Indian bank, being one of the most prominent banks in India, provides its customers with all the required banking facilities. When it comes to providing transaction facilities, it includes all the relevant methods, including NEFT. Customers are free to avail of the NEFT service by filling the NEFT form, either online via mobile banking or internet banking or offline, by visiting the bank.
What Is NEFT?
National Electronic Funds Transfer (NEFT) is a centralized payment system that is owned and operated by the Reserve Bank of India. Through NEFT, anyone can quickly transfer money between banks, pan India. A branch must be NEFT enabled to provide the service.
What Are The Advantages Of NEFT?
- Available 24×7 throughout the year.
- Secure and near real-time funds transfer.
- Pan India coverage through a network of all branches of all banks.
- An economical method for money transfer.
How To Fill Indian Bank NEFT Form?
As mentioned before, you can avail of the Indian Bank NEFT service either online or offline. The steps for both methods are as follows:-
Online
To fill the Indian Bank NEFT form online, you need to provide the following details:-
- Name, branch name, bank name, account number, IFSC code of the beneficiary.
- Beneficiary’s account type.
- Amount to be transferred,
- Select NEFT as the mode of transfer.
Offline
Indian Bank customers need to just go to their branch and ask for the NEFT form and fill in the following details:
- Beneficiary’s name, branch name, bank name, account number, and IFSC code.
- Beneficiary’s account type.
- Remitter’s name, account number, and IFSC code.
- Remitter’s type of account.
- Amount to be transferred.
Indian Bank NEFT Timings
Indian Bank provides the NEFT service 24×7 round the year, including holidays. It operates in batches starting from 00:30 hours to 00:30 hours.
Indian Bank NEFT Limit
The RBI allows NEFT at even ₹1 and imposes no upper limit. Banks have imposed limits as per their risk perception with the approval of their board. Indian Bank has imposed a transfer limit of ₹50,000 for offline transactions while online transactions have no limit.
Indian Bank NEFT Charges
- Inward transactions at the recipient bank branches are free of charge for beneficiaries.
- Outward transactions have the following charges apply to them:
| Transfer Amount | Transaction charges |
| Up to ₹10,000 | 2.5% + GST |
| ₹10000 to ₹1 lakh | 5% + GST |
| ₹1 lakh to ₹2 lakh | 15% + GST |
| Above ₹2 lakh | 25% + GST |
How Can A Non-Customer Make NEFT Transactions Through The Indian Bank?
If a person does not have an account with the Indian Bank and wishes to make an NEFT transaction for remittance, they can do so. The person has to deposit the cash with the bank and provide additional details such as complete address, contact number, etc. The limit for such transactions is also ₹50,000 as set by the RBI.
NEFT is an excellent and convenient method to transfer money, and Indian Bank provides those services for the convenience of its customers. The points mentioned above should be kept in mind while going to avail NEFT services in the Indian Bank.
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