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NATIONAL ELECTRONIC FUNDS TRANSFER(NEFT)

 

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 1402 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 not extended to Non - customers.

 

This facility is not available to customers against cash payment.

 

Procedure for availing the facility

 

1)  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.

2)  The customer has to inform the beneficiaries account number, Name and IFSC code the Bank/ Branch where the funds are to be remitted. 

3)   NEFT transactions may be made for amounts inclusive of paisa component.

4)   There is no upper value limit for putting through an individual NEFT transaction.

5)   IFSC (Indian Financial System Code) is an eleven digit code given to each branch of all banks which are participating in RTGS.

6)   The list of the branches participating in NEFT is also available in RBI’s website www.rbi.org.in 

 

Batch Timings

 

Presently six settlements are carried out during the day by RBI i.e., at 9.30 AM, 10.30 AM, 12.00 PM 1.00 P.M., 3.00 P.M. and 4.00 P.M. except on Saturday when the last settlement is at 12.00 P.M.

 

The messages sent before the above batch timings shall be included in the respective settlements otherwise they shall be included in the next batch/day.    

 

Charges

 

The charges on NEFT Outward transaction are Re.1/- per thousand with Minimum of Rs.25/- and Maximum of Rs.1000/-. The Service Tax shall be charged extra as per the existing rate. These charges shall be levied manually.                       

                                  

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

NEFT Service Centre

Service Branch

56-58 Mittal Chamber

Opp INOX

Nariman Point

Mumbai 400021

 

Telephone - Direct NEFT - 022-22886228

Fax 022-22840945

Email - neft@obc.co.in.