Central Bank of India provides NEFT transfers at all its branches in India. There are nominal charges for NEFT in the Central Bank of India when conducted through the branch on behalf of the sender. NEFT (National Electronic Funds Transfer) is a real-time payment method. It allows you to transfer money from one bank account to another, typically processed within 2 hours in batches. Furthermore, you can conveniently send money from any corner of the country to your recipient. With the digital option, you don’t even need to leave your home.
In this article, you will learn about the NEFT form, transaction process, charge for NEFT in Central Bank, and more.
Process to Transfer Funds Through NEFT with Central Bank of India
Like all major banks, the Central Bank of India offers two methods for making NEFT transactions. The step-by-step process for both is listed below:
Online Method
- Through Mobile App Banking:
- Download/Open the mobile banking app of the Central Bank of India.
- Log in to your account.
- Go to the funds transfer option and select NEFT.
- If the beneficiary details are already stored, just select the beneficiary. If not, please add the beneficiary details.
- Enter the amount you wish to transfer to the beneficiary’s account.
- Submit all the details and enter your PIN to authorise the transaction.
- Through Net Banking:
- Visit the official website of the Central Bank of India.
- Go to the personal banking page and log in to your account.
- Look for the ‘fund transfer’ option.
- Add the details of a new beneficiary/Select the existing beneficiary.
- Enter the NEFT transaction amount and submit the request.
Upon successfully completing the steps through either method, the funds will be transferred to the beneficiary’s account. Both the payer (that’s you) and the beneficiary will receive an SMS alert, providing information about the transaction.
Offline Method: Branch Interface
To make an NEFT transaction offline, follow these steps:
- Visit the nearest branch of the Central Bank of India.
- Ask for the NEFT form and fill it out with the correct information and account details. You can seek assistance from a bank employee to help you complete the form.
- Submit the form to a bank officer.
- Pay the service fee, which will depend on the NEFT transaction amount.
- The bank officer will authorise the transaction and provide you with an acknowledgement slip.
How to Fill the Central Bank of India NEFT Form?
The Central Bank of India’s NEFT form is divided into two sections. The first section is for providing your banking and contact details, as well as beneficiary information.
First Section of the Central Bank of India NEFT Form
Here’s the list of details that you need to fill:
- Transaction amount.
- Your name and bank account number.
- Your customer ID number which is provided by the bank.
- Your registered home address and contact number.
- Your email address and PAN card number.
Once you have added your details, move on to the next part and provide information about the beneficiary (receiver):
- IFSC code of the receiver’s branch.
- Bank and branch name, and account number.
- Re-enter the account number for accuracy.
- Mention the type of account.
- Name and contact details of the beneficiary.
In the second section, reserved for the bank’s use, a bank officer will fill in the relevant details to authorise your NEFT transaction.
Second Section of the Central Bank of India NEFT Form
Paying Credit Card Bill Through Central Bank of India NEFT
Paying your credit card bills is a quick and simple process:
- Log in to your account from the Central Bank of India’s website or mobile app.
- Go to the Funds Transfer option.
- Under the NEFT section, add the name of your credit card company as the beneficiary.
- Instead of a bank account number, enter your credit card number.
- Provide the IFSC code of your credit card company.
- Enter the amount you wish to pay towards your credit card bill.
- Submit all the details and proceed with the NEFT transaction.
Central Bank of India NEFT Charges
A service fee is applicable for NEFT transactions conducted at the branch. However, charges for NEFT in Central Bank of India are waived when using digital modes like Net Banking and Mobile Banking.
- NEFT charges: Central Bank of India (Branch Interface)
Slab | Charges (₹) |
Inward | Nil |
Outward | |
Up to ₹10,000 | ₹2.50 |
Above ₹10,000 to ₹1 lakh | ₹5 |
Above ₹1 lakh to ₹2 lakhs | ₹15 |
Above ₹2 lakhs | ₹25 |
Please note that the Central Bank of India NEFT charges mentioned above may be subject to change at the discretion of the bank. Please check their website for the latest updates
Benefits of NEFT Transactions with the Central Bank of India
NEFT is one of the most popular payment methods in India as it offers several benefits:
- Digital NEFT transactions are available round-the-clock.
- Central Bank of India, with 4,600+ branches across the country, enables you to initiate NEFT transactions from any branch.
- The NEFT payment mode is especially beneficial during emergencies and for people residing in remote areas.
- You can make significant fund transfers as there is no transaction amount cap for digital transactions with the Central Bank of India.
- These NEFT transactions are managed by RBI and are legally backed for security and reliability.
What is the NEFT limit for the Central Bank of India?
If you wish to initiate an NEFT transaction with the Central Bank of India, you will be pleased to know that there are no minimum or maximum limits for digital transactions. However, please note that for walk-in customers who choose to deposit cash, the NEFT amount cannot exceed ₹50,000.
Final Word
Central Bank of India’s NEFT services provide you with flexible, cost-effective, and secure options for transferring funds. You can enjoy the convenience of round-the-clock digital transactions or visit a nearby branch for traditional NEFT transfers, at your convenience.
Central Bank of India NEFT Charges FAQs:-
If you are conducting an NEFT transaction through the Central Bank of India, there are no charges.
You can easily download the NEFT request form by visiting the Central Bank of India’s web portal.
Even if you do not have a bank account with the Central Bank of India, you can walk into any branch of the bank and deposit cash for an NEFT transaction. However, please keep in mind that there is a limit of Rs. 50,000 per transaction.
For funds transfer through NEFT online, you can make transactions 24×7, including holidays. However, if you want to carry out the NEFT transaction by visiting the branch, the timings will be in accordance with the operating hours of the branch.
You will have to pay a service fee of just ₹15 if your transaction limit is above ₹1 lakh but below ₹2 lakh. For transactions above ₹2 lakhs, the charge for NEFT in Central Bank is ₹25.