Canara Bank NEFT Form, Timings, Limit, Fees and Charges

This is the most preferred option to make an NEFT Transaction. People having Canara Bank savings account only can do fund transfers online. Log on to your Canara Bank net banking or mobile application account and follow these steps:

• Log in to Canara Bank’s net banking account
• Under ‘Funds Transfer’, click on the ‘NEFT’option and then click on ‘Add Beneficiary’.
• Provide beneficiary’s details such as the beneficiary’s name, account number, and the bank IFSC code.
• Confirm and add the beneficiary.
• Once the beneficiary is added, you can transfer funds by choosing the beneficiary’s name. Add the amount you want to send and click on submit.
• Once the account has been transferred, you will receive a confirmation via SMS.

To carry out NEFT transactions offline in Canara Bank, you need to visit the branch of the bank which is enabled on NEFT and can process NEFT transfers. Follow the steps mentioned below:

• Fill the NEFT form and provide beneficiary’s as well as your details.
• Submit this form at the counter.
• The executive notes down the details and returns the receipt.
• You will get a confirmation message on the mobile number mentioned in the NEFT form.

The customer may also call the bank’s branch and ask for the same before visiting the branch.

Below mentioned are the charges incurred on NEFT transactions initiated at the bank:

Note: Standard GST charges are applicable on the prices mentioned above.

Details of NEFT timings as per the Reserve Bank of India are as follows:

• NEFT payment system is available 24×7 for 365 days, including holidays.
• There are 48 half-hourly batches in a day. The settlement of the first batch starts at 00:30 hours and the last batch ends at 00:00 hours.
• NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
• In case of NEFT fund transfer by visiting the bank, the timings may vary as per the branch’s timings.

Also Read: NEFT Timings

In Canara Bank, for NEFT transactions, there is no lower or upper limit.

• Convenient option to make fund transfers on the go.
• Reliable option as it is governed and monitored by the Reserve Bank of India.
• Available round the clock for 24×7 and 365 days.
• No charges on online transfer of funds via NEFT.
• No minimum limit or upper limit on the amount that you can transfer via NEFT each day.

Q. Can I do NEFT from any branch of Canara Bank?
Ans. NEFT transactions in Canara Bank can only be processed in branches that are NEFT-enabled.

Q. Who should I contact in case of non-credit or delay in credit to the beneficiary account?
Ans. You can contact your branch and NEFT customer facilitation centre.

Q. Would the remitter receive an acknowledgment of money credited to the beneficiary’s account?
Ans. Yes, the remitter will receive a message/email once the money has been credited to the beneficiary’s account.

Q. Is there any compensation for delayed credit or return of funds by the beneficiary’s bank?
Ans. If NEFT transaction is not returned or credited within 2 hours of the batch settlement, then the bank is liable to pay penal interest to the affected customer at the current rate RBI LAF Repo Rate.

Q. What happens if I write wrong account number of the beneficiary?
Ans. While making an NEFT transaction, it is the responsibility of the remitter to add the account number of the beneficiary carefully. If you add a wrong account number and the account number doesn’t exist, the money will return to the originating bank. In a case where the account exists and the amount has been transferred to some other account, the remitter needs to approach the originating branch as soon as possible.