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  • June 24,2018
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neft

 
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NATIONAL ELECTRONIC FUNDS TRANSFER(NEFT)

 
  • Introduction & Eligibility

    Introduction

    Reserve Bank of India has introduced a system called The Reserve Bank of India National Electronic Funds Transfer System which may be referred to as NEFT System, for participating banks and institutions with the required system of computer and communication network through which funds transfer operation would take place. Our bank is one of the participants in the above system. Presently, our all the Service Outlets are enabled to offer NEFT facilities to their customers.

    Objectives

    The objectives of the NEFT System are:

    • To establish an Electronic Funds Transfer System to facilitate an efficient, Secure, economical, reliable and expeditious system of funds transfer and Clearing in the banking sector throughout India, and
    • To relieve the stress on the existing paper based funds transfer and clearing system.

    Eligibility Criteria For Customer Transactions

    • Fund Transfer through NEFT can be availed by the customers who maintain their operative accounts viz., Savings Bank, Current Account. This facility can also be allowed to CC / OD account etc., subject to ensuring end use of funds.
    • Outward / Inward remittance facility under NEFT is offered to the customers of all our CBS branches.
    • This facility is extended to Walk -in Customers.
    • This facility is available to Walk- in customers against cash payment upto ₹50,000/-
    • Outward NEFT (N06) facility will not be available for first 7 days in any account of new customer.
    • Outward NEFT from any branch other than the parent/base/home branch shall not be allowed.
  • Procedure

    Procedure for availing the facility

    • Customers have to submit a request by filling up a form available in all CBS Branches along with the cheques/Debit instruction to the branch.
    • The customer has to inform the beneficiaries account number, Name and IFSC code the Bank/ Branch where the funds are to be remitted.
    • NEFT transactions may be made for amounts inclusive of paisa component.
    • There is no upper value limit for putting through an individual NEFT transaction.
    • IFSC (Indian Financial System Code) is an eleven digit code given to each branch of all banks which are participating in RTGS.
    • The list of the branches participating in NEFT is also available in RBI's website www.rbi.org.in

    Batch Timings

    Twelve hourly settlements are carried out during the day by RBI, starting from 8 am to 7 pm from Monday to Saturday (except second and fourth saturday)

  • Charges

    Charges

    No Charges Prescribed for Inward NEFT.
    For Outward Transactions-
    Up to ₹1 lakh -NIL
    Above ₹1 lakh to ₹2 lakhs - ₹10 (Plus Service Tax)per transaction.
    Above ₹2 lakhs - ₹25 (Plus Service tax)per transaction

  • Customer Service Help

    Customer Service Help Desk for NEFT

    A dedicated Help Desk for handling NEFT related issues has been set up by the bank at the following address.
    Oriental Bank Of Commerce
    2nd Floor, Aman Chamber,
    Opp New passport Office,
    Veer Savarkar Marg,
    Prabhadevi, Mumbai-400025

    Telephone - Direct NEFT - 022-43434690 , 022-43434691
    FAX- 022-24370863

    Email -neft@obc.co.in.

    NEFT Customer Facilitation Centres(CFC)Directory of all the Banks attached file is in PDF Document Format DownloadDownload
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