Like all the other scheduled commercial banks in India, Canara Bank also offers NEFT services to its customers. NEFT can be done online via Canara Bank netbanking/mobile banking or offline by submitting the Canara Bank NEFT form at the branch. Let’s know all about Canara Bank NEFT services in this post below.
Canara Bank NEFT Form: NEFT at the branch
While the easiest way to transfer money via NEFT is either by netbanking or mobile banking, banks allow offline options as well for those who do not have internet services or those who prefer the physical mode over the internet.
Canara Bank NEFT Form is available at the bank’s branches. Using this form, you can transfer funds via cash or cheque. For cash transactions, there is a limit of Rs 50,000.
Canara Bank NEFT Form Filling – Details Required
- Basic details – branch, date, amount (in figures and words), name of beneficiary and account number
- Sender’s details – name, mobile or telephone number, A/c number, PAN and address
- Signatures – Sender’s, Officer/Manager’s
Note: This is not an exhaustive list.
This form needs to be submitted at the branch. Do not forget to collect the receipt for future correspondence, if needed.
Canara Bank NEFT – How Does It Work?
The workings of NEFT are quite simple as explained below:
1. Customer logs in via Canara Bank netbanking or mobile banking app & submits request for transfer of funds.
2. This request is sent to RBI by Canara Bank for clearance.
3. After verification, request is cleared, otherwise rejected. If rejected, RBI informs Canara Bank which then informs the sender.
4. If cleared, RBI remits the funds to the beneficiary bank.
5. The beneficiary bank receives the money and credits the amount to the beneficiary’s account.
6. The online Canara Bank NEFT process is complete.
Customer goes to the branch, fills and submits the Canara Bank NEFT Form.
The rest of the process remains the same as that of the above-mentioned online NEFT course.
Why should I transfer funds using NEFT?
The following are some of the benefits of NEFT which will prove why you should opt for NEFT whenever possible:
- Available 24×7
- Minimum transfer limit of Re 1 enables small transactions
- Controlled by RBI – thus completely safe network
- OTP based online mode – ensuring further safety of funds
- Time saving – eliminates the need to go to bank (online mode via netbanking and mobile banking)
How to Transfer Funds via Canara Bank NEFT?
Steps to transfer funds within your own Canara Bank accounts using internet banking are given here:
Step 1: Login to Canara Bank Netbanking.
Step 2: Click on “Funds Transfer”.
Step 3: Open “Other Banks” section and select “NEFT” from the left panel.
Step 4: Fill this online Canara Bank NEFT form by selecting account to be debited and credited, beneficiary name, IFSC, bank name, amount, instructions (pay now or later) and purpose.
Step 5: Click on “Continue”.
Step 6: Enter your Canara Bank Netbanking Transaction Password.
Step 7: Enter OTP (use virtual keyboard for higher safety).
Step 8: Hit the “Submit” button.
Upon successfully entering the OTP, your will receive the following message:
“Your request has been completed successfully. Transaction with reference number (15 digit number) is in Accepted state.”
Canara Bank NEFT: How to Add Beneficiary?
Follow the steps given below to add beneficiary using Canara Bank netbanking:
1. Login to Canara Bank netbanking using your user ID and Password.
2. Click on “Funds Transfer” from the top-menu bar.
3. Click on “Beneficiary Management” and then select “Add Beneficiary”. (refer the above image)
4. Enter details – beneficiary short name, beneficiary name, beneficiary account no., IFSC, bank name and branch name.
5. Click on “Add”.
You’ll get confirmation like this:
6. Check the details and click on “Confirm”.
7. Enter Transaction Password and OTP.
8. Click on “Submit” to complete adding beneficiary for online NEFT/RTGS transactions.
You’ll get acknowledgment like this upon successfully adding the beneficiary.
Important: You’ll be able to transfer money to the beneficiary’s account only after 6 hours of adding with a maximum capping of Rs 50,000. After 24 hours, normal fund transfer limit will be applicable.
Canara Bank Fund Transfer Options
The following are the different ways in which customers can transfer funds to/from Canara Bank:
Canara Bank NEFT Charges
There are no Canara Bank NEFT charges for inward transactions. However, for outward transactions, charges are applicable as given here:
|Transaction Amount||Canara Bank NEFT Charges*|
|Up to Rs 10,000||Rs 2.25|
|Above Rs 10,000 – Rs 1 lakh||Rs 4.75|
|Above Rs 1 lakh – Rs 2 lakhs||Rs 14.75|
|Above Rs 2 lakhs||Rs 25.75|
*GST collected as applicable
Canara Bank NEFT Timings
|Online NEFT Timings||Offline NEFT Timings|
|24×7||8:00 AM to 7:00 PM (working days)|
Canara Bank NEFT Limit
As per the Canara Bank official website, “For NEFT transaction there is no lower and upper value limit.” This is in sync with the RBI guidelines that state the very same.
However, one thing to add here is that if you wish to carry out the NEFT in cash, you have the option to do so but only for an amount of Rs 50,000 or less.
Also check NEFT processes for other banks from the table below:
|Axis Bank NEFT||HDFC NEFT||NEFT National Electronic Funds Transfer|
|Bank of Baroda NEFT||ICICI NEFT||NEFT vs RTGS|
|Bank of India NEFT||IDBI NEFT||SBI NEFT|
|Difference Between IMPS, NEFT & RTGS||Indian Bank NEFT||Union Bank NEFT|
|Difference Between NEFT & IMPS|
Canara Bank NEFT: FAQs
If you want to transfer funds to your own bank accounts or to any other account within Canara Bank, you don’t need to use NEFT. However, for other banks transaction, you need NEFT or RTGS (as per the amount).
You can get Canara Bank NEFT form by vising any of the bank’s branches.
Canara Bank NEFT Form is available free of cost at the bank’s branch (all branches).
NEFT services are available at all the branches of Canara Bank, online as well offline.
You can submit Canara Bank NEFT form at the branch from 8:00 AM to 7:00 PM on all working days.
There is no maximum limit specified by RBI for NEFT transactions per day. However, if you want, you can put limits to your transactions for NEFT, RTGS and all other online payment systems. This is how:
Login to netbanking > Services > Preferences > Change User Limits