Bank of Baroda NEFT Process & Charges
Bank of Baroda offers all its customers National Electronic Funds Transfer (NEFT) services. All account holders can send money to other bank accounts without any hassle by logging on to their internet banking accounts. This is a simple, reliable and cost-effective process.
NEFT transfer can be done through a wide range of devices including mobiles, tablets, laptops, and PCs. NEFT is maintained and facilitated by the Reserve Bank of India and NEFT transfer can be done to all NEFT-enabled banks. Apart from transferring funds, customers can also pay credit card bills.
Process to Transfer Funds Through NEFT from Bank of Baroda to Another Bank
Step1: Login to the Bank of Baroda website and sign in to your respective internet banking account by providing username and password
Step 2: Once you are signed into your internet banking account, proceed to click on the 'Other Bank Transfer -NEFT' option
Step 3: After ensuring that the payee is added, fill in necessary details such as name, account number, amount to be transferred and the IFSC code
Step 4: You will then receive a confirmation code
Summary of steps
- Log in
- Choose NEFT option
- Fill in details
- Transfer funds
There is also another option to transfer funds. This can be done by via the respective Bank of Baroda branch. The customer will have to personally visit the concerned branch, fill out a NEFT application form with all relevant details and then make a submission at the bank. The bank will process it on behalf of the customer without any hassle. Ideally, the payment will be processed in 2 working days.
Details Required to Carry out a NEFT Transaction
- The 16-digit beneficiary account number
- Payee name
- IFSC code
How to Pay Credit Card Bill through Bank of Baroda NEFT?
All credit card bill payments can be made through the Bank of Baroda NEFT facility. Usually, the maximum limit for such transactions is Rs.1 lakh but this varies from account holder to account holder.
Details required to pay credit card bill through NEFT:
- IFSC Code - BARB0COLABA
- Payee Account Number/ Beneficiary account - 16 digit credit card number
- Account Number (From where the payment is being made)
- Bank Name - Bank of Baroda
- Branch
- Location Transaction Type - NEFT
- Amount to be paid
Bank of Baroda Bank NEFT Fees and Charges
Transaction amount | Transaction fee |
Till Rs. 10,000 | Rs. 2.50 |
Up to Rs.1 lakh | Rs.5 |
Above 1 lakh to 2 lakh | Rs. 15 |
Rs.2 lakh and above | Rs. 25 |
Up to Rs. 10,000 | Rs. 2.50 |
*Please note that GST charges will be levied for all Bank of Baroda bank NEFT transactions
Bank of Baroda NEFT Timing
All NEFT transactions are processed by Bank of Baroda from 9 a.m. to 6.15 p.m. from Monday to Friday. On Saturday's the timings are from 9.00 a.m. to 12.45 p.m.
Benefits of Bank of Baroda NEFT
- Service can be availed by all customers: All customers of Bank of Baroda can easily avail NEFT services through their internet banking login.
- Affordable: When compared to other services, NEFT fees and charges are economical and cost-effective. For more details on the detailed charges and fees, please refer to the 'Bank of Baroda Bank NEFT Fees and Charges' table.
- Secure mechanism: NEFT is one of the safest and most convenient ways to transfer funds from an account to another. This is one of the most reliance methods and it can be done at the click of a button online.
- Need not visit the bank for NEFT: A NEFT transaction can be processed and completed online and there is no need to physically visit the Bank of Baroda branch. Basically, a customer can send money from any location to the concerned payee without any inconvenience.
Limitations of BOB NEFT
- Slow process: It takes time to process NEFT transactions because it can be done only during the working hours of the bank, unlike other payment methods.
- Bank holidays: The service will not be available during bank holidays, making it very inconvenient during emergencies.
FAQs on BOB NEFT
- How does Bank of Baroda's NEFT work?
The fund transfer mechanism is regulated by the RBI.
- Can customers transfer funds through NEFT on a 24/7 basis?
No. Even if a NEFT transfer is done on a 24/7 basis, the transaction amount will only be processed during the bank's working hours.
- How can a user confirm if the bank branch he/she is transferring money to is NEFT-enabled?
To check this, log on to the RBI website. The RBI regularly updates the list of banks that are NEFT enabled.
- What is NEFT? What is the expansion of NEFT?
NEFT is expanded as National Electronic Funds Transfer. To put it in simple words, NEFT is a fund transfer mechanism that enables hassle-free transfer of funds from one account to another. Bank of Baroda bank provides NEFT facilities to all customers.
- Do you have to have an account with Bank of Baroda to carry out a NEFT transaction?
Yes. It is mandatory to have an account as this facility is only available to account holders.
- Is it mandatory to have an internet banking account to avail NEFT facility?
To make a fund transfer online through NEFT.
- In case the money is not received or credited to the payee's account, will the sender get his/her money back?
If there is any error in a NEFT transaction and the money is not credited, it will be refunded.
- Is it required to have a bank account to transfer funds through NEFT?
Yes. NEFT transactions cannot be done without a bank account because NEFT is an account to account transfer mechanism.
- What can I do if the NEFT transfer is delayed?
The first option is to contact the respective Bank of Baroda bank branch or call their customer care number. If the issue is not resolved, one can directly approach the RBI.
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