IDFC First Bank, a prominent financial institution, offers a seamless way to facilitate transfers through its National Electronic Funds Transfer (NEFT) services.It’s essential to know how to handle online money transfers. This article will explain how to get a NEFT form IDFC First Bank and the essential details you need to provide when making a transfer. We’ll also provide detailed steps for using NEFT services through IDFC First Bank and discuss the fees involved, transaction limits, and operational hours. By the end of this article, you’ll have a clear understanding of how to use IDFC First Bank’s NEFT services to send money to your recipients efficiently.
About IDFC First Bank
IDFC First Bank, formerly known as IDFC Bank, is an institution born from the vision of IDFC Limited, established in 1997. The core objective of IDFC Limited was to provide financial support for infrastructure development, with a specific focus on project finance and capital mobilisation for private sector infrastructure projects.
In 2005, Dr. Rajiv Lall’s leadership expanded the institution into asset management, institutional broking, and infrastructure debt fund services. In 2013, they applied for a commercial banking licence from the Reserve Bank of India, ultimately receiving in-principle approval in 2014. This led to a pivotal demerger in 2015, resulting in the birth of IDFC Bank. Over the following three years, the bank strengthened its framework, introduced efficient treasury management systems, and placed a strong emphasis on corporate banking.
How to Get the IDFC First Bank NEFT Form?
- Visit IDFC First Bank’s official website: Start by accessing the official website of IDFC First Bank through your web browser.
- Navigate to the ‘Payments’ tab: Once on the website, look for and click on the ‘Payments’ tab located at the top of the page. This tab is typically situated within the main navigation menu.
- Choose ‘Fund Transfer’: Within the ‘Payments’ section, you’ll find various options related to financial transactions. Locate and select the option that pertains to ‘Fund Transfer.’ This choice will lead you to the specific page for fund transfer services.
- IDFC First Bank NEFT form download: Scroll down to the bottom of the ‘Fund Transfer’ page, where you’ll find a button or link to ‘Download Form.’ Click on this button to access and download the IDFC First Bank NEFT form pdf.
Important Details to Fill in the IDFC First Bank NEFT Form
When initiating an online fund transfer through IDFC First Bank’s NEFT channels, it’s essential to ensure all necessary details are accurately provided on the online NEFT form of IDFC First Bank. Below are the important particulars you must include:
- Date: Commence by specifying the date on the transfer form. This is the date on which you intend to initiate the fund transfer.
- Your account details: Provide your own account details, including the account number and other relevant information that ensures the source of the funds.
- Beneficiary’s account details: Include comprehensive details of the beneficiary’s account. This typically consists of the beneficiary’s account number, the bank’s name, branch information, and the IFSC code to ensure precise fund transfer.
- Select transfer method: Indicate the preferred transfer method – whether NEFT or RTGS. If the transfer is within IDFC First Bank, this option should also be specified.
- Transfer amount in figures and words: Mention the transfer amount both in numerical figures and in words. This dual representation helps avoid any discrepancies.
- Your signature: If the account is held jointly, ensure that the signatures of all account holders are provided as required by the bank’s regulations.
IDFC NEFT Procedure
To facilitate online fund transfers via the IDFC NEFT platform, we’ve outlined a step-by-step guide for your convenience:
- Login: Begin by accessing your internet banking or mobile banking application.
- Select ‘Fund Transfer’: In the application’s left-hand menu, find and click on ‘Fund Transfer.’
- Choose ‘Transfer Now’: Initiate the transfer process by selecting Transfer Now.
- Specify the transfer amount: Enter the desired transfer amount, ensuring it falls within the ₹1 to ₹20,00,000 range.
- Beneficiary selection: You can either select an existing beneficiary or utilise the ‘One Time Beneficiary’ feature, which enables you to transfer funds without registering a beneficiary.
- Payment method: Opt for the NEFT payment method as your preferred mode for the transaction.
- Submit and OTP verification: Click ‘Submit’ to advance. A One-Time Password will be sent to the mobile number registered with your account. Enter this OTP to verify and authorise the transaction.
- Confirmation and transfer: Upon successful verification, the funds will be securely transferred to the designated beneficiary.
IDFC NEFT Charges
IDFC Bank facilitates NEFT services for seamless money transfers, but it’s important to know the associated charges. NEFT transfers come with nominal fees charged to the sender, while the beneficiary incurs no charges. Notably, transactions initiated through online banking or mobile banking do not attract any fees. The sender is responsible for covering the following charges, which vary based on the amount being transferred:
- Transfers up to ₹10,000: If you’re sending an amount up to ₹10,000, you’ll be charged a modest fee of ₹2.5, along with the applicable GST.
- Transfers above ₹10,000 but less than ₹1 lakh: In case your transfer falls within the range of ₹10,000 to less than ₹1 lakh, the fee is marginally higher at ₹5, along with GST.
- Transfers above ₹1 lakh but less than ₹2 lakhs: When you’re initiating a transfer between ₹1 lakh and less than ₹2 lakhs, the fee is ₹15, plus GST.
- Transfers exceeding ₹2 lakhs: For larger transfers surpassing ₹2 lakhs, a reasonable fee of ₹25, along with GST, applies.
IDFC Net Timings and Transaction Limit
Transfer Limits:
- Minimum amount: You can initiate an NEFT transfer with a minimum amount of just Re. 1.
- Maximum amount: The upper limit for an NEFT transfer through IDFC is set at Rs. 20,00,000.
Operational Timings:
- NEFT transactions: You can perform NEFT transactions between 8:00 AM and 6:50 PM on regular weekdays (Monday to Friday).
- Non-operational days: NEFT services are not available on Sundays.
- RBI holidays: NEFT transactions are also not operational on holidays observed by the Reserve Bank of India.
Conclusion
In conclusion, IDFC First Bank’s National Electronic Funds Transfer (NEFT) services provide a seamless and convenient way to send money electronically within India. The bank’s commitment to serving its customers efficiently and reliably is evident in its NEFT services. This article has walked you through obtaining an IDFC First Bank NEFT form and the essential details required for a successful fund transfer. It has also explained the step-by-step procedure for using NEFT services through IDFC First Bank, including information about fees, transaction limits, and operational hours.
IDFC First Bank NEFT Form FAQ’s:-
Yes, when initiating an NEFT transfer, it is imperative to input the beneficiary’s essential bank account details, including their account name, account number, IFSC code, bank name, and branch name. The IFSC code is a crucial component of sending funds through NEFT.
Yes, NEFT can be utilised without a bank account, although it involves visiting a bank branch. The maximum amount for transfers, in this case, is typically capped at ₹50,000.
No, NEFT is exclusively for domestic transfers within India, allowing funds to be transferred solely between Indian bank accounts.
If your NEFT transaction fails, the funds will be returned to your account, accompanied by a notice of the unsuccessful transaction.
For any NEFT transaction concerns or disputes, simply contact your bank. IDFC First Bank provides efficient query resolution through their dedicated support team, accessible via chat, phone, and video. Contact their support team at your convenience for swift issue resolution.