Vijaya Bank NEFT Form, Rules, Timing, Charges & How to do NEFT?: National Electronic Funds Transfer (NEFT On line Funds Transfer to other banks). With National Electronic Funds Transfer (NEFT) you can transfer funds and make Credit card payments to any bank across India. With this service your transactions are easier, and, with fewer restrictions, they reach further than before. In this article we provide complete details for Vijaya Bank NEFT like – How to send payment via Vijaya Bank NEFT, Charges of Vijaya Bank NEFT, Timing of Vijaya Bank NEFT etc.. Now check more details for Vijaya Bank NEFT From below….
What is NEFT?
National Electronic Funds Transfer (NEFT) system is an electronic funds transfer system introduced by Reserve Bank of India (RBI) to facilitate banks to transfer funds electronically from one customer account of a participant bank / branch to another customer account of any other participant bank / branch. NEFT system uses the concept of centralised accounting system and gets operated online. NEFT system also uses the state-of-art technology for communication, security, etc. with the aim of offering better customer service.
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Who can avail Vijaya Bank NEFT facility
- Customers of the branch where they are having Savings/Current Accounts
- Walking customers for below Rs. 50,000.
In what way it is beneficial to the Customers
Customer can remit funds to the account of another bank branch and The funds are transferred instantaneously at nominal charges
Vijaya Bank NEFT Form
Minimum and Maximum Amount for Transfer
- Minimum: Rs.1
- Maximum: No Limit
Vijaya Bank NEFT Charges
NEFT Payment Charges – Branch
|Outward Transaction Slab||Charges not exceeding|
|Upto Rs.10,000/-||Rs. 3 per transaction|
|Upto Rs.1 lakh (10,001 upto 1 Lac)||Rs. 6 per transaction|
|Above 1 lakh to 2 lakh||Rs. 17.00 per transaction|
|Rs.2 lakh and above||Rs. 29.00 per transaction|
NEFT Payment Charges – NetBanking/ Mobile Banking = Free
How to Send Payment via NEFT
There are two ways to send payment via NEFT and one of them is 1. NEFT via Online Internet Banking and 2nd is 2. NEFT via Bank Branch..
NEFT via Bank Branch : If you want to make NEFT via offline mode i.e from Bank Branch then you need to visit your nearest Vijaya Bank Branch and Request for NEFT Form or Slip and Fill all the require details asked in NEFT Form and submit to Cashier, Now you bank brach send payment to another person within 2 working hours
NEFT Via Internet Banking : You may also send money via NEFT by using your Vijaya Bank Internet Banking Service, for using Internet banking, you need to login at Vijaya Bank Website and then you will require to add new Beneficiary and then you are able to make payment via NEFT. Online NEFT is enabled for all customers of Vijaya Bank (Internet Banking) with full transaction right. If you would like to avail Vijaya Bank NEFT Facility then please download the application form or visit to your Vijaya Bank Brach and submit the duly filled form to your base branch. If you are already a Vijaya Bank Connect customer with “view right” and would like to avail full transaction right, please resubmit your application form (can download from above URL) to you base branch.
- Login to Vijaya Bank Retail NetBanking
- Go to Payment option and invoke the list of beneficiaries.
- Select beneficiary, Enter Amount and your 4 digit mPin.
- Get transaction successful message on screen and inbox.
- Funds are transferred to the other bank account in batch mode at pre-decided frequencies by bank.
- All NEFT transactions initiated after RBI stipulated hours will be effected on the next working day.
What the customer must have for remittance
IFSC of the bank branch to which the remittance to be made (IFSC is 11 characters code)
Beneficiary account number, Name and Address (to whom the remittance is intended to )
Approach the branch with the above details
Information required to make an NEFT payment?
- Amount to be remitted
- Account number of the Remitter, which is to be debited
- Name of the beneficiary
- Name of the beneficiary bank
- Account number of the beneficiary, which is to be credited
- IFSC code of the beneficiary bank branch
- Additional remarks, if any
How to get the IFSC of the branch
Indian Financial System Code (IFSC) means a unique code of 11 digits of NEFT/RTGS enabled Branches. Normally, this code will be printed on the cheque books OR it may be obtained from the branch where the account is maintained. It is also available on the RBI website. In case the IFSC of the beneficiary bank is not known, the same can be obtained by selecting the Bank and Branch while registering the beneficiary.
- It is available on the cheque leaf supplied by the bank
- Can also get from the branch
When is the amount credited in the beneficiary account?
- Vijaya Bank NEFT is open 24×7, 365 days.
- Transactions, once confirmed will be immediately debited from the source account and taken up for processing. Transactions initiated before the cut off time shall be processed on the same day.
- All transactions initiated outside the NEFT hours and on NEFT holidays will be processed (for onward transfer to beneficiary bank) only on the next working day. Please ensure that there are sufficient funds in your account to process the transaction. In case you are retrying, please check the status of your previous transaction
- Please note that once the amount is debited and processed from Vijaya Bank, the credit into the beneficiary account is completely dependent on the destination bank
Cut off time for remittance through Vijaya Bank NEFT
- NEFT Hours- 08:00 am – 06:45 pm on Monday to Saturday, excluding second and fourth Saturdays of the month
- NEFT works on all days except on 2nd & 4th Saturday of the month, Sundays and National Holidays
NEFT works in settlement batches, with the last batch currently closing at 19:00 hours Monday to Friday and 13:00 hours on Saturdays (The NEFT service is not available on Sundays and RBI declared holidays). However Vijaya Bank NEFT request can be initiated anytime as it is open 24×7, 365 days.
Importance Account Number
Outward : While remitting the funds, Account Number of the beneficiary is to be mentioned correctly in the voucher (to whom the remittance is intended to ).
Inward : While seeking remittance from other bank Customers it is mandatory to quote your 15 Digit Finacle Account Number compulsorily.
What is the difference between RTGS and NEFT?
- Both RTGS (Real Time Gross Settlement) & NEFT are facilitated by RBI for doing online funds transfer between various member banks.
- Effective 15th November 2010, as per RBI guidelines, RTGS (Real Time Gross Settlement) is available only for transactions of Rs.2,00,000/- and above. For any transaction below Rs.2,00,000/- NEFT should be used
What is the Benefits of Vijaya Bank NEFT
- Vijaya Bank NEFT is Available to all – All our Net banking (existing & new) users are eligible to utilize this on-line facility.
- Vijaya Bank NEFT Facility is simple, convenient, quick and secure – Users can transfer funds to the beneficiaries in other banks in a simple, convenient and seamless manner. Funds transfer to other banks is faster, secure and safe
- Customers can use Vijaya Bank NEFT Anytime, anywhere… Simple and easy to operate – from home / office anytime, anywhere, Save time and energy
- Get more for less – Vijaya Bank NEFT cost less than the conventional modes of remittance such as DD/MT
Can I Stopped NEFT Payment be initiated?
No. Once the transaction is put through, payment cannot be stopped
Important Instructions for Vijaya Bank NEFT
- The Funds transfer request made by 6 p.m. will be presented to RBI on the same day. The Funds transfer request made after 6 p.m. will be presented to RBI on the next working day.
- On Saturdays (excluding second and fourth saturday), funds transfer request made by 6 p.m. will be presented to RBI on the same day. The Funds transfer request made after 6 p.m. will be presented to RBI on the next working day.
- Funds transfer request made on non- working days will also be presented to RBI on the next working day
- The actual time taken to credit the account depends on the time taken by the Payee’s Bank to process the payment
- The money will reach the Payee’s bank within the time stipulated by the Reserve Bank of India
General notes for Vijaya Bank NEFT
- The funds transfer option is applicable for all beneficiary bank branches participating in the NEFT scheme.
- Kindly ensure that the Beneficiary Details are correct before the execution of the transfer.
- Please note down the transaction reference number for any clarifications/communications with regards to NEFT transactions. This reference number should be used to follow-up with the destination bank for credit into recipients’ account.
- Please note that NEFT transactions are to be used only for transferring funds from Vijaya Bank to other banks. For transferring funds to another Vijaya Bank account, please use the Third Party Transfer option.
- Vijaya Bank has facilitated NEFT remittance / funds transfer facility in all its Core Banking Solution Branches (CBS) .
- Customers can utilize NEFT as a good substitute remittance mode compared to the traditional mechanism of DD, MT, etc. Desirous customers may contact any nearest branch or the branch where they hold the account with Vijaya Bank Core Banking enabled branches, for more details and to make use of NEFT facility. Facility is allowed only for account holders of the Bank. Non-customers/Cash Customers are not allowed to use this facility.
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