IDBI Bank provides every account holder with the option of using National Electronic Funds Transfer or NEFT services to transfer funds into a selected beneficiary in simple steps. If an account holder is not able to make IDBI Bank NEFT transfer online, he/she can do the same by visiting the nearest IDBI Bank branch. The account holder will only be required to fill IDBI NEFT form to make NEFT transactions offline. The best thing about IDBI Bank NEFT is that funds can be transferred online even on bank holidays or after banking hours.
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How to Transfer Funds through IDBI NEFT Online
The most convenient option is making the fund transfer online. To do so, you have to register the beneficiary, to begin with. Here’s how you can add a beneficiary in your account:
- Log in to your IDBI online banking or internet banking account.
- Under funds transfer, choose NEFT.
- Then click on Add/Manage Beneficiary.
- Provide the details of the beneficiary including the name, account number, and IFSC Code.
- Once you submit, the beneficiary will be registered within 30 minutes.
After the beneficiary is registered, you can key in the amount that you wish to transfer. Then choose the account that you want to transfer the money from. Click on Submit to complete the transaction.
IDBI Bank NEFT Offline Transaction
To make an offline transaction, you can visit your nearest IDBI Bank Branch and follow the steps mentioned below:
- Fill up the IDBI NEFT Form available at the branch.
- This form will require relevant details of the beneficiary account that you need to make a transfer.
- Submit the money and the form to the executive
- The executive hands over the receipt to the remitter
- You can check the status using the transaction ID
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The IDBI NEFT form will require you to provide details including:
- The name of the beneficiary
- The account number of the beneficiary
- IFSC code of the beneficiary
- The name of the remitter
- The account number of the remitter
- Phone number of the remitter
These are the same details that you provide in your online accounts. It will enable the officials at IDBI Bank to take a look at the IDBI NEFT Form, type in the details and make a regular online transaction.
IDBI Bank NEFT Charges
IDBI Bank does not apply any charges on NEFT transactions initiated online via internet banking or mobile banking channels. This decision has been made to encourage digital payments. Besides that, NEFT transactions initiated at the bank branch are charged by a nominal amount:
| Transaction Amount | NEFT Charges (Per Transaction) |
| Up to Rs. 5,000 | Free |
| Above Rs. 5,000 to Rs. 10,000 | Rs. 2 |
| Above Rs. 10,000 to Rs. 1,00,000 | Rs. 5 |
| Above Rs. 1,00,000 to Rs. 2,00,000 | Rs. 15 |
| Above Rs. 2,00,000 | Rs. 25 |
Note: The above-mentioned charges are exclusive of GST.
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Why Choose IDBI NEFT Services
NEFT or National Electronic Fund Transfer is undoubtedly the most sought-after online fund transfer option available in India. This is a fund transfer facility that allows you to make transfers on a one-on-one basis to an individual or even a company. Choosing this service gives you several benefits such as:
- Available 24×7 for 365 days.
- No charges levied on NEFT transfers initiated online via internet banking and/or mobile banking platforms.
- The most economical fund transfer option. In comparison to other fund transfer options, IDBI NEFT Charges are the lowest.
- There is no limit on the minimum and maximum amount that you can transfer on a given day.
- NEFT transactions are regulated by the Reserve Bank of India. Therefore, these are extremely secure.
- This is a convenient method to transfer money on the go.
- NEFT is also one of the most secure fund transfer options available to customers.
- This facility is available to all IDBI account holders.
IDBI NEFT Timings
Unlike other fund transfer options, NEFT transfers are settled in batches. Each batch has a window of half an hour. As a result, NEFT Transfer became more convenient for customers.
The NEFT Timings as per the Reserve Bank of India are as follows:
- NEFT service is available on a round-the-clock basis i.e. 24×7 for 365 days.
- There are 48 half-hourly batches in a day. The settlement of the first batch commences after 00:30 hours and the last batch ends at 00:00 hours.
- NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
However, if you wish to process NEFT by visiting the bank, you will have to call the bank and as about the NEFT timings of the bank.
Frequently Asked Questions
Q. What if I add wrong IFSC code while doing NEFT transaction?
Ans. You could lose your money if you add a wrong IFSC code while processing an NEFT transaction.
Q. What are the essential details required to make an NEFT transaction?
Ans. You would require to add the beneficiary’s name, branch name, account number, IFSC code and the amount to be transferred.
Q. Can NEFT be cancelled?
Ans. No. NEFT once initiated cannot be cancelled.
Q. Why is IFSC code important to process NEFT transactions?
Ans. IFSC code is important to identify the originating branch of NEFT and also deliver messages appropriately to the concerned branch.
Q. How can I check if my bank or the beneficiary’s bank is active on NEFT service?
Ans. You can check this information on the Reserve Bank of India’s website.