Union Bank of India NEFT

Timing for Union Bank NEFT

All Union Bank NEFT transactions are settled in a batchwise pattern during the working hours of the bank from Monday to Saturday. NEFT services will not be available on bank holidays. Please note that NEFT transfers cannot be made on 2nd and 4th Saturdays of the month as it is a holiday.

Process to Transfer Funds through NEFT from Union Bank to any Bank

Step 1: Log on to the Union Bank website and enter the internet banking account by providing relevant username and password

Step 2: Go to the 'Transfers' option and click on 'NEFT/RTGS Transfers'

Step 3: Click 'Make a New Payment' and enter the payee/beneficiary details

Step 4: Once all details are filled click on the 'Pay' option

Step 5: Enter the transaction password and 'Validate' details

Step 6: A confirmation message will be displayed on screen

Details Required to Carry out a NEFT Transaction

1. The 16-digit beneficiary account number
2. Payee name
3. IFSC code

How to Register a Beneficiary in Union Bank of India

1. Visit the Union Bank portal and log in to the internet banking facility by providing username and password
2. Go to the 'Transfers' option and click on 'NEFT/RTGS Transfers'
3. Click on 'Register Beneficiary'
4. Fill in beneficiary details such as name, account number, IFSC code, branch details, etc
5. Click 'Add Payee'
6. Click 'Ok' and 'Confirm Beneficiary'. A tracker ID will be sent to the account holder through SMS for confirmation of the beneficiary

How to Pay Credit Card Bill through Union Bank NEFT

Step1: Login to the Union Bank internet banking portal from any device

Step 2: To make card bill payment, add the credit card to the payee list. The card should be added as a beneficiary to initiate bill payment. This option is available under third party transfer

Step 3: Key in the IFSC code of the respective credit card

Step 4: Fill in the 16-digit credit card number in place of the account number

Step 5: Key in the bank name and enter the bank address of the credit card company/bank

Step 6: Click the submit button to complete the payment process

Benefits of Union Bank NEFT

1. Less risky process when compared to other types of fund transfer methods
2. Easy, simple and reliable
3. NEFT is backed by the Reserve Bank of India (RBI) and hence can easily rely on this form of payment method
4. If funds do not get transferred due to any glitches, it will be credited back to the account holder
5. Affordable transaction fee

Limitations of Union Bank of India NEFT

1. Slow when compared to IMPS and other types of fund transfer methods
2. NEFT services are not available during bank holidays
3. All NEFT transactions are processed in batches and hence it will make much longer for the money to be credited to the beneficiary's account
4. This may not be the best method of fund transfer, especially during an emergency situation.

How to Check Union Bank NEFT Status Online

To check the status of your NEFT transaction with Union Bank of India:

1. Step 1: Log in to your Union Bank internet banking portal.
2. Step 2: Navigate to the “Transaction History” or “Fund Transfer History” section.
3. Step 3: Select the date range and transaction type (NEFT).
4. Step 4: Click on the reference number to view the status—Success, Pending, or Failed.

Alternatively, you can call Union Bank Customer Care or visit the branch with your transaction reference number for updates.

Union Bank NEFT Charges

Union Bank of India applies different NEFT charges based on the transaction amount and whether it’s done online or offline.

 Charges for NEFT via Branch (Offline):

Charges for NEFT via Internet/Mobile Banking:

1. Zero charges. Online NEFT transactions are free as per RBI guidelines.

Note: Corporate users using cash management services may have different NEFT fee slabs based on agreement with the bank.