In this Article We Know Union Bank NEFT Form 2023, UBI NEFT Charges 2023, UBI NEFT Process, NEFT And RTGS Difference, Daily limit for RTGS,
Union Bank of India Union Bank NEFT 2023 Form: Utilize the National Electronic Funds Transfer (NEFT) to effortlessly transfer funds and settle credit card payments to any bank nationwide. This service enhances the convenience of your transactions, extending their reach more broadly with fewer limitations than ever before.
What Is NEFT
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system that enables the seamless transfer of funds to other bank accounts across over 63,000 bank branches nationwide. It is a straightforward, secure, safe, speedy, and cost-effective method for transferring funds, particularly for retail remittances.
Who is eligible to access the NEFT facility offered by Union Bank of India?
- Customers with Savings/Current Accounts at the branch
- Walk-in customers for transactions below Rs. 50,000
Union Bank of India NEFT Form
Download Form Link: Click Here
UBI NEFT Minimum And Maximum Limit
- Daily limit for RTGS: Minimum amount: Rs. 1
- Maximum amount: Rs. 2 Lakhs
Also Read: ICICI RTGS Charges 2023: ICICI Bank RTGS Form, Timing, Benefits, Process जाने पूरी जानकारी
UBI NEFT Charges 2023
UBI NEFT Charges 2023: Important Update as of January 1, 2020:
- UBI NEFT Charges 2023: Effective January 1, 2020, there will be no charges for National Electronic Funds Transfer (NEFT) transactions conducted through online fund transfer (Net Banking), as per the latest news from the Reserve Bank of India (RBI). This exemption is applicable to account holders with savings bank accounts. Consequently, payments made via Union Bank NEFT 2023 will either be free or subject to significantly reduced charges.
- In line with the RBI directive, there will be no charges on Union Bank NEFT 2023 transactions conducted through Internet Banking starting January 1, 2020. We appreciate the initiative taken by the RBI. ♥♥
- Please be informed that Union Bank NEFT services are now available 24/7, allowing you to make NEFT payments at any time from January 1, 2020.
How to Make a Payment Using NEFT
There are two methods for initiating payments through NEFT:
- NEFT via Bank Branch:
- If you prefer offline mode, visit your nearest Union Bank of India Branch.
- Request an NEFT Form or Slip from the branch.
- Fill in all the required details on the NEFT Form.
- Submit the completed form to the Cashier.
- Your bank branch will then process the payment and transfer it to the recipient within 2 working hours.
- NEFT Via Internet Banking:
- Utilize Union Bank of India’s Internet Banking Service to send money via NEFT.
- Log in to the Union Bank of India website.
- Add a new beneficiary in your account.
- Once the beneficiary is added, you can initiate NEFT payments online.
- Online NEFT transactions are accessible for all Union Bank of India customers with Internet Banking, providing full transaction rights.
UBI NEFT Process By Android App
To utilize the NEFT Facility offered by Union Bank of India, you have two options:
- Download Application Form:
- Download the application form from the specified URL.
- Complete the form.
- Visit your Union Bank of India branch and submit the duly filled form to your base branch.
- Visit Union Bank of India Branch:
- Visit your nearest Union Bank of India branch.
- Obtain the NEFT application form.
- Fill out the form.
- Submit the completed form to your base branch.
For existing Union Bank of India Connect customers with “view right” wishing to upgrade to full transaction rights, please re-submit your application form (available for download from the above URL) to your base branch.
- Log in to Union Bank of India NetBanking.
- On the left-hand side navigation bar, select “Other Bank Transfer – NEFT” in the Funds Transfer section.
- Complete all required details, including transfer amount, destination account number, IFSC Code, beneficiary name, and payment details.
- Once all details are accurately filled, a unique transaction confirmation number will be generated.
- Remember to quote this transaction confirmation number for any queries related to this specific transaction.
What Is Required From The Customer For The Remittance Process?
- Provide the 11-character IFSC code of the destination bank branch for the remittance.
- Furnish the beneficiary’s account number, name, and address for whom the remittance is intended.
- Visit the branch and present the aforementioned details.
When Will The Funds Be Credited To The Beneficiary’s Account?
- Union Bank of India NEFT operates 24×7, 365 days a year.
- Confirmed transactions are immediately debited from the source account and processed. Transactions initiated before the cut-off time are processed on the same day.
- Transactions initiated outside NEFT hours and on NEFT holidays will be processed for onward transfer to the beneficiary bank on the next working day. Ensure sufficient funds for transaction processing, and in case of retries, check the status of the previous transaction.
- Please be aware that once the amount is debited and processed by Union Bank of India, the credit into the beneficiary account is contingent on the policies of the destination bank.
Significance of Account Number
Outward Remittance:
- When sending funds, ensure the correct Account Number of the beneficiary is accurately mentioned in the voucher (indicating the intended recipient of the remittance).
Inward Remittance:
- When requesting remittance from customers of other banks, it is obligatory to provide your 15-digit Finacle Account Number without fail.
NEFT And RTGS Difference
- NEFT And RTGS Difference: Both RTGS (Real Time Gross Settlement) and NEFT are provided by RBI for online funds transfer among member banks.
- Starting from 15th November 2010, in accordance with RBI guidelines, RTGS is exclusively available for transactions of Rs. 2,00,000/- and above.
- For transactions below Rs. 2,00,000/-, NEFT should be utilized as per RBI regulations.
Crucial Guidelines for Union Bank of India NEFT
- The timeframe for crediting the account is contingent on the Payee’s Bank processing time.
- The funds will be received by the Payee’s bank within the duration specified by the Reserve Bank of India.
Common Guidelines for Union Bank of India NEFT
- The funds transfer option is applicable for all beneficiary bank branches participating in the NEFT scheme.
- Verify the correctness of Beneficiary Details before executing the transfer.
- Take note of the transaction reference number for any clarifications or communications regarding NEFT transactions. This number should be used for follow-up with the destination bank for crediting into the recipient’s account.
- NEFT transactions are intended for transferring funds from Union Bank of India to other banks. For transferring funds to another Union Bank of India account, please use the Third Party Transfer option.
FAQ?: Union Bank NEFT
No, once the transaction is initiated, payment cannot be halted.
Union Bank of India provides RTGS as a standalone module within its Internet Banking application. To access this service, customers need to log in to Internet Banking, proceed to the “Transactions” menu, select “Fund Transfer & Payments,” and then navigate to the “Fund Transfer to Other UBI Account” option.
NEFT operates round the clock, 365 days a year. Transactions conducted beyond regular banking hours are typically automated and initiated using ‘Straight Through Processing (STP)’ modes by the banks.
Daily limit for RTGS The Union Bank of India’s RTGS service necessitates a minimum transaction amount of Rs. 2 lakhs. Nevertheless, given its designation for high-value transactions, there is no upper limit.
