Union Bank offers National Electronic Fund Transfer (NEFT) services to all customers across the country. Funds can be transferred from anywhere to any NEFT-enabled bank in India. NEFT is a hassle-free, reliable fund transfer system that is governed by the Reserve Bank of India (RBI). One can easily do a NEFT transfer online by providing basic details of the payee/beneficiary such as account number, IFSC code and name. NEFT services can also be availed by corporate customers, apart from individuals. There will be a certain nominal processing fee levied for each NEFT transaction.
Process to Transfer Funds through NEFT from Union Bank to any Bank
- Step 1: Log on to the Union Bank website and enter the internet banking account by providing relevant username and password
- Step 2: Go to the ‘Transfers’ option and click on ‘NEFT/RTGS Transfers’
- Step 3: Click ‘Make a New Payment’ and enter the payee/beneficiary details
- Step 4: Once all details are filled click on the ‘Pay’ option
- Step 5: Enter the transaction password and ‘Validate’ details
- Step 6: A confirmation message will be displayed on screen
How to Register a Beneficiary in Union Bank of India
- Visit the Union Bank portal and log in to the internet banking facility by providing username and password
- Go to the ‘Transfers’ option and click on ‘NEFT/RTGS Transfers’
- Click on ‘Register Beneficiary’
- Fill in beneficiary details such as name, account number, IFSC code, branch details, etc
- Click ‘Add Payee’
- Click ‘Ok’ and ‘Confirm Beneficiary’. A tracker ID will be sent to the account holder through SMS for confirmation of the beneficiary
How to Pay Credit Card Bill through Union Bank NEFT
- Step1: Login to the Union Bank internet banking portal from any device
- Step 2: To make card bill payment, add the credit card to the payee list. The card should be added as a beneficiary to initiate bill payment. This option is available under third party transfer
- Step 3: Key in the IFSC code of the respective credit card
- Step 4: Fill in the 16-digit credit card number in place of the account number
- Step 5: Key in the bank name and enter the bank address of the credit card company/bank
- Step 7: Click the submit button to complete the payment process
Details Required to Carry Out a NEFT Transaction
- The 16-digit beneficiary account number
- Payee name
- IFSC code
Union 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 Union Bank NEFT transactions. Also, please keep in mind that the above rates are for each transaction carried out.
Timing for Union Bank NEFT
All Union Bank NEFT transactions are settled in a batchwise pattern during the working hours of the bank from Monday to Saturday. NEFT services will not be available on bank holidays. Please note that NEFT transfers cannot be made on 2nd and 4th Saturdays of the month as it is a holiday.
|Monday to Friday||8.00 a.m. to 6.30 p.m.|
|Saturday||8.00 a.m. to 6.30 p.m.|
Benefits of Union Bank NEFT
- Less risky process when compared to other types of fund transfer methods
- Easy, simple and reliable
- NEFT is backed by the Reserve Bank of India (RBI) and hence can easily rely on this form of payment method
- If funds do not get transferred due to any glitches, it will be credited back to the account holder
- Affordable transaction fee
Limitations of Union Bank of India NEFT
- Slow when compared to IMPS and other types of fund transfer methods
- NEFT services are not available during bank holidays
- All NEFT transactions are processed in batches and hence it will make much longer for the money to be credited to the beneficiary’s account
- This may not be the best method of fund transfer, especially during an emergency situation
FAQs of Union Bank of India
- What is the full form of NEFT? What is NEFT and how is it different from other fund transfer methods?
National Electronic Funds Transfer, abbreviated as NEFT, basically refers to a nationwide electronic funds transfer system through which customers can send money from one bank to another via wire transfer. NEFT is a nation-wide fund transfer mechanism and is governed by the RBI.
- How are NEFT transactions processed by Union Bank?
All NEFT transactions are settled in hourly batches and not on a real-time basis. This system is maintained by the RBI and is processed respective NEFT processing centres. These centres work in coordination with the RBI to settle NEFT payments in a smooth and efficient manner.
- What is the minimum and maximum limit for NEFT transactions in Union Bank?
As such there is no maximum limit for NEFT transactions in Union Bank. However, if more than Rs.2 lakh needs to be transferred, it can be made but it will fall under the RTGS payment method.
- After the NEFT transfer has been made, how long will it take for the money to be credited into the beneficiary’s account ?
Union Bank NEFT transfers are settled in hourly batches and the beneficiary will receive the funds within an hour. The maximum time limit is 24 hours.
- What is the eligibility criteria for NEFT transfer?
NEFT can be used even by those who do not have an account with Union Bank but only to send funds below Rs.50,000. This facility will be available to all account holders.
- Can NEFT transfer be done to any bank in India?
This will not be possible. NEFT transfer can only be done with NEFT-enabled banks in India. At present, there are 45,000 NEFT-enabled banks.
- How can a customer check if a bank is NEFT enabled?
To know if a bank is NEFT enabled, ask the Union Bank customer care executive by making a call or visit the RBI website to check the list of banks that are NEFT-enabled.
- Is IFSC required to carry out a NEFT transfer?
Yes. Expanded as Indian Financial System Code, IFSC is an alpha-numerical code that is used while making a NEFT transfer. It is necessary to know the IFSC of the beneficiary to transfer funds to his/her respective bank account.
- In case funds are not transferred on time or not been credited, what can the customer do?
The customer should immediately contact the Union Bank customer care centre. If the issue is not resolved, the RBI can be approached.
- Is it possible to stop the payment at any point of time?
Ideally, one cannot stop NEFT payment because once the customer hits the submit button, the wire transfer would have already been initiated.
- Is it possible to get a status update about the fund transfer? Is it possible to track it in any way?
The transaction can be tracked. The confirmation message will be displayed one the transfer has been made. Once can also contact the branch to receive confirmation.
- Is it possible to transfer funds to NRE/NRI accounts through NEFT?
Yes, one can remit money to all NRE/NRI accounts through NEFT without any hassle.
- Is it possible to receive funds from NRE/NRI accounts through NEFT?
Yes, this can be done without any hassle.
- Can money be sent to a foreign bank through NEFT?
- Can money be received from a foreign bank through NEFT?
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