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About Canara Bank NEFT RTGS IMPS
Speed of settlement
Maximum Transfer Value
Minimum Transfer Value
Up to Rs. 10,000 - Rs. 2.25
Rs. 10,001 up to Rs. 1 lakh - Rs. 4.75
Rs.1 lakh up to Rs. 2 lakhs - Rs. 14.75
Above Rs. 2 lakhs - Rs. 24.75
Up to Rs. 5,000 - No Charges apply
Beyond Rs. 5,000 up to Rs. 25,000 - Rs. 5
Beyond Rs. 25,000 up to Rs. 1 lakh - Rs. 10
Beyond Rs. 1 lakh up to Rs. 2 lakhs - Rs. 15
24x7, 365 Days
National Electronic Funds Transfer or NEFT is a safe online and offline fund transfer mechanism that is available to all account holders of Canara Bank. These fund transfers are monitored by the Reserve Bank of India and therefore considered as secure options for the transfer of funds to individual accounts, merchant bill payments, etc. Canara Bank levies a transaction fee for NEFT transfers made by account holders.
What are Canara Bank NEFT Charges?
Online NEFT transactions are free of cost. However, for NEFT transfers initiated at the bank branch, the standard Canara Bank NEFT Charges are:
Up to Rs. 10000
Rs. 10,001 up to Rs. 1 lakh
Rs.1 lakh up to Rs. 2 lakhs
Above Rs. 2 lakhs
How to Use Canara Bank NEFT?
Customers have the option of making NEFT Transactions online and offline. Customers can register their account for net banking or mobile banking to easily make NEFT transfers at any time. Customer’s whose account is registered for net banking and mobile banking can make an online transfer by following these steps:
Canara Bank NEFT Offline
Customers can fill up an NEFT form offline at the nearest Canara Bank branch to initiate an NEFT transfer. These forms are available at the bank branch and customers can also download the same from Canara Bank’s official website. The form must be filled with the details of the remitter such as name, account number, phone number and beneficiary details including the name, account number, IFSC code of the branch that the funds need to be transferred to. After submitting the form, the bank representatives enter the details in their records and initiate the fund transfer.
Why Use Canara Bank NEFT?
NEFT Transfers through Canara Bank can provide several benefits such as:
RTGS is an electronic mode of fund transfer. The full form of RTGS is Real Time Gross Settlement. The name itself indicates that, through this mechanism, the funds get transferred in gross amounts on a real-time basis. As per Reserve Bank of India guidelines, the funds must be transferred within 30 minutes of initiation of RTGS. Canara Bank RTGS is a simple and fast process that can be initiated after filling a single Canara Bank RTGS form and depositing the amount.
RTGS system is ideal for high-value transactions. The minimum amount required under Canara Bank’s RTGS fund transfer process is Rs 2 lakhs. Canara Bank does not have any upper ceiling for RTGS transactions. Account-holders can initiate RTGS fund transfer by either filling the form online or by submitting the form’s hard copy at the nearest bank branch. Remitters can download the form from the bank website and take a print out before filling the same.
How to Fill Canara Bank RTGS Form Online?
Here are the steps to fill Canara Bank RTGS form online:
What details are to be filled in Canara Bank RTGS Form?
For a customer to proceed with an RTGS transaction through Canara Bank, he/she must provide the following set of information through the form. These details have to be accurately filled in the Canara Bank RTGS form:
Important Points About Canara Bank RTGS
RTGS Form Terms and Conditions
Canara Bank RTGS form includes certain terms and conditions. RTGS transactions will be processed only if the details mentioned in the form are as per these conditions. Some of these are:
Canara Bank provides IMPS fund transfer services to all its customers who have registered for mobile banking facilities through the Canmobile app. Customers who have activated internet banking services on their account can also avail of these services. IMPS is one of the fastest fund transfer mechanisms available. It allows customers to make transfers in less than 30 minutes. However, before transferring funds, customers should be aware of the Canara Bank IMPS Charges since these have to be paid for every transfer made.
What are Canara Bank IMPS Charges?
Canara Bank charges as per the amount transferred through IMPS:
Up to Rs. 5,000
No Charges apply
Beyond Rs. 5,000 up to Rs. 25,000
Beyond Rs. 25,000 up to Rs. 1 lakh
Beyond Rs. 1 lakh up to Rs. 2 lakhs
How to Transfer Funds Through Canara Bank IMPS?
Customers can transfer funds through Canara bank’s Immediate Payment Service or IMPS. This can be done through mobile banking or internet banking facilities. Here are the steps to be followed:
What is an MMID?
Every customer who registers for mobile banking is provided with an MMID. It is also known as the Mobile Money Identifier and is unique for each user. Multiple MMIDs can be provided against multiple accounts.
What is the limit on Canara Bank IMPS?
Canara Bank has an IMPS Limit of Rs. 2 lakhs.
Why use Canara Bank IMPS?
IMPS services are extremely useful for the following reasons:
Canara Bank was incorporated on July 1 1906. It was originally set up under the name Canara Hindu Permanent Fund Ltd. In the year 1910, the Bank’s name was changed from Canara Hindu Permanent Fund Ltd to Canara Bank Ltd. On July 19 1969 the Bank was nationalized with 14 other major banks in the country. Today, Canara Bank is one of the largest Indian nationalised banks that is headquartered in Bengaluru.
1. How long will the NEFT transfer take?
NEFT transactions are processed in batches of half-hour or 30 minutes. Therefore, customers who have initiated transactions through NEFT can expect these to be processed within 30 minutes.
2. How much time does it take for NEFT transfer in Canara Bank?
As per RBI norms, NEFT transfers are processed in batches of half-hour. Customers of Canara Bank who initiate NEFT transactions can expect a processing time of 30 minutes.
3. What are the RTGS charges in Canara Bank?
Here are the charges applicable for RTGS transactions initiated through Canara Bank: Amount of RTGS Transactions - Rs. 2 lakhs & up to Rs. 5 lakhs – Charge of Rs. 24.50 Above Rs. 5 lakhs- Charge of Rs. 49.50
4. What is an RTGS transaction in Canara Bank?
Real-Time Gross Settlement (RTGS) services offered by Canara Bank is one of the payment settlement services that offer an instant transfer of funds. Customers do not have to wait for the settlement to happen. Once the settlements are done, RTGS services cannot be revoked.
5. What is the RTGS limit in Canara Bank?
Customers have to make a minimum transaction of Rs. 2 lakhs for RTGS services through Canara Bank. However, there is no upper limit applicable.
6. Can I transfer Rs. 1 crore through RTGS of Canara Bank?
Yes, you can transfer Rs. 1 crore through RTGS of Canara Bank. However, the bank levies charges for transactions above Rs. 5 lakhs made through RTGS.
7. Can RTGS be Cancelled?
Once all the details have been entered and an RTGS transaction has been initiated, it cannot be cancelled. Therefore, users must always ensure that they check the beneficiary details thoroughly before executing the transaction.
8. What is the RTGS transfer limit?
Currently, Canara bank does not have any maximum limit set for RTGS transactions. However, it levies some charges beyond transactions of Rs. 5 lakhs.
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