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Investment Simplified > Banking > Union Bank NEFT
Banking

Union Bank NEFT

Monika Mohan
Monika Mohan January 23, 2023 3 Min Read
Updated 2023/01/23 at 12:31 PM
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Do you need to transfer funds to a friend but don’t have the time to go to the bank? NEFT is exactly what you need. You can use the Union Bank of India NEFT service to transfer funds directly from your bank to anyone’s bank account – from anywhere, anytime!

Contents
Union Bank NEFT FormUnion Bank NEFT ChargesUnion Bank NEFT TimingsUnion Bank NEFT: FAQs

Let’s see how to use the Union Bank NEFT, timings, limit, charges and more. 

Union Bank NEFT Form

NEFT is an electronic mode of transferring funds which happens between the sender’s bank account and the beneficiary’s bank account with RBI as the intermediary.

This service can be availed of using the Union Bank netbanking services or the mobile banking services, likewise. However, if you still prefer going to the bank and transferring funds at the bank using NEFT, download the form given below, fill it and submit at the bank. You can choose to transfer in cash or via your bank account. The amount will be transferred within 4 hours (usually no more than 2 working hours).

Download Union Bank of India NEFT Form

Union Bank NEFT Charges

If you choose to transfer money using NEFT online, you will be incurred with zero NEFT charges by the bank. However, if you use the Union Bank of India NEFT form and deposit at the bank, it will fetch the below-mentioned NEFT charges:

NEFT AmountUnion Bank NEFT Charges
Rs 10,000Rs 2.50
Rs 10,001 – Rs 1 lakhRs 5.00
Above Rs 1 lakh – Rs 2 lakhsRs 15.00
Above Rs 2 lakhsRs 25.00

Please note that the above charges are exclusive of GST.

Click here for GST Rates, 2023.

Union Bank NEFT Timings

Consider the following-mentioned points with respect to the Union Bank of India NEFT timings, online and at the bank, both:

Union Bank NEFT – Online

  • Union Bank NEFT timings via NetBanking or Mobile Banking: 24×7 – round the year
  • Amount is debited instantly from the sender’s account
  • It usually takes about 2 hours to reflect the balance in the beneficiary’s bank account
  • There are 48 half-hourly batches in 1 working day to carry out the NEFT transaction requests

Union Bank NEFT – At the Bank

The following are the Union Bank NEFT timings for carrying out NEFT transfers at the bank:

  • Monday to Friday: 10:00 AM to 4:00 PM
  • Working Saturdays: 10:00 AM to 1:00 PM

Please check the Union Bank timings for detailed information.

Union Bank NEFT: FAQs

What is the Union Bank of India NEFT Transfer Limit?

There is no NEFT limit set by the bank. However, if you do not have a bank account, you can only transfer an amount of Rs 50,000 in cash via Union Bank NEFT form, at the bank.

What are the Union Bank NEFT charges for netbanking?

There are zero Union Bank NEFT charges when using the online mode. However, it ranges from Rs 5 to Rs 25 (GST extra) when you do it at the branch.

Is Union Bank NEFT same as RTGS?

No. RTGS is faster than NEFT and is used for an amount of Rs 2 lakhs or more. But, that’s not the cane with NEFT. There is no limit and the transfer can take anywhere from 30 minutes to 4 hours to reflect in the beneficiary’s bank account.

Who regulates Union Bank NEFT requests?

All NEFT requests are regulated and processed by the Reserve Bank of India.

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Posted by Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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