Canara Bank is one of the esteemed public sector banks of India. The bank offers a wide variety of services, both online and offline, to provide banking coverage to the untapped and under-tapped areas of the country. The Canara Bank NEFT Limit adds convenience to your electronic fund transfer experience as it has some unique features that we will talk about in subsequent sections. The headquarters of Canara Bank is in Bengaluru, with around 9877 branches.
About Canara Bank
The Canara Bank was established during the pre-independence era in 1906. Shri Ammembal Subba Rao Pai laid the foundation stone of the bank at Mangalore. In 1969, the bank got the prestigious status of a ‘Universal Bank.’ Apart from providing commercial banking services to its customers, the Canara Bank has a sound record of participating in many corporate social responsibility-related activities. According to the data provided on the bank’s official website, it has a customer base of more than 11 crores and 9653 branches.
Canara Bank NEFT Limit
The most exciting feature about the Canara Bank NEFT Limit is that there is no upper limit. The minimum amount of Canara Bank NEFT Daily Limit is Re. 1. This is to facilitate an electronic fund transfer facility for even small value transactions.
Canara Bank NEFT Timings
The next important feature of Canara Bank NEFT that we will discuss here is the timing of the NEFT facility at Canara Bank. Let’s have a look at some important details on the timings as given below-
- NEFT service is available around the year on a 24*7 basis.
- Another feature of NEFT is that it settles the transactions in 48 batches every 30 minutes.
- If you approach a bank’s branch to avail the offline NEFT service, the timings may vary according to the bank’s working hours.
Procedure for Transferring Money Using Canara Bank NEFT
The process of transferring money using the electronic fund transfer process, like NEFT, is very simple and hassle-free. Let’s delve into more details of the process. Please note that you can avail the NEFT facility both online and offline. For online NEFT, you can visit the bank’s official website and download the NEFT form. After downloading the form, you can take a printout of the same and fill in the required details. Once you complete the form fill-up, you can submit it to your nearest Canara Bank branch. Alternatively, you can initiate the NEFT process through internet banking or a mobile banking facility.
If you want to avail yourself of the NEFT services through the offline route, then please visit your nearest bank branch and ask for the NEFT form at the bank’s counter. Fill in the necessary details and submit the form to the concerned person. Please make sure to collect the receipt before you leave so that you can have a record of your NEFT transaction. Also, note the Canara Bank NEFT transfer limit per day before you initiate the transaction.
How to use NEFT on Canara Bank Mobile App?
If you are an existing customer of Canara Bank and wish to use the NEFT facility through the mobile app, please read the instructions below-
- Download the ‘CanMobile’ app on your mobile.
- Register by using your bank account details and mobile number. (skip this step if you have already registered for mobile banking.)
- Log in to mobile banking by entering your 6-digit MPIN and User ID.
- Now, carefully fill in the details of the payee and the beneficiary.
- Double-check the details you have entered and click on ‘Submit’.
Please make sure to check the up-to-date NEFT Transfer Limit Canara Bank from the bank’s official websiteto avoid any inconvenience in the future.
Canara Bank NEFT Charges
The Canara Bank charges a very nominal amount for NEFT service. The charges are competitive and affordable for all. Let’s have a detailed look at the different slabs of Canara Bank NEFT Limit and the respective charges.
Amount | Charge |
Upto Rs. 10,000 | Rs. 2.24 + GST |
Rs. 10,000- Rs. 1 lakh | Rs. 4.75 + GST |
Rs. 1 lakh- Rs. 2 lakhs | Rs. 14.75 + GST |
Above Rs. 2 lakhs | Rs. 24.75 + GST |
Please note that the bank does not charge any amount for NEFT transactions initiated through internet banking and mobile banking facility. Also note that all the inward transactions are free.
Why Choose Canara Bank NEFT?
You may wonder why you should choose NEFT service from Canara Bank as there are many other choices available. Let us help you with this dilemma and give you some clarity on the same. Canara Bank offers the following advantages over other banks-
- There is no upper slab for NEFT limit per day Canara Bank.
- The minimum amount that can be transferred through NEFT is Rs.1. It makes sure that one can carry out small amount transactions seamlessly.
- It offers a safe and secure electronic fund transfer option.
- The transaction amount is settled in batches, and it is prompt.
Conclusion
To conclude this comprehensive discussion on Canara Bank NEFT limit, we can say that the bank aims to provide easy access to a range of services to all its customers. In line with the bank’s vision statement, which is ‘customer centricity’, Canara Bank maintains its focus on the needs of the customers. The flexible and prompt services, banking coverage, and seamless user experience are the unique features of the bank. The NEFT limit Canara Bank is also an example of the flexibility and consumer centricity the bank claims to focus on. Hopefully, after reading through this informative article, all your queries related to Canara Bank NEFT limit and the related aspects have been resolved. Sit back and relax, as you are now one of the informed customers of the bank, and get ready to explore a range of valuable services that the bank offers.
Canara Bank NEFT Limit 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.
The NEFT processes that are initiated through internet banking or mobile banking facilities are free of charge. However, the NEFT processes initiated through offline mode involve a nominal charge according to the amount of transaction.
According to the Canara Bank NEFT Limit, the minimum amount is set to Rs. 1. So, technically, there is no minimum limit on NEFT transactions. It is one of the best features of Canara Bank NEFT.
If you want to know the IFSC code of the beneficiary’s bank account, the process is simple. You can either get to know it from the beneficiary’s bank branch. Alternatively, you can refer to the RBI’s official website.