Citibank NEFT Process & Timings

1. Log on to the Citibank Online Banking portal or Mobile Banking app
2. Click on 'External Fund Transfer' under the 'Fund Transfer' option
3. Choose the 'NEFT' option
4. Go to the 'Make a Payment' option
5. Fill in the beneficiary details using the drop down menu options
6. Enter the amount and choose the schedule for the payment
7. Verify the details and click on 'Pay'
8. Click the 'Submit' button
9. An OTP will be sent to the registered mobile number for authentication purpose
10. Enter the correct OTP and click 'Submit'. 'Validate' by entering the internet banking ID and transaction password (if required).
11. Make a note of the transaction reference number for documentation purpose

How to Pay Credit Card Bill Through Citibank NEFT

The Citibank credit card holders can pay their credit card bill through NEFT of a non Citibank account. The credit card holder will be required to use the basic card details to initiate the bill payments from any other non Citibank account. While adding the credit card details, the following details will be required -

1. Payee Name: Name as it appears on your Citibank Credit Card
2. Payee Account Number: Valid Citibank credit card number
3. Bank Name: Citibank N.A
4. Payment Account Type: Select Any Account Type
5. IFSC Code2: CITI0000003 (remains same for all Citibank credit card holders across India)
6. Branch Address: CHENNAI (remains same for all Citibank credit card holders across India)

Details for Adding a New Beneficiary for Citibank NEFT

In order to transfer funds to any bank account in India, the account holder will need the following details from the beneficiary -

1. Beneficiary Name
2. Payable Location
3. Beneficiary Bank Name, City and Branch Location
4. Beneficiary Bank IFSC Code
5. Beneficiary Account Number.

Beneficiary Registration Process for Citibank NEFT

Follow these simple steps to add a new beneficiary on the Citibank Online portal

1. Login to Citibank Online Account
2. Click on "Transfer and Payments"
3. Click on "Transfer to Third Party Account"
4. Click on "Add New Payee"
5. Select Transfer Type as "Outside Citibank"
6. Click on "To any bank account within India - NEFT"
7. Click on "To any bank account within India - RTGS (Real Time Gross Settlement) if you would like to use transfer using RTGS
8. Enter all the details
9. Verify the payee using a one-time authorization code (OAC) sent to the registered email or mobile phone. Use this code to "Activate Payee"

Step-by-Step Process to Add a Citibank Beneficiary for NEFT

Before making an NEFT transfer, you must add the recipient as a beneficiary.

Steps to Add a Beneficiary:

• Login to Citibank Online or Mobile Banking.
• Click on ‘Payments & Transfers’ → ‘Add Payee’.
• Enter: Payee Name Account Number IFSC Code Bank Name and Branch
  • Payee Name
  • Account Number
  • IFSC Code
  • Bank Name and Branch
• Verify with OTP sent to your registered mobile number.
• Wait for 30 minutes for beneficiary activation.

Citibank NEFT Fees and Charges

While beneficiaries are not charged with any kind of fee for receiving funds through NEFT, the originator/remitter of the fund transfer will be required to pay a fee as specified by Citibank. The charges are listed in the following table -

*GST may be applicable, account holders are advised to get in touch with the bank to understand the terms of Transaction Service Charges.

Timing for Citibank NEFT

Citibank NEFT transactions will be processed during the working hours of the bank from Monday to Saturday. NEFT services will not be available on bank holidays.

Limitations & Transaction Guidelines of Citibank NEFT

1. Since funds are settled in batches, NEFT transfers take more time than IMPS (Immediate Payment Service) which settles funds on an individual basis.
2. NEFT service is not available beyond office hours and on bank holidays.
3. NEFT service can not be utilized during an emergency.
4. In case of a new Payee under the Citibank's NEFT system, there is a limit of Rs. 30,000 for the first transfer (excluding holidays).

Benefits of Citibank NEFT

1. Cost-effective and efficient: The charges are NEFT transactions are lower when compared to other available methods of fund transfer.
2. Safe and reliable: The NEFT platform is hassle-free and offers a smooth fund transfer experience. The transactions are administered and managed by RBI through a safe and reliable network.
3. Availability - The originator need not send any physical cheque or Demand Draft to the beneficiary which saves time. NEFT service is provided and supported by over 100,000 branches all over India which make it one of the most available methods of fund transfer.
4. Multiple platforms - Customers can either use the Citibank Online or Mobile Banking app to carry out fund transfers almost immediately.
5. Speed - With the extended NEFT coverage, funds are settled faster than before. NEFT fund transfers may take up to 30 minutes to two hours, subject to other factors.
6. Mobile - Originators can initiate a NEFT online fund transfer from any part of the world. Neither the originator or the beneficiary is required to visit the branch.
7. Notification - The originators are notified about the fund transfer status through emails and text SMS.