For all customers of Punjab National Bank, easy money transfer through NEFT or National Electronic Fund Transfer is available. Customers can make transactions using internet banking and mobile banking to other banks that are NEFT-enabled in India. These transactions may require you to pay standard PNB NEFT charges and are settled in a batch-wise system every half hour (as per RBI).
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PNB NEFT Charges
No transaction charges are applied on NEFT transfers initiated online via internet banking and/or mobile banking. The standard Punjab National Bank NEFT fees & charges are applied on transfers initiated at the bank:
|Transaction Amount||Transaction Amount||NEFT Charges for Net Banking|
|Up to Rs. 10,000||Rs. 2.00 + GST||NIL|
|Above Rs. 10,000 to Rs. 1,00,000||Rs. 4.00 + GST||NIL|
|Above Rs. 1,00,000 to Rs. 2,00,000||Rs. 12.00 + GST||NIL|
|Above Rs. 2,00,000||Rs. 20.00 + GST||NIL|
How to Transfer Funds using PNB NEFT
Follow the simple steps mentioned below to carry out your NEFT Transaction with PNB:
- Log in to your netbanking account.
- Click on “Transactions”and choose the NEFT tab under ‘Transfer to Other Bank Accounts’
- Enter the beneficiary’s account number, NEFT transfer amount, IFSC Code, and other required details.
- Then click on ‘Continue’.
- On the confirmation page, check the details and click on the ‘Submit’ button.
For every successful transaction, you will see a message on the screen and will also receive a reference number. You will have the option of saving this confirmation message as PDF and mailing it to your email address as well.
However, walk-in customers will have to give their contact details such as a complete address, mobile number, etc. to the branch. This will help the branch to refund the amount in case the transaction gets failed or there is some technical glitch.
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What are the Details Required to Carry Out PNB NEFT Transactions
Below mentioned are the pre-requisites for carrying out the fund transfer via NEFT:
- Both the originating and the destination banks should be a part of the NEFT service.
- Details of the beneficiary such as beneficiary’s name, account number, account type, branch name, branch IFSC, and account type should be added.
- You will have to add the beneficiary in your account before you can make a fund transfer through NEFT.
How to Register a Beneficiary in Punjab National Bank
Before carrying out a PNB NEFT transfer, you have to register the beneficiary using the following steps:
- Log into your net banking account on the PNB website by providing your username and password
- Click on ‘Transactions’and choose ‘Beneficiary Management’
- Then choose ‘Manage Beneficiary’
- Under ‘Manage Beneficiary’, choose the ‘Add NEFT Payee’ option
- Fill in all the necessary beneficiary details as required
Then click on the ‘Validate’ button followed by the ‘Continue’ option
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PNB NEFT Timings
NEFT has been made a 24×7 available service. It will be available for the customers on a round-the-clock basis on all days of the year, including holidays.
- There are 48 half-hourly batches every day. The settlement of the first batch commences after 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.
Note: Walk-in customers can avail NEFT services only during banking hours. To know further about banking hours of your branch, you will have to call the branch and ask for the same. Banks remain closed on the 2nd and 4th Saturdays of the month. Hence, NEFT services cannot be availed on these days and bank holidays.
PNB NEFT Timings Post Covid-19 Lockdown
NEFT transactions are processed round-the-clock basis 24×7 and 365 days. Offline transactions are available as per banking hours. Banking services are not available on the 2nd and 4th Saturdays of the month. The bank remains closed every Sunday hence, NEFT cannot be processed on Sundays offline. Apart from this, NEFT services cannot be availed on national or banking holidays.
PNB NEFT Transaction Limit
Let us know about the transaction limit via NEFT in PNB:
|Transaction||Minimum Limit||Maximum Limit|
|PNB NEFT||No limit||Rs. 500 lakh|
Who can use PNB NEFT
All account holders of Punjab National Bank are automatically allowed to make NEFT transactions once their online banking is activated. For clients, who do not have a PNB account yet or have not yet activated online banking; the same can be done by making a transfer from the branch after filling out a PNB NEFT form. You can visit the nearest Punjab National Bank’s branch and carry out your NEFT transaction. However, make sure that the beneficiary has an account in a bank that is NEFT-enabled. The RBI website lists out NEFT-enabled banks.
How to Fill PNB NEFT Form
When an account holder gets access to the PNB NEFT form at the bank branch, he/she should take some time to analyse different sections of the same. Here are some of the details and steps that are required to complete the NEFT fund transfer process without facing much hassle.
Account holders can simply log in to the official website of PNB and fill in the following details –
- Account Number
- IFSC Code
- Name of the beneficiary
- Enter the amount and opt for NEFT transfer type
- Name, account number, and IFSC code of the remitter
- Mobile number of the remitter
Name, account number, and IFSC code of the beneficiary
Q. Is IFSC code required to make NEFT transactions in PNB ?
Ans. Yes. IFSC code is mandatory to make NEFT transactions in PNB.
Q. Who should I contact if the funds are not credited to the beneficiary’s account or there is a delay in credit ?
Ans. In such a case, you can contact the NEFT Customer Facilitation Centre of the bank and the Help Desk of the bank.
Q. Can I use NEFT to draw funds from another account ?
Ans. No, you cannot draw funds from any other account via NEFT because NEFT is a credit push system. Transactions can only be done to transfer funds to the beneficiary.
Q. Will I get the money back if the money is not credited to the beneficiary’s account ?
Ans. Yes, the remitter will get the money back if the money is not credited to the beneficiary’s account.
Q. How can the remitter track the transaction in NEFT ?
Ans. The remitter can track the NEFT transaction via the originating bank branch. The originating bank branch keeps a track of the transaction at all times.