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Snapshot of NEFT RTGS IMPS Comparison at Bank of Baroda

Bank Of Baroda Neft Rtgs Imps
Type of TransferNEFTIMPSRTGS

Speed of settlement

Half hourly

Real-Time

Real-Time

Maximum Transfer Value

No Limit

Rs. 2,00,000

Rs. 5,00,000

Minimum Transfer Value

No Limit

No Limit

Rs. 2,00,000

Charges

Free up to Rs. 2 Lakhs.

Rs. 25 per transaction of value above Rs. 2 Lakhs.

No Charges

Transfer amount between Rs. 2 lakhs – Rs. 5 lakhs: Rs. 25 (excluding GST) per transaction from 8:00 am to 11:00 am.

From 11:00 am to 1:00 pm, Rs. 27 per transaction

Rs. 30 per transaction after 1:00 pm.

Timing

24x7, 365 Days

24x7, 365 Days

8 am IST – 4.30 pm IST (On all working days for banks in India)

Bank of Baroda NEFT Details

Bank of Baroda NEFT is the inter-banking fund transfer facility that is based on Deferred Net settlement. Under this mechanism, the transactions are credited in hourly batches of 30 minutes.

Bank of Baroda NEFT Transfer Modes

Offline- Bank Branch
Online- Mobile/ Net Banking

Bank of Baroda Fund Transfer Limit

Bank Branch- No Limit
Mobile/ Internet Banking- Rs. 5 Lakhs

Bank of Baroda Fund Transfer Charges

Mobile/Internet Banking-

Bank Branch- Rs.1 lakh and Rs. 2 lakhs-Rs.15 per transaction

Above Rs. 2 lakhs- Rs. 25 per transaction.

Bank of Baroda Fund Transfer Timings

24*7

How Does Bank of Baroda NEFT Work?

Bank of Baroda NEFT or National Electronic Funds Transfer is the inter-banking fund transfer facility that is operated under the governance of RBI. This facility is available for the transfer of funds within the country. It is based on the Deferred Net settlement system. This means the amount gets credited in 30-minute batches.

How to Transfer Funds Using Bank of Baroda NEFT?

To transfer funds using Bank of Baroda NEFT, one can follow the below-mentioned steps:

  • Login to the Bank of Baroda website and go to the internet banking section. Enter correct username and password to begin
  • After signing into your internet banking account, click on the ‘Other Bank Transfer -NEFT’ option
  • Add the payee and fill in necessary details like name, account number, amount and the IFSC code
  • Enter the confirmation code and execute the transaction

How to Make Credit Card Bill Payments Through Bank of Baroda NEFT?

To pay credit card bills through Bank of Baroda NEFT, here are the steps to be followed:

  • Log in to the internet banking account with the correct user name and password.
  • Add credit card as the beneficiary before making the credit card bill payment. This option will be available under third party transfer.
  • Enter the IFSC code of the credit card and in the account number section the 16-digit Bank of Baroda Credit Card number.
  • Enter the bank name and bank address of the credit card company/bank. To initiate a payment, click on submit.

What is Bank of Baroda NEFT Fees?

There are charges levied by the Bank of Baroda to receive money through NEFT. However, the payer has to bear certain charges depending on which bank the transaction has been initiated from. The NEFT money transfer facility can also be availed by NRE/ NRO account holders in the country.

Transaction TypeNEFT Charges

Mobile and Internet Banking

Nil

Bank Branch

Rs.1 lakh and Rs.2 lakhs - Rs.15 per transaction

Above Rs. 2 lakhs – Rs. 25 per transaction.

What Details are Required to Proceed with NEFT Transaction

To transfer funds using Bank of Baroda NEFT, here are the details required:

  • Name of the beneficiary
  • Amount to be transferred
  • Recipient’s account number
  • Name of the beneficiary’s Bank
  • IFSC code of the Bank’s branch
  • Account number of the person making the payment.

What are Bank of Baroda NEFT Timings?

Customers can transfer funds through the Bank of Baroda using a mobile/internet banking account or by visiting the bank branch. Mentioned below are the timings for NEFT transactions through Bank of Baroda:

Banking DaysNEFT Timings

Monday to Friday & Working Saturday

24*7

What are Bank of Baroda NEFT Limits?

There is no minimum amount for fund transfer through Bank of Baroda NEFT. Customers can transfer up to Rs. 5 Lakhs through Bank of Baroda NEFT while using Internet Banking.

What are the Benefits of Using Bank of Baroda NEFT?

Mentioned below are the key benefits offered by Bank of Baroda NEFT:

  • NEFT Limit: There is no minimum limit on NEFT fund transfers.
  • Transfer Modes: NEFT can be done through offline and online methods. For offline transfers, one needs to visit the bank branch. Online transfers can be done through net banking.
  • Safe Transfers: NEFT transactions in India are regulated by the RBI and are therefore safe for making fund transfers.
  • Efficient process: NEFT fund transfer can be easily done by following some simple steps through net banking.
  • Cost-effective: The fees applicable in Bank of Baroda NEFT are very reasonable and customers can avail cost-effective fund transfer services through the bank.

Bank of Baroda RTGS Details

Bank of Baroda RTGS or Real Time Gross Basis is the inter-banking fund transfer facility that allows instant fund transfer on a one-to-one basis. RTGS allows 'Real-time' transfer of funds meaning payment can be made instantly without delay. Here are some details of the RTGS facility offered by the Bank of Baroda:

Transfer Modes

Offline- Visiting Bank of Baroda branch
Online- Mobile/ Net Banking

Transfer Charges

Net Banking-
Bank Branch – Rs. 2 lakhs and Rs. 5 lakhs

Rs. 25 (excluding GST) per transaction from 8:00 am to 11:00 am

Rs. 27 per transaction from 11:00 am to 1:00 pm and Rs. 30 per transaction after 1:00 pm.

Transfer Timings

24*7

For fund transfer through Bank of Baroda RTGS, customers need to provide the following details of the recipients:

  • The amount to be transferred
  • Account number
  • Recipient’s bank name
  • Recipient bank’s IFSC code

How to fill the Bank of Baroda RTGS Form?

To fill Bank of Baroda RTGS form one needs to follow the steps as mentioned below:

  • Request for the RTGS form at the nearest Bank of Baroda Bank branch 
  • Fill in all the required details including date, the amount for fund transfer, etc.
  • Add account details, details of cheque such as the date and the serial number of the cheque, and IFSC code of the beneficiary.
  • Sign the form to ensure payment authorization for transferring the funds. The payment will be processed once this step has been completed.

How to Transfer Funds Through Bank of Baroda RTGS?

If you want to transfer money through Bank of Baroda RTGS net banking you need to follow the steps mentioned below:

  • Log in Bank of Baroda Net Banking Portal by using the correct User Name and Password.
  • Under the "Payments/Transfer" tab, select the appropriate fund transfer option.
  • Choose the type of transaction and click on "Proceed".
  • Select the account through which the funds have to be transferred.
  • Enter the amount, reason for transfer, beneficiary account for transferring the money.
  • Verify all details before agreeing to bank terms and conditions.
  • Enter the password or OTP sent to the registered mobile number and "Confirm". The payment will then be initiated and a message will be sent regarding the same.

What are Bank of Baroda RTGS Charges

The charges applicable for transactions made through Bank of Baroda RTGS are:

Net Banking

Nil

Bank Branch

Rs. 2 lakhs and Rs. 5 lakhs – Rs. 25 (excluding GST) per transaction from 8:00 am to 11:00 am

Rs. 27 per transaction from 11:00 am to 1:00 pm 

Rs. 30 per transaction after 1:00 pm.

Bank of Baroda IMPS Details (Immediate Payment Service)

IMPS or Immediate Payment Service is an easy way to make fund transfers from anywhere and at any time. This instant interbank electronic fund transfer mechanism can be used by customers of Bank of Baroda. This fund transfer service is useful for customers who want to make cashless transfers to recipients. To use IMPS, one requires an MMID and mobile number. One can also initiate the transaction using the bank account number and the IFSC code. This funds transfer service is available 24x7 through mobile banking and internet banking. IMPS is similar to NEFT except that transfers are done immediately irrespective of bank timings and holidays.

Who is Eligible for Bank of Baroda IMPS?

A customer who has a bank account with Bank of Baroda is eligible to use the IMPS facility. One has to register for the Bank of Baroda M-Connect service through a debit/ATM card. Customers who do not have a debit card can visit a Bank of Baroda branch to apply for Baroda M-Connect. The bank will then issue a 7-digit MMID that gets linked to the primary bank account. The MMID is sent via SMS to the registered mobile number of the applicant. Customers can also generate their MMID using mobile banking services. For this, they need to select “Fund Transfer - Other Bank”. Next click on “Know your MMID”.

What are the Benefits of using Bank of Baroda IMPS?

IMPS services offered by Bank of Baroda have several benefits for customers. Listed here are some of them:

  • User friendly.
  • Instant transfer of funds to the beneficiary’s account.
  • Available 24x7.
  • Available for use on bank holidays.
  • Available after banking hours.
  • Customers with a bank account can use IMPS.
  • Customers can link more than one bank account with the same mobile number and get separate MMIDs.

How to Transfer Money by using Bank of Baroda IMPS Service

Here are the steps to be followed for transferring money using Bank of Baroda’s IMPS service:

  • The first step is to do a one-time registration of the beneficiary.
  • Customers have to register the Payee under the IMPS facility. This is a one-time process; however, the payee details can be saved for future use.
  • Through the mobile app, go to the Menu option and “Fund Transfer”.
  • Click on “Other Bank” and choose “Beneficiary Registration”.
  • Select “Online Fund transfer (IMPS)”.
  • Enter the Payee’s MMID and Mobile Number.
  • Provide a nickname for the beneficiary.
  • Confirm the registration.
  • Transferring Funds

About Bank of Baroda NEFT RTGS IMPS

Bank of Baroda is a leading commercial bank in India that was established more than a hundred years ago in 1908 in the city of Baroda. After nationalization, it became a wholly-owned Government bank in 1969. The bank today offers varied services including fund transfer mechanisms like NEFT, RTGS, and IMPS.

FAQs

1. Is NEFT chargeable in Bank of Baroda?

Bank of Baroda NEFT transactions are allowed free of charge up to a maximum of Rs. 2 lakhs. If a transaction value exceeds Rs. 2 lakhs, a nominal charge of Rs. 25 is applicable per transaction.

2. Does Bank of Baroda charge for IMPS transfer?

Bank of Baroda currently does not levy any charges for IMPS transfers.

3. What is the NEFT limit in Bank of Baroda?

Bank of Baroda has a maximum limit of Rs. 5 lakhs for NEFT transfers done through mobile banking or internet banking. For NEFT transactions done through the bank branch, there is no limit.

4. Is NEFT available 24 hours?

Yes, NEFT services are available 24/7 and can be initiated at any time.

5. Can we transfer Rs. 10 lakhs per day through NEFT?

If you are using Bank of Baroda NEFT services, you can transfer Rs. 10 lakhs by visiting the bank branch. The maximum amount that can be transferred through NEFT online is Rs. 5 lakhs.

6. Can I transfer Rs. 2 lakhs through IMPS?

For IMPS, the transaction limit set by the Bank of Baroda is Rs. 50,000 per day and Rs. 2.5 lakhs per month.

7. Is IMPS transfer free?

Bank of Baroda currently offers IMPS services for free and users don’t have to pay any charges.

8. What are the IMPS and NEFT charges?

For IMPS, the Bank of Baroda does not levy any charges as of now. For NEFT, users can make transactions up to Rs. 2 lakhs. Beyond Rs. 2 lakhs, users have to pay Rs. 25 per NEFT transaction.

9. Can I transfer Rs. 1 crore through RTGS?

The maximum amount that can be transferred through Bank of Baroda RTGS is Rs. 5 lakhs.

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