FAQ on Online Inter Bank Fund Transfer through NEFT

1. What is Inter Bank Fund Transfer?

Inter Bank Transfer is a special service that allows you to transfer funds
from your account with a Bank, to a Bank account with any other Bank in
India

2. What is NEFT?

NEFT –The acronym “NEFT” stands for National Electronic Funds

Transfer. Funds are transferred to the credit account with the other
participating Bank using RBI's NEFT service.

3. Can I transfer funds to an account in any Bank Branch in India through

NEFT?

The fund transfer through NEFT can be done ONLY to any NEFT enabled
Bank Branch in India. Presently, there are approx. 30,000+ Bank Branches
in India are enabled for the facility. The search for the NEFT enabled Bank
Branches in the country can be made
on https://www.rbi.org.in/scripts/neft.aspx

4. What is the minimum / maximum amount for NEFT transactions?

There is no prescribed minimum amount and maximum amount for a NEFT

Transaction. However, on our Internet Banking maximum transaction
amount is Rs. 50,000.00*.
* Subject to change.

5. How is this NEFT, different from RTGS and RBI EFT.

The RBI-EFT system is confined to the 15 centres, where as there is no such

restriction in NEFT as it is based on the centralized concept.

RTGS, is much faster mode of settlement than NEFT and is basically meant
for high value transaction. The minimum amount for any RTGS transaction
is Rs. 1.00 lacs, but there are no such restriction for NEFT transaction.

6. When does the beneficiary get the credit for a NEFT payment?

The beneficiary gets the credit on the same Day or the next Day depending
on the time of the settlement.

7. What happens to the transaction, if the beneficiary account is not credited

for ANY reasons?

If for ANY reasons, beneficiary account is not credited, the beneficiary’s

bank has to return the money to the remitting bank. Once this amount is
received back by the remitting bank, the amount is credited to the
Remitter's account by the remitting bank branch.

8. What happens to the transaction, if the beneficiary details provided are

incorrect OR erroneously beneficiary details are provided are incorrect?
 Bank does not verify the Beneficiary Details given for outward NEFT
transaction, and its fate entirely depends upon the Beneficiary Bank. If the
beneficiary details provided matches at the Beneficiary Bank, the credit will
be passed on, as per the details. But, in case the Beneficiary Bank rejects
the transaction, for ANY reason, the customer account will be credited.

9. What are the timings for doing an NEFT Transaction?

The Inter Bank Fund Transfer through NEFT, can be done any time,
however, credits to the beneficiary account shall be on same day/
immediate next working depending on the time of payment and beneficiary
bank.

10 Are there any BANK CHARGES levied for online NEFT Transaction?

Currently, bank levies charges for online outward NEFT at Rs.2.50/- per
transaction + GST @applicable for transactions upto Rs.10000/-* and
charges at Rs.5/- per transaction + GST @applicable for transactions above
Rs.10000/-.

11 What is the mandatory requirement for doing an NEFT Transaction?

The following information about the Beneficiary is mandatory –

o Beneficiary Name
o Beneficiary Address
o Beneficiary Account Number
o Beneficiary Account Type
o IFSC Code of the Beneficiary’s Bank Branch

12 What is IFSC Code?

IFSC is abbreviated for Indian Financial System Codes and is used to

uniquely identify a RTGS/NEFT enabled bank branch in India. It is an 11
digit code, with first 04 digit representing the bank code and fifth character
is reserved control character and remaining 06 characters identifies the
branch.

13 Where do I find IFSC Code?

IFSC Code can be found on our Internet Banking Site, during the addition
of Beneficiary based on the Beneficiary’s Bank. Alternatively, it can also be
found at RBI site at - www.rbi.org.in/Scripts/Bs_viewRTGS.aspx

14 How do you I make an Online Interbank Fund Transfer through NEFT

through Bank of India, Internet Banking Site?

The Steps for making an Online Interbank Fund Transfer through NEFT
through Bank of India, Internet Banking Site is as under –
Pre-requisite –
a. Internet Banking with Fund Transfer and NEFT facility enabled.
b. Beneficiary Details.
o Beneficiary Name
o Beneficiary Address
o Beneficiary Account Number
o Beneficiary Account Type
 o IFSC Code of the Beneficiary’s Bank Branch
Steps
1. Log on to our Star Connect Internet Banking Services.
2. Click on the Transfer button.
3. Click on the NEFT Payment at the side menu.
4. Click on the link at the left – Add Beneficiary.
Provide the details of the account, in which Fund Transfer has to be
made. This is a One Time Activity, and once details are provided,
the same details will not be required, afresh for the next Fund
Transfer.
5. Click on the link at the left – Make a Payment.
 Select, already added beneficiary
 Give the transfer amount
 Select your debit account, and pay

15 Can I find the status of my NEFT transaction?

Yes, you can have the status of your NEFT transaction on Internet Banking
Site itself. The hyperlink for the same is available under NEFT Payment.

16 In case of any further information/query, what should I do?

You can call our Call Centre at 91-22-40919191 on any day between 08:00
am- 08:00 pm, or write to us at boi.starconnect@bankofindia.com.