Canara Bank was established in the year 1906 at Mangalore. It was nationalised later in 1969. Since then, the bank has gone through a transformative journey. Customer centricity has been the goal of Canara Bank throughout this journey. Today, Canara Bank has the status of being one of the best banks in the country. The Canara Bank ensures that it provides services which shall prove as the most convenient payment solutions. In this article, we will cover all the relevant details regarding the Canara Bank NEFT timings, procedures, and much more.
Procedure for Transferring Money Using Canara Bank NEFT
There are two procedures for transferring money through Canara bank NEFT. One is through the online transfer, and the other is offline NEFT. Let’s have a look at both of these methods one by one.
Online NEFT
This method is available to customers with a savings bank account with Canara Bank. If you are one of those, then follow the steps mentioned below:
- Sign into your internet banking account.
- Locate the NEFT button on the webpage and click ‘Add Beneficiary’.
- Fill up all the given fields by adding details of the beneficiary.
- Recheck the details carefully before you proceed to confirm the details.
- Now add the recipient.
- Enter the amount of money that you want to transfer.
- Click on the Submit button.
Offline NEFT
If you wish to transfer the money through the offline method, you can visit the nearest Canara Bank branch to submit a request. Follow the instructions mentioned below to submit a request:
- Take a Canara Bank NEFT form from the bank’s counter.
- Fill up all the necessary details like details of the beneficiary, amount, and your own bank account details.
- Double-check all the details to avoid any inconvenience in the future.
- Submit the form to the appropriate counter.
- Make sure to collect the receipt for your own record.
Make sure that you are aware of the Canara Bank NEFT timings before planning to initiate the process. We will discuss it in subsequent sections of this article.
How to use NEFT in Canara Bank Mobile App?
If you are already using the Canara Bank mobile app and wish to do the NEFT through it, then the process is also straightforward. Review the instructions, and you will understand all the necessary steps. (If you do not have the app, then you can download it and then follow the instructions).
- Register with your mobile number and verify it with an OTP.
- Enter your MPIN and user ID.
- After logging into your account, select the ‘Fund Transfer’ option and click on NEFT.
- Fill up your account details and the beneficiary’s details.
- Double check the details and click on ‘Submit’.
After you complete the process, you will receive a confirmation regarding submitting the fund transfer request. Wait for the bank to process your request and keep a record of the transaction details for your future reference.
Canara Bank NEFT Charges
Now that you are aware of theCanara Bank NEFT procedure, you would be curious to know the charges for NEFT. Have a look at the table below to know the amount of NEFT transfer and the respective charges.
Transaction Amount | Charges |
Up to Rs. 10,000/- | Rs. 2.25 + GST |
Rs. 10,000- 1 lakh | Rs. 4.75 + GST |
Rs 1 lakh- 2 lakhs | Rs. 14.75 + GST |
Above Rs. 2 lakhs | Rs. 24.75 + GST |
Canara Bank NEFT Timings
The next important information that you need to know is the Canara Bank NEFT transfer timings. Like any other bank in India, Canara Bank also has some specific guidelines, and it is necessary that you make a note of Canara Bank NEFT transfer time. Go through the information given in the table and note it down for the future.
Day | Timing |
Monday to Friday | 8 AM- 7 PM |
Saturday (except the second Saturday of every month) | 8 AM-1 PM |
Sunday | Holiday |
Please note, that no charges are applicable on the NEFT transactions initiated through online mode. Also, double-check for any updates on the Canara Bank NEFT timings from the bank’s official website as it may be subject to some changes from time to time.
Canara Bank NEFT Limit
According to the information given on the official website of Canara Bank, at present, there are no upper or lower limits for Canara Bank NEFTtransactions.
Process to Pay Credit Card Bills Through Canara Bank NEFT
Do you want to pay your credit card bills through Canara Bank NEFT? If yes, then this information would be very useful for you. This process makes your credit card bill payment very simple. You can follow the step-by-step guidance provided below, and you are good to go:
- Sign into your Internet banking account.
- Add your credit card details.
- Fill up your details like the 16-digit bank account number, credit card number, IFSC code, and name of the bank, which is the issuing authority of the credit card.
- Enter the bill amount and click on ‘Submit’.
Now wait for the payment to be processed, as it may take up to 2-3 working days.
Why Choose Canara Bank NEFT?
You may wonder why you should choose Canara Bank NEFT service over other banks. Here is an answer to your query. Feel free to consider the following benefits while you weigh the choices available to you.
- There is no minimum and maximum limit for NEFT transfers.
- The charges of NEFT are very nominal and competitive.
- The NEFT timing of Canara Bank is very convenient as the batches of payment are processed every half an hour on a 24×7 basis.
Conclusion
To conclude, we can say that Canara Bank NEFT timings and processes are straightforward and convenient. The bank’s focus on customer-centricity is evident in its thorough guidelines and quick services. The NEFT timings of Canara Bank takes good care of customer’s requirements. You can also choose the other electronic fund transfer services the bank provides according to your requirements. In this article, we have covered all the relevant and vital details regarding Canara Bank NEFT timings and services so that you are aware of these details. You can now make an informed decision and choose from the services different banks offer.
Canara Bank NEFT Timings FAQ’s:-
NEFT (National Electronic Fund Transfer) is a revolutionary digital fund transfer system that has been very popular in India. This payment system was initiated in the year 2005 and it is managed by the Reserve Bank of India (RBI).
TheIFSC code is a unique combination of alphabets and numbers. It is assigned by the Reserve Bank of India (RBI) and consists of 11 digits in total. It is used in electronic fund transfer systems to help the banks identify their branches. It is beneficial for the banks and financial regulators to identify any discrepancies in the banking transactions.
 Yes, the credit card IFSC code is different from the savings account IFSC code. Also, note that the credit card IFSC code allows credit card bill payments even if a customer does not have a savings account with the same bank.