and IFSC code of the payee to carry out a NEFT transaction. PNB offers seamless NEFT services and has a nationwide network. All PNB branches provide NEFT facility to customers. PNB NEFT transactions are usually settled in a batchwise system, which is on an hourly-basis.
Process to Transfer Funds through NEFT from Punjab National Bank to any Bank
- Step 1: Go to the PNB website. Login to the internet banking portal using the username and password
- Step 2: Go to ‘Transactions’ and under the ‘Transfer to Other Bank Accounts’ option, click on the NEFT tab
- Step 3: This will take the customer to the ‘Initiate Simple Payment’ page. Here fill in relevant details such as beneficiary account number, amount to be transferred, transaction date, frequency type (one-time, etc.), and remarks, if any
- Step 4: Choose the ‘Continue’ button
- Step 5: This will take you to the ‘Initiate Single Entry Payment Confirmation’ page. Here the customer can re-confirm details, key in the transaction password, and click on the ‘Submit’ button. At this stage, if any details are incorrect, one can click the ‘back’ button and correct the details
- Step 6: If the transaction is successful, it will be displayed on the screen and the customer can also see a reference number on the screen. The confirmation message can also be saved as a PDF for future reference. It can also be mailed to the beneficiary if need be by clicking on the ‘Send Mail’ option
How to Register a Beneficiary in Punjab National Bank
- Log on the PNB portal and enter the internet banking account by providing username and password
- Go to ‘Transactions’, under which choose ‘Beneficiary Management’ and then ‘Manage Beneficiary’
- Under the ‘Manage Beneficiary’ option choose the ‘Add NEFT Payee’ option
- Fill in the beneficiary details and validate the account number by clicking’ Validate’. Click the ‘Continue’ option.
How to Pay Credit Card Bill through Punjab National Bank NEFT
- Step 1: Login to internet banking account
- Step 2: Add the credit card as a beneficiary
- Step 3: Process online transfer
- Step 4: Key in the below information
|Name of Destination Bank||Punjab National Bank|
|Name of Destination Branch||ECE House, New Delhi|
|Destination Account Number||16-digit credit card number|
- Step 5: Verify details
- Step 6: A confirmation message will be sent
Details Required to Carry Out a PNB NEFT Transaction
- The 16-digit beneficiary account number
- Payee name
- IFSC code
Check IFSC Code for Top Banks:
|State Bank of India IFSC Code||HDFC Bank IFSC Code||Indian Bank IFSC Code|
|Axis bank IFSC Code||Canara bank IFSC Code||ICICI Bank IFSC Code|
Punjab National Bank NEFT Fees and Charges
|Transaction amount||Transaction fee|
|Up to Rs.10,000||Rs.2.50|
|Above Rs.10,000 to Rs.1 lakh||Rs.5.00|
|Above Rs.1 lakh to Rs.2 lakh||Rs.15.00|
|Above Rs.2 lakh||Rs.25.00|
*Please note that GST charges may be levied for all Punjab National Bank NEFT transactions. Also, please keep in mind that the above rates are for each transaction carried out.
Timing for Punjab National Bank NEFT
Punjab National Bank NEFT transactions will be processed during the working hours of the bank from Monday to Saturday. NEFT services will not be available on bank holidays.
|Monday to Friday||At present from 8.00 a.m. to 7.00 p.m.|
|Saturday||At present from 8.00 a.m. to 1 p.m.|
Benefits of PNB NEFT
- Close to no risk involved
- Convenient and reliable method of money transfer
- The Reserve Bank of India (RBI) manages the fund transfer process and hence it is a dependable and well-grounded system
- The transaction fee is affordable and hence it is a more practical and hassle-free process
- In case funds get transferred due to several glitches, it will be credited back to the account holder as soon as possible
Limitations of Punjab National Bank NEFT
- Not as speedy as IMPS. In case of IMPS, the transfer is immediate but NEFT transfer is done in a batchwise process and hence there might be some delays
- NEFT services cannot be made on bank holidays
- This service cannot be used for during an emergency
FAQ's for PNB
What is NEFT? Expand it.
Ans: NEFT refers to National Electronic Funds Transfer. NEFT is defined as an electronic funds transfer system through which customers can send money from one bank to another via wire transfer.
How does PNB settle NEFT transactions?
Ans: All NEFT transactions are governed by the RBI and processed through wire transfer. A customer will have to use his/her internet banking account to initiate the transfer. PNB processes fund transfers in hourly batches.
Is there a minimum and maximum limit for all NEFT transactions done through PNB?
Ans: PNB does not prescribe any minimum limit for NEFT transactions. The maximum limit in most cases is Rs.500 lakh. This depends on the type of account the customer holds with the bank.
When will the beneficiary receive the funds that are sent through PNB NEFT?
Ans: Usually, all PNB NEFT transfers happen on the same day the transaction was initiated. However, if it was sent after the cut-off time, it will be credited to the beneficiary account on the following day.
Who is eligible to do a NEFT transfer?
Ans: NEFT transfers can be made by all account holders and this may include individuals, business firms, and corporates. PNB allows NEFT transfer for those who do not hold an account too. To do such a transfer, the customer has provide relevant details such as name, mobile number, address, etc.
Who is eligible to receive funds through NEFT?
Ans: Only those who have a valid bank account will be eligible to receive funds that are transferred through NEFT. Funds can be received even by business establishments along with individuals. However, NEFT transactions cannot be processed if the beneficiary does not hold a valid bank account at a NEFT-enabled bank.
If funds are not received or credited to the payee’s account, what will be the next step by the bank?
Ans: If there is any error in a NEFT transaction and the money is not credited, it will be refunded as soon as possible.
Are there any charges for inward remittances?
Ans: All NEFT transactions that are processed inward will not have a processing fee.
What step should the customer take if the funds are not transferred on time or has not been credited at all?
Ans: In such a case, it is advisable for the customer to contact the PNB Customer Facilitation Centre or call the customer care number as soon as possible and bring the issue to the notice of the bank. The customer can also approach the RBI in certain cases to resolve the issue.
Can NEFT transfer be used to send funds to NRO/NRE accounts?
Ans: NEFT can be used to send money to any NRO/NRE account that is held in a NEFT-enabled bank. This can be done subject to guidelines issued by the Foreign Exchange Management Act, 2000.
Can an account holder send money to foreign account holders through NEFT?
Ans: No. All NEFT transactions can be done only with NEFT-enabled banks in India and it is not possible to remit funds into an account of a foreign bank.
In case the fund transfer is not successful and funds have not been credited to the payee’s account, what will be the consequences?
Ans: In such a case, funds will be automatically credited back to the account holder. This should ideally be done within a 24-hour window.
Can NEFT transfer be done through other methods, apart from online?
Ans: All PNB customers can avail NEFT services by visiting the nearest Punjab National Bank branch. Even mobile banking can be used for NEFT transfer and to use this facility, one might have to download the bank’s app on their respective smartphone.
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