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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.
About 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:
Through this option, one can send money to any bank account by entering the account number and IFSC code of the beneficiary.
With this option, one can send money to any bank account using the mobile number and MMID of the beneficiary.
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:
Timings for NEFT
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:
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:
How to Pay Credit Card Bill through Union Bank NEFT
What Details are Required for Initiating NEFT Transaction
What are NEFT Charges at Union Bank of India
What are the Benefits of NEFT Services Offered by Union Bank of India?
What are the Limitations of Union Bank of India NEFT Services?
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:
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
What are the RTGS fees of the Union Bank of India
For transaction amount of Rs. 2 Lakhs to Rs. 5 Lakhs:
For transaction amount above Rs. 5 Lakhs:
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:
The details required to fill the online form are as follows:
For online mode select RTGS as fund transfer type
The details required to fill the offline form are as follows:
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:
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:
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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