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Introduction

Union Bank of India has its headquarters in Mumbai. The bank was established on 11th November 1919. Today, the bank offers multiple banking products and financial services including savings account, credit cards, fixed deposits, home loan, personal loan, debit card, car loan, gold loan, etc.

There are various ways of transferring money from one bank account to another. With advancements in technology, online money transfer has become convenient and easy. The three major ways used for fund transfer across banks are NEFT, RTGS, and IMPS. Here, we will explore these services as offered by the Union Bank of India.

IMPS Through Union Bank of India

Union Bank Of India Neft Rtgs Imps

Union Bank is one of the first banks in India to launch IMPS for its retail and corporate customers. The bank integrated the IMPS platform within its CBS (Core Banking Solution). With this facility, customers can reach out to any of the bank’s branches and request for instant fund transfer. IMPS facility lets customers instantly transfer funds to any other bank account up to a maximum of Rs. 2 lakhs per day. For this, customers must key in the beneficiary's valid account number and IFSC code.

What is IMPS?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service that can be used through mobile phones/ATM/ branch/ internet banking.

This electronic fund transfer method allows money to be credited immediately to the payee/beneficiary account. IMPS transfers are allowed to be done at any time on a 24/7 basis on all 365days of a year. This includes Sundays and other bank holidays. With this service, customers can initiate interbank transfers through multiple channels like mobile banking, internet banking, SMS, ATMs, etc. The main advantage of IMPS is that the service is available round the clock.

How to Use IMPS?

To avail the facility of the IMPS facility of Union bank, customers must register their mobile number with the Bank for mobile banking. Here are the steps for Transfer of Funds using IMPS:

Customers can transfer fund to other bank accounts through IMPS using one of the below options:

  • P2A (Person to Account number)

Through this option, one can send money to any bank account by entering the account number and IFSC code of the beneficiary.

  • P2P (Person to person)

With this option, one can send money to any bank account using the mobile number and MMID of the beneficiary.

NEFT Through Union Bank of India

National Electronic Funds Transfer (NEFT) NEFT is an electronic funds transfer system that facilitates the transfer of funds across bank accounts anywhere in the country. This method is secure, safe, fast and also cost-effective for customers who wish to transfer funds, especially for retail remittances. Union Bank of India offers NEFT services to ensure convenience for its customers. This facility is mainly available through online mode for all internet banking customers. Mobile banking customers can also make use of this facility. For corporate customers, the bank offers a bulk upload facility at its branches.

Customers can transfer any amount using NEFT. Here are the particulars required while initiating an NEFT transfer:

  • IFSC (Indian Financial System Code) of the beneficiary Bank/Branch
  • Full account number of the beneficiary.
  • Name of the beneficiary.

Timings for NEFT

  • Union Bank of India customers can use NEFT services between 8 AM and 06.30 PM on all weekdays.
  • The facility is also available between 8 AM and 06:30 PM on Saturdays (except 2nd & 4th Saturdays).
  • NEFT has twelve hourly settlements between 8 AM and 7 PM on all weekdays and between 8 AM and 7 PM on Saturday (except 2nd & 4th Saturdays).
  • For bulk transfers, the bulk NEFT File has to be uploaded before 6 PM for same-day processing. Sunday is considered a holiday.

In NEFT, the funds get credited to the beneficiary’s account on the same day or maximum next day in case the message is transmitted during the last batch of settlement. Union Bank offers NEFT facility to its customers through all its branches.

Steps to Transfer Funds through NEFT from Union Bank to any Bank:

  • Customers must log on to the Union Bank website and can enter the internet banking account by plugging in relevant username and password
  • Go to the ‘Transfers’ option and click on ‘NEFT/RTGS Transfers’
  • Click ‘Make a New Payment’ and enter the payee/beneficiary details
  • After all, details have been filled click on the ‘Pay’ option
  • Enter the transaction password and ‘Validate’ details
  • A confirmation message can then be seen on the screen

How to Register a Beneficiary in NEFT of Union Bank of India

Customers must visit the Union Bank portal and log in to internet banking by providing a username and password. Here are the steps to be followed for registration:

  • Visit the ‘Transfers’ section and click on ‘NEFT/RTGS Transfers’
  • Click on ‘Register Beneficiary’
  • Fill in beneficiary details like name, account number, IFSC code, branch details, etc
  • Click on ‘Add Payee’
  • Click ‘Ok’ and ‘Confirm Beneficiary’. A tracker ID will then be sent to the account holder through SMS. This step is for confirmation of the beneficiary.

How to Pay Credit Card Bill through Union Bank NEFT

  • Login to the Union Bank internet banking portal from a computer or smartphone
  • To initiate card bill payment, add the credit card to the payee list. 
  • The credit card should be added as a beneficiary to begin bill payment. Customers can find this option under third party transfer
  • Enter the IFSC code of the relevant credit card
  • Enter the 16-digit credit card number in the section for account number
  • Enter the bank name and bank address of the credit card company/bank
  • Click on the submit option to complete the payment process

What Details are Required for Initiating NEFT Transaction

  • The 16-digit beneficiary account number
  • Payee name
  • IFSC code

What are NEFT Charges at Union Bank of India

  • For transaction amount up to Rs. 10,000 - Rs. 2.50 + taxes
  • For transaction amount above Rs. 10,000 & up to Rs. 1 Lakhs - Rs. 5.00 + taxes
  • For transaction amount above Rs. 1 Lakh & up to Rs. 2 Lakhs - Rs. 15.00 + taxes
  • For transaction amount more than Rs. 2 Lakhs - Rs. 25.00 + taxes

What are the Benefits of NEFT Services Offered by Union Bank of India?

  • Comes with less risk as compared to other types of fund transfer methods
  • An easy, simple and reliable fund transfer technique
  • NEFT is supported by the Reserve Bank of India (RBI) and therefore customers can trust this form of payment method
  • In case funds do not get transferred due to an unknown issue, these will be credited back to the account holder
  • NEFT has an affordable transaction fee

What are the Limitations of Union Bank of India NEFT Services?

  • A slow process as compared to IMPS and other types of fund transfer methods
  • NEFT services are not permitted during bank holidays
  • All NEFT transactions are processed in batches and may therefore take longer for the money to be credited to the beneficiary’s account
  • This is not the best method of fund transfer, especially if a customer has an emergency

RTGS Facility of Union Bank of India

Real-Time Gross Settlement [RTGS], was first introduced by the Union Bank of India as Union Bullet. This is because the technique is known to be the fastest possible mode of money transfer through banking channels in India. In this fund transfer mechanism, money transfer takes place from one bank to another in real-time and is done on a 'gross basis'. At present, there are over 50,000 bank branches that are capable of remitting and receiving funds through RTGS. RTGS is primarily meant for large value remittances. The minimum amount that can be remitted through RTGS is Rs. 2 Lakhs.

What are the features of RTGS?

Customers can remit any amount using RTGS. Customers intending to remit money through RTGS have to furnish the following particulars:

  • IFSC (Indian Financial System Code) of the beneficiary Bank/Branch.
  • Full account number of the beneficiary.
  • Name of the beneficiary.

The facility is mainly available for use through online mode for all internet banking customers. For corporate customers, a bulk upload facility is also available at branches.

Timings for RTGS at Union Bank of India

  • Monday to Friday: 7.00Hrs to 17.45Hrs. 
  • Bulk RTGS File must be uploaded before 17:00Hrs for same-day processing.
  • Saturday (except 2nd & 4th Saturdays): 7.00Hrs to 17.45Hrs. 
  • Bulk RTGS File should be uploaded before 17:00Hrs. 
  • Sunday is a holiday.

What are the RTGS fees of the Union Bank of India

For transaction amount of Rs. 2 Lakhs to Rs. 5 Lakhs:

  • Rs. 25 + taxes (From 08:00 Hrs & up to 11:00 Hrs)
  • Rs. 27 + taxes (After 11:00 Hrs & up to 13:00 Hrs)
  • Rs.30 + taxes (After 13:00 Hrs)

For transaction amount above Rs. 5 Lakhs:

  • Rs. 50 + taxes (From 08:00 Hrs & up to 11:00 Hrs)
  • Rs. 52 + taxes (After 11:00 Hrs & up to 13:00 Hrs)
  • Rs. 55 + taxes (After 13:00 Hrs)

How can Customers fill the Union Bank of India RTGS Form?

Customers can use two different ways to avail of Union Bank of India RTGS services. Here are the details:

  • Online – Using Union Bank of India mobile and internet banking services

The details required to fill the online form are as follows:

  • Name and account number of the beneficiary
  • IFSC Code (Indian Financial System Code) of the beneficiary Bank/Branch

For online mode select RTGS as fund transfer type

  • Offline - By visiting a bank branch and filling UBI RTGS Form

The details required to fill the offline form are as follows:

  • Name and account number of the beneficiary
  • IFSC Code (Indian Financial System Code) of the beneficiary Bank/Branch

Benefits of Union Bank of India RTGS Service

Some of the main benefits offered by Union Bank of India’s RTGS services are as below:

  • Fast and secure way of transferring funds in India under inter-bank money transfer system
  • There is no need for the remitter to send a physical cheque or demand draft to the beneficiary
  • A real-time fund transfer system
  • Union Bank of India RTGS Limit
  • Since RTGS service is meant mainly for high-value transactions, the minimum amount to be remitted through Union Bank of India RTGS is Rs. 2 lakhs and there is no upper limit for the same.

FAQs

1. What is the difference between IMPS NEFT and RTGS?

IMPS and NEFT are available for use 24x7. RTGS, however, is available only during banking hours. The amount of money that can be transferred also differs across these three fund transfer methods and depends on the bank through which the transfer is being made.

2. How can I pay RTGS through the Union Bank of India?

Union Bank of India offers RTGS as a single module inside the Internet Banking application of the bank. Hence, customers have to log in to the Internet Banking Service and go to the "Transactions" menu. Customers can then select the "Fund Transfer & Payments" option and navigate to the Fund Transfer to Other UBI Account option.

3. How do you do NEFT transfer in the Union Bank of India?

To make a payment via NEFT services of Union Bank of India, customers have to follow the below steps:

  • Log in to the Union Bank of India Net Banking portal.
  • Click on “Other Bank Transfer – NEFT” under the Funds Transfer section.
  • Fill in all details including transfer amount, destination account number, IFSC Code, beneficiary name & payment details.

4. Does NEFT work 24 hours?

NEFT works 24×7, 365 days. NEFT transactions that are executed after the usual banking hours of banks are generally automated transactions and are initiated using 'Straight Through Processing (STP)' modes by the banks.

5. What is the RTGS limit per day?

The RTGS service of Union Bank of India has a requirement of a minimum transaction amount of Rs. 2 lakhs. However, since this is meant for high-value transactions, there is no upper limit.

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