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Snapshot of NEFT RTGS IMPS Comparison at Canara Bank

Canara Bank Neft Rtgs Imps
Type of TransferNEFTIMPSRTGS

Speed of settlement

Half hourly

Real-Time

Real-Time

Maximum Transfer Value

No Limit

Rs. 2,00,000

No Limit 

Minimum Transfer Value

No Limit

No Limit

Rs. 2,00,000

Charges

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

No Charges

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

Timing

24x7, 365 Days

24x7, 365 Days

24x7, 365 Days

Canara Bank NEFT Details

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:

AmountNEFT Charges

Up to Rs. 10000

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

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:

  • Log in to net banking or mobile banking account
  • Go to the Funds Transfer option and choose NEFT 
  • Select Add/Manage beneficiary for registering a new beneficiary
  • Add relevant beneficiary details like beneficiary account number, beneficiary name and IFSC code of the branch that the amount needs to be transferred to
  • After submitting the details, the beneficiary gets registered within 30 minutes
  • Enter the amount to be transferred, choose the account and complete the transaction

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:

  • No minimum or maximum limit on the amount that can be transferred using NEFT
  • Canara Bank NEFT charges are very nominal
  • NEFT is offered by over 99 banks across the country. Customers can get a list of NEFT enabled banks from the RBI website and use Canara Bank’s NEFT services to transfer funds to any of these banks
  • Secure option to transfer a large amount of funds
  • After every transaction, the payer and the payee get a confirmation alert through SMS

Canara Bank RTGS Details

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:

  • Customers can sign in using the registered email address
  • Fill the Canara Bank RTGS form online using the correct details
  • E-sign the document after filling in all required details and rectify errors, if any
  • Save the form and download it before saving it as a pdf
  • Canara Bank encourages digital banking and therefore, the Canara Bank RTGS form is available to customers in a simple-to-use format

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:

  • Amount to be transferred 
  • Sender’s account number in case the money has to be debited from the bank account
  • Cheque number if the amount is being paid through cheque
  • Beneficiary’s name and mobile number
  • Beneficiary’s bank, IFSC code and account number

Important Points About Canara Bank RTGS

  • The minimum amount to be transferred under this facility is Rs. 2,00,000
  • Canara Bank RTGS fund transfers are settled on all working days
  • Fund transfer via RTGS is available 24x7 and 365 days
  • After the funds are deposited in the beneficiary’s account, Canara Bank is sent a message from the Reserve Bank of India. The bank then sends a message of successful transfer to the sender
  • In case the sender thinks that the payment is delayed (beyond 30 minutes) he/ she can raise a complaint with the bank’s customer care or contact the grievance cell of RBI
  • Canara Bank has a customer facilitation centre that helps to investigate all complaints related to RTGS transactions

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:

  • Transactions will be processed only if the beneficiary’s bank is RTGS enabled
  • RTGS transactions are not processed on holidays and weekends
  • In case the amount or beneficiary details are filled incorrectly, Canara Bank does not take responsibility for the consequences of such transactions
  • The sender is given an acknowledgement receipt once the Canara Bank RTGS form is filled and money has been deposited.

Canara Bank IMPS Details (Immediate Payment Service)

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:

Transaction AmountTransaction Fees

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

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:

  • Log in to an internet banking account or Canmobile App.
  • Within funds transfer, select the “IMPS Transfer” option.
  • Enter the Beneficiary’s MMID, mobile Number, Account Number and IFSC Code. 
  • Next, enter the amount to be transferred.
  • To complete an IMPS transaction using internet banking, customers have to provide a One Time Password sent to the registered mobile number.
  • To complete an IMPS transaction through Canmobile App, customers must enter the MPIN provided.
  • After the transaction is complete, the customer will receive a confirmation message on the screen. A transaction reference number is also sent along with.
  • The customer will then receive an SMS to confirm the amount of the debit from the account and credit into the beneficiary account. This completes the transaction.

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:

  • Using the unique MMID and linked mobile number ensures that there is no error through the fund transfer transaction.
  • Customers have the option of transferring money at any time of the day without any restrictions on timings or bank holidays.
  • The funds are transferred to the correct beneficiary account within 30 minutes of a successful transaction.
  • IMPS is one of the safest fund transfer options available.

About Canara Bank

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.

FAQs

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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