All Syndicate Bank customers can avail NEFT services with all NEFT-enabled banks in the country using their respective internet banking accounts. NEFT is a simple, fast and reliable fund transfer mechanism that is used to send money from one bank account to another bank account from anywhere in India. To carry out a NEFT transaction, one must have the payee/beneficiary account details and IFSC code, without which a NEFT transaction cannot be carried out. The NEFT system is managed and governed by the Reserve Bank of India (RBI). One must have an active internet banking username and password to avail NEFT services.
Transfer Funds Through NEFT from Syndicate Bank to Any Bank
Step 1: Visit the Syndicate bank website and log in to the internet banking portal by keying in the username and password
Step 2: Go to the ‘Payment’ option
Step 3: Click on ‘NEFT’
Step 4: Fill in the beneficiary details, payment details, and other details. Click on ‘Initiate’
Step 5: Verify details and click on the ‘Confirm’ option
Step 6: On the ‘Transaction Initiation Authorization’ page, key in the ‘Passcode’ and click on the ‘Submit’ button
How to Add Beneficiary in Syndicate Bank
Go to the Syndicate bank website and log in to the internet banking portal by keying in the username and password
Go to the ‘Beneficiary Maintenance’ option and click ‘Create Beneficiary’
Fill in all beneficiary details such as name, bank and branch details, account number and IFSC code
Click on ‘Add’ once all the details are filled
How to Pay Credit Card Bill Through Syndicate Bank NEFT
Step 1: Login to the Syndicate Bank internet banking portal with username and password
Step 2: The next step is to add the credit card as a beneficiary
Step 3: Initiate online transfer using NEFT mode to the beneficiary
Step 4: Key in the below information:
- Name of Destination Bank
- IFSC Code
- Name of Destination Branch
- Destination Account Number
- Step 5: Verify details
- Step 6: A confirmation message will be sent
Details Required to Carry Out a NEFT Transaction
- The 16-digit beneficiary account number
- Payee name
- IFSC code
Syndicate Bank NEFT Fees and Charges
|Transaction amount||Transaction fee|
|Up to Rs.1 lakh||Nil|
|Above Rs.1 lakh to Rs.2 lakh||Rs.15|
|Above Rs.2 lakh||Rs.25|
*Please note that GST charges may be levied for all Syndicate Bank NEFT transactions. Also, please keep in mind that the above rates are for each transaction carried out.
Timing for Syndicate Bank NEFT
Syndicate 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.
Benefits of Syndicate Bank 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 Syndicate Bank NEFT
- Not as speedy as IMPS. In case of IMPS, the transfer is immediate but NEFT transfer is done in a batch-wise 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
FAQs of Syndicate Bank NEFT
- Expand NEFT. What is NEFT? How is it different from other modes of money transfer?
NEFT is expanded as National Electronic Funds Transfer. NEFT is a mode of money transfer like IMPS and RTGS. It is used to send money electronically from one bank account to another using internet banking facilities. NEFT is government by the RBI and hence it is a more reliable method of money transfer when compared to other methods.
- What is the process followed to settle NEFT transactions? How does Syndicate Bank process these transactions?
Any NEFT transaction made through Syndicate Bank will be settled by the bank in a batch-wise format on a day to day basis. The RBI will process these transactions at respective bank centres within a 24- hour window.
- Can the customer approach the RBI in case of any dispute or non-settlement of funds?
- Are all Syndicate Bank branches in India NEFT-enabled?
Most Syndicate Bank banks in India offer NEFT transfer facilities.
- How to check if a bank is NEFT-enabled?
Go to the RBI website to check the list of banks in India that are NEFT-enabled.
- What is the minimum and maximum limit for all NEFT transactions in Syndicate Bank?
Syndicate Bank does not have 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.
- What are the other methods of NEFT transfer?
NEFT services can be availed by visiting a NEFT-enabled Syndicate Bank branch. Apart from this, mobile banking can be used for NEFT transfer. Download the bank’s app for mobile or tablet services.
- What is the fee for inward remittances?
There are no charges or fees levied for NEFT remittances are are inwardly made.
- How long does it take for the payee to receive the funds that are sent through Syndicate Bank NEFT?
Usually, all Syndicate Bank 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.
- What is the eligibility criteria for NEFT transfers in Syndicate Bank?
All Syndicate Bank customers are eligible to initiate NEFT transfers with any NEFT-enabled branches. Both account holders, individuals, business firms, and corporates can avail these services.
- Who is eligible to receive funds through NEFT?
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.
- In case the money is not credited to the payee/beneficiary account, what can the customer do?
In such a case, the customer will have to contact the bank or the concerned branch as soon as possible and try to resolve the issue. In most cases, the money will be credited back if there have been any errors in the payment process due to technical snarls.
- What if the funds are not transferred on time?
In such a case, it is advisable for the customer to contact the Syndicate Bank Customer Care Centre. The customer can also approach the RBI in certain cases to resolve the issue.
- Is it possible to initiate a NEFT transfer to send funds to NRO/NRE accounts?
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.
- Is it possible for an account holder to send money to foreign account holders through NEFT?
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.
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