For those in India who want to know how to go about downloading the NEFT form, this guide will get you up to speed on the entire process and provide you with all the necessary instructions you need to know.
We’ll also touch on how the NEFT system works, what you can use it for, and just how safe it really is. Finally, we’ll tell you where exactly you can go online to download your very own copy of the Union Bank of India neft form and complete the process as outlined in this guide!
All you need to know about NEFT
The National Electronic Funds Transfer (NEFT) facility is meant for instant fund transfer. NEFT is a real-time gross settlement system based on credits and debits in bank accounts.
A transaction can be initiated either from any UBI branch or via an online banking facility. Here’s everything you need to know about Union Bank of India Neft Form Download.
It has gained popularity among individuals, corporates, government agencies and financial institutions due to its convenience, speed and transparency. Also known as Fund Through System by RBI, it was established in 1996 through bilateral agreements between banks on both ends.
It enables funds to transfer at a 24x7x365 basis across multiple channels such as net banking/mobile etc., with funds credited immediately into the recipient account.
The two parties involved in an NEFT transaction are a sender (usually an individual or an entity) and a receiver (usually another individual or entity). The sender’s bank initiates an electronic instruction to debit his/her account, while simultaneously instructing the receiver’s bank to credit his/her account.
An NEFT payment can be initiated from any branch of UBI located anywhere in India (except J&K) provided that you have your own A/c No. with them.
However, you will need a valid mobile number registered with UBI, for using their online banking facility as well as to receive notifications on transaction status.
Here’s how it works
The sender must have an account with Union Bank of India or any other bank having an agreement with the Union Bank of India for doing fund transfers through NEFT system.
He/she needs to log on to UBI’s website, enter his/her A/c No., IFSC code (unique alphanumeric code allotted by RBI), the mobile number registered with UBI, amount, name of beneficiary etc.
Once he/she enters all required details and clicks ‘Submit’ button, a one-time password (OTP) will be sent to his/her mobile phone. Enter the OTP Sent to your mobile number and click continue.
NEFT Transaction Steps
In order to submit an NEFT transaction, you will need your account number, IFSC code and sort code. If you do not have access to Internet banking facilities or are unable to directly submit an NEFT transaction online, you can hand over your NEFT form at any branch of Union Bank of India.
The bank will process your transaction through its internal NEFT system. After processing, it will be sent back to your bank branch where you will receive an acknowledgement slip for your records.
You should also receive an SMS alert on your registered mobile number regarding the successful submission of funds.
These slips and alerts act as proof that your transaction has been successfully submitted. However, there is no other way to confirm if your transaction has been accepted by another bank till such time that money shows up in your beneficiary’s account.
This is because, unlike RTGS transactions, NEFT does not support the real-time confirmation of fund transfers. This makes it necessary for you to check with your beneficiary whether they have received funds 1 or 2 working days after submitting your NEFT request.
A Step by Step Guide to Fillup the NEFT Form
The biggest challenge faced by first-time NEFT users is completing and submitting their forms correctly. To help demystify some common NEFT questions, we’ve outlined what information must be entered into which fields on your electronic NEFT form.
If you’re looking for a step-by-step guide, we have you covered. Below are instructions on how to complete your Union Bank of India neft form download.
We’ll take you through each field in detail so that it becomes clear where exactly to enter your information. This way, if you ever need to fill out another NEFT form in future, it will be easy as pie! Let’s get started…
Beneficiary Details – Receiver Details
- Name – Receiver Name
- Address – receiver Address
- Name of Beneficiary’s Branch, Branch Address – Receiver Bank Name And Bank Address.
- Date of Remittance – Current Date
- Type of Account – choose A/C maintained with receiver bank
- Account No – Enter Account number
Detail of Remitter -Sender Details
- Name – Sender (Your) Name
- Address – Sender Address
- PAN No – PAN Card Number
- Mobile No – Registered Mobile number
- Amount (Rs) – Amount to be Transfer
- Amount in Words – Same Amount in words
- Mode of Payment – What type of Source
- Authorized Signature – Signature of Authorized Person (Sender Signature)
NEFT Form PDF
NEFT Form Word
NEFT Outward Charges
What are they? NEFT Outward Charges are transaction charges levied by our bank on your beneficiary’s bank for making NEFT transactions. The beneficiary bank is free to charge its own inward & outward charges.
These charges will be applied based on the terms & conditions decided by both banks, which may vary from branch to branch /city to city within a state/country. Hence it is important that you check with your respective banks regarding these charges. In union Bank Below are the Charges
For transaction amount up to Rs. 10,000 : Rs. 2.50 + taxes
For transaction amount above Rs. 10,000 & up to Rs. 1 Lac : Rs. 5.00 + taxes
For transaction amount above Rs. 1 Lac & up to Rs. 2 Lacs : Rs. 15.00 + taxes
For transaction amount more than Rs. 2 Lacs : Rs. 25.00 + taxes
NEFT Operating Hours
Customers can utilise this facility from 8 a.m. to 06.30 p.m. on weekdays and from 8 a.m. to 06:30 p.m. on weekends (except 2nd & 4th Saturdays). There are twelve hourly settlements between 8 a.m. and 7 p.m. on weekdays and 8 a.m. to 7 p.m. on weekends (except 2nd & 4th Saturdays).
All days of the year, including holidays, are available. For same-day processing, bulk NEFT files must be uploaded before 18:00Hrs.
Important Tips on Using NEFT Forms
Using NEFT forms is a hassle-free way to transfer money. However, you need to be careful while filling up these forms, as even a minor mistake can lead to rejection. Here are some useful tips that will help you avoid making mistakes while completing your NEFT form
(1) When entering details in any column other than ‘Amount’ or ‘Beneficiary’, make sure you enter them in capital letters only; otherwise, they may get confused due to handwriting so it was rejected by bank officials.
(2) If you are sending money through NEFT from a branch other than your own, be careful while filling up the beneficiary name.
(3) Make sure that all information entered is correct as incorrect information can lead to rejection of your transaction.
(4) Last but not least, be careful with spelling. Even a small spelling mistake can lead to the rejection of your transaction. To avoid such errors, you can use online NEFT form available on bank’s website or mobile app.
Why do you think there are so many different banks offering NEFT services?
These days, there are dozens of banks operating in India that provide you with NEFT services. The increased competition in banking services might be one reason why so many banks now offer you NEFT facilities.
Because different banks have different strengths and weaknesses, choosing an appropriate bank for your money transfer needs is important. Checking out some customer reviews on websites can help you make a better decision about which bank’s service is best for you.
Is it necessary that I should have an account with union bank?
In order to carry out any transaction via NEFT, you will have to have an account with Union Bank. Therefore, even if you do not have an NEFT enabled bank account but want to carry out a transaction via NEFT, it is necessary that you open an account with Union Bank.
Once you are registered with them, you can then transfer funds to other banks through NEFT. However, in case your bank does not support NEFT or in case your account is closed down for some reason, there is no way that you can carry out transactions using NEFT at all.
Is there any limit with regard to amount?
Any bank in India allows individuals to transfer up to Rs. 50,000 without KYC (know your customer) documents, provided it is transferred from one single account holder’s bank account to another. However, NEFT transfers are subject to no maximum limits per transaction.