Canara Bank NEFT Charges

National Electronic Funds Transfer, commonly known as NEFT, is a convenient online and offline payment mechanism available to all Canara Bank account holders.

The Reserve Bank of India monitors these transactions, making them one of the safest ways to send funds to individual accounts and merchants, and make online bill payments. This is the most commonly used method for completing an NEFT transaction. Online fund transfers are only available to Canara Bank savings account holders.

Canara Bank NEFT Charges

Amounts

Charges

Below Rs. 10,000

Rs. 2.25

From Rs. 10,001 to Rs. 1,00,000

Rs. 4.75

More than Rs. 1,00,000 to Rs. 2,00,000

Rs. 14.75

More than Rs. 2,00,000

Rs. 24.75

There are no least or highest limits for an NEFT transaction at Canara Bank.

Benefits of Canara Bank NEFT

  • A convenient way to transfer funds while on the go.
  • Available 24 hours a day, 365 days a year.
  • It is a safe bet because it is governed and monitored by the Reserve Bank of India.
  • There is no lower or maximum amount that you can transfer with NEFT each day.
  • There are no fees for using NEFT to transfer payments online.

Timings for the NEFT Services in Canara Bank

The following are the Reserve Bank of India's NEFT timings:

  • The NEFT payment system is available 24 hours a day, 365 days a year, including holidays.
  • After-hours NEFT transactions are planned to be automated transactions started by banks using 'Straight Through Processing (STP)' modalities.
  • When transferring funds by NEFT in person, the times may vary depending on the branch.
  • A day consists of 48 half-hourly chunks. The first batch settles at 00:30 hours, while the last batch settles at 00:00 hours.

How to Make an NEFT Transaction?

There are two main ways to make NEFT payments and transactions through Canara Bank, and they are:

1) Online

This is the most commonly used method for completing an NEFT transaction. Online fund transfers are only available to Canara Bank savings account holders. Log in to your Canara Bank online banking or mobile app account and proceed as follows-

Step 1: Sign in to your Canara Bank net banking account.

Step 2: Click on the 'NEFT' option under 'Funds Transfer,' then on 'Add Beneficiary.'

Step 3: Provide the beneficiary's information, including the beneficiary's name, account number, and the bank's IFSC code.

Step 4: Confirm and add the recipient.

Step 5: After adding the beneficiary, you can transfer funds by selecting the beneficiary's name. Enter the value that you are required to send and press the submit button.

Step 6: You will receive an SMS confirmation after the account has been transferred.

2) Offline

To carry out NEFT transactions offline in Canara Bank, you must go to a branch that is NEFT-enabled and can handle NEFT transfers. Follow the instructions below-

Step 1: Fill out the NEFT form with the beneficiary and your information.

Step 2: Fill out this form and hand it in at the counter.

Step 3: The executive takes notes and returns the receipt.

Step 4: A confirmation notification or message will be sent to the mobile number specified in the NEFT form.

Before visiting the branch, the customer may call the bank and request the same.

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