If you’re wondering how much extra you’ll end up paying for using the NEFT service in your Canara Bank account, this post is for you. When using a credit card or a debit card online, we usually pay merchant fees. But it is not the case with NEFTs. Let’s understand why and how.
Canara Bank NEFT: Charges
NEFT (National Electronic Funds Transfer) is a service which is fully owned and regulated by the Reserve Bank of India. Be it Canara Bank NEFT or any other bank, you do NOT need to pay any charges when transferring funds or making payments online.
However, if you choose to use the Canara Bank NEFT form at the branch, you will need to pay the following Canara NEFT charges:
|Transaction Amount||Canara Bank NEFT Charges*|
|Up to Rs 10,000||Rs 2.25|
|Above Rs 10,000 – Rs 1 lakh||Rs 5.00|
|Above Rs 1 lakh – Rs 2 lakhs||Rs 15.00|
|Above Rs 2 lakhs||Rs 25.00|
* plus GST
Please note that inward transactions via Canara Bank NEFT are not chargeable. (Here, Inward transactions mean the funds received by the account holder from another Canara Bank account).
Canara Bank Limit
The following points must be kept in mind regarding the Canara Bank NEFT (National Electronic Funds Transfer) limit:
- No lower or upper value limits for NEFT transactions initiated through online banking channels.
- There is no daily or monthly transaction limit for NEFT transactions initiated through online channels.
- Likewise, there is NEFT limit for when done at any Canara Bank branch
- The only restriction remains is when you do NEFT at a Canara Bank branch in cash – this cannot be done for an amount more than Rs 50,000.
Canara Bank NEFT Timings
There are no limits to initiating an NEFT payment through any of the Canara Bank digital channels such as netbanking and mobile banking. But if you’re taking the traditional route and going to the bank to fill the Canara Bank NEFT form and submit the request in person, make sure to go within the Canara Bank timings only.
The above mentioned information is for initiating the NEFT request. However, the loop is not complete until the amount is credit into the beneficiary’s account. Read the following information for the Canara Bank NEFT timings to credit the amount:
As per the Canara Bank official website,
“NEFT SYSTEM WORKS ON 24X7 Basis WITHOUT BANK HOLIDAYS FOR ONLINE BANKING AND 08:00 AM TO 7:00 PM FOR BRANCHES ON WORKING DAYS.”
Canara Bank NEFT Customer Care
If you’re facing issues related to the Canara Bank NEFT services, you may use the following customer care numbers:
1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333
About Canara Bank
Canara Bank is one of the oldest Indian banks which was founded in July 1906 by Shri Ammembal Subba Rao Pai in Mangalore, Karnataka. It is a national bank with branches across the country. In June 2006, the bank completed a century of operation in the Indian banking industry.
Also, check other bank’s NEFT charges in the below table:
|Axis Bank NEFT Charges||NEFT Charges||PNB NEFT Charges|
|BOB NEFT Charges||NEFT Charges HDFC||SBI NEFT Charges|
|Indian Bank NEFT Charges||NEFT Charges ICICI|
Canara Bank NEFT: FAQs
When using Canara NEFT via netbanking or mobile banking, there are zero charges.
You’ll need to pay anywhere from Rs 2.25 to Rs 25.75 for any offline transfer ranging from Rs 10,000 to Rs 2 lakhs and above.
You can transfer an amount as small as Re 1 via Canara Bank NEFT.