Union Bank of India Fund Transfer

Can you tell me about the Features & Benefits of the National Electronic Funds Transfer (NEFT) facility offered by UBI (Union Bank of India)?

National Electronic Funds Transfer (NEFT) is electronic funds transfer system, which facilitates transfer of funds to other bank accounts across India. It is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances.
Union Bank offers NEFT facility to its customers through all its branches.

Features & Benefits
One can send any amount using NEFT Customer intending to send money through NEFT has to furnish the following particulars:

IFSC (Indian Financial System Code) of the beneficiary Bank/Branch
Full account number of the beneficiary
Name of the beneficiary
The facility is also available through online mode for all internet banking and mobile banking customers.
For corporate customers, bulk upload facility is also available at branches.

Timings
One can use the facility between 8 AM and 06.30 PM on all weekdays and between 8 AM and 06:30 PM on Saturday (except 2nd & 4th Saturdays).

There are 12 hourly settlements between 8 AM and 7 PM on all weekdays and between 8 AM and 7 PM on Saturday (except 2nd & 4th Saturdays).

Bulk NEFT File should be uploaded before 6 PM for same day processing. Sunday is holiday.

The money will be credited to the beneficiary’s account on the same day or at the most next day in case the message is sent during the last batch of settlement.

NEFT Charges:
1. For transaction amount up to Rs. 10,000 : Rs. 2.50 + taxes
2. For transaction amount above Rs. 10,000 & up to Rs. 1 Lac : Rs. 5.00 + taxes
3. For transaction amount above Rs. 1 Lac & up to Rs. 2 Lacs : Rs. 15.00 + taxes
4. For transaction amount more than Rs. 2 Lacs : Rs. 25.00 + taxes

Contact Details
NEFT Cell, 11th Floor,
Union Bank of India,
239, Union Bank Bhavan,
Nariman point
Mumbai – 400021
022-22896587/ 22896510
Email: neftcell@unionbankofindia.com

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Answered By StudyChaCha Member