EFT (Electronic Fund Transfer)
What is RBI EFT System?
RBI EFT is a scheme introduced by Reserve Bank of India (RBI) to help banks offer their
customers money transfer service from account to account of any bank branch to any other
bank branch.
At how many centres and bank branches is the EFT facility
available?
The EFT system presently covers all the branches of 27 Public Sector Banks, Selected
Scheduled Commercial Banks, Scheduled State Co-operative Banks and Scheduled Urban
Co-operative Banks. The facility is available at 15 centres where clearing houses(National
Clearing Cells) are managed by RBI namely Ahmedabad, Bangalore, Bhubaneswar, Chandigarh,
Chennai, Guwahati, Hyderabad, Kanpur, Jaipur, Kolkata, Mumbai, Nagpur, New Delhi,
Thiruvananthapuram, Patna.
It is faster and efficient mode of payment than the earlier paper modes of payment such
as Demand Draft, Mail Transfer, Telegraphic transfer.
Any Limit on the amount of individual transaction?
There would be no per transaction limit for ECS, EFT transactions with effect from
November 01, 2004.
Service Charge:
| Upto Rs.10000/- |
Rs. 35/- per transaction. |
| Above Rs.10000/- to Rs.100000/- |
Rs.3/- per thousand or part thereof
With a minimum of Rs.35/- |
| Above Rs.100000/- |
Rs.2.50 per thousand or part thereof
With a minimum of Rs.250/-
Maximum Rs.15000/-
|
National Electronic Fund Transfer (NEFT)
United Bank of India has joined live operation of NEFT w.e.f. 16.08.2006 as informed by
R.B.I. With addition of United Bank of India, RBI NEFT membership goes to 34 banks with
6623 branches of which 36 branches of (UBI) are participating in NEFT Live Operation.
There are four batches of NEFT daily at 9.30 A.M., 10.30 A.M., 12.00 Noon & 4.00
P.M. on weekdays and 9.30 A.M., 10.30 A.M. & 12.00 Noon on Saturdays.
NEFT is credit pushed transaction i.e. only credit can be sent, debit cannot be raised.
Only Inter Bank transactions (i.e. within Bank branches of other Banks) are routed through
NEFT.
Our Mumbai Branch will act as NEFT Service Branch, RBI Mumbai will act as NEFT Centre
and IBR Department, H.O. will act as Bank's Service Centre. Net amount will be
debited/credited to the Bank A/c of the Bank at NEFT Centre of RBI.
The list 36 Branches of United Bank of India, which are included in NEFT live operation
in first phase is given in Annexure - I and a phase wise schedule of inclusion of
remaining 55 branches for inclusion in NEFT live operation is given in Annexure - II.
The Accounting procedure of NEFT is in line with RTGS.
| Upto Rs.10000/- |
Rs. 35/- per transaction. |
| Above Rs.10000/- to Rs.100000/- |
Rs.3/- per thousand or part thereof
With a minimum of Rs.35/- |
| Above Rs.100000/- |
Rs.2.50/- per thousand or part thereof With a
minimum of Rs.250/-
Maximum Rs.15000/- |
ANNEXURE - I
List of 21 Branches included in NEFT live Operation in first
phase.
- United Bank of India, New Manicklata Branch
- United Bank of India, Salt Lake Branch
- United Bank of India, Calcutta Branch
- United Bank of India, Calcutta Stock Exchange Branch
- United Bank of India, Old Court House Street Branch
- United Bank of India, Overseas (Kolkata) Branch
- United Bank of India, Park Street Branch
- United Bank of India, Service (Kolkata) Branch
- United Bank of India, Tivoli Park Branch
- United Bank of India, Connaught Circus Branch
- United Bank of India, Nehru Place Branch
- United Bank of India, Service (New Delhi) Branch
- United Bank of India, Hotel Oberoi Tower Branch
- United Bank of India, Mumbai Branch
- United Bank of India, Overseas (Mumbai) Branch
- United Bank of India, Service (Mumbai) Branch
- United Bank of India, Bangalore Branch
- United Bank of India, Coimbatore Branch
- United Bank of India, Hyderabad Branch
- United Bank of India, Madras Branch
- United Bank of India, Malda Branch
- United Bank of India, College Street Branch
- United Bank of India, Dum Dum Branch
- United Bank of India, Lalbazar Branch
- United Bank of India, Chittaranjan Avenue Branch
- United Bank of India, Gariahat Branch
- United Bank of India, High Court Branch
- United Bank of India, New Market Branch
- United Bank of India, Royal Exchange Branch
- United Bank of India, Jadavpur Branch
- United Bank of India, Behala Branch
- United Bank of India, Jalpaiguri Branch
- United Bank of India, Siliguri Branch
- United Bank of India, Durgapur Branch
- United Bank of India, Asaf Ali Road Branch
- United Bank of India, Bhubaneswar Branch
ANNEXURE - II
List of 15 branches to be included in NEFT Live Operation by
20.10.2006.
- Thakurpukur
- Barasat
- Barrackpore
- Amtala
- Narendrapur
- Patna
- Purbachal
- Shyambazar
- Dharamtala
- Netaji Subhas Road
- Mayukh Bhavan
- Kalbadevi
- Poona
- Berhampur (W.B.)
- Sector V Salt Lake
ANNEXURE-III
List of remaining 41 Branches to be included in the NEFT live Operation in last phase
within next two months phase-wise.
- Bolepur
- Dunlop-Bridge
- Sreebhumi
- Chowringhee
- Kanpur
- Guwahati
- Secretariat (dispur)
- Dibrugarh
- Duliajan
- B.E. College
- Belur Math
- Chinsurah
- Serampore
- Uttarpara
- Bokaro Steel City
- Giridih
- Ranchi
- Krishnagar
- Ranaghat
- Bhopal
- Chandigarh
- Delhi Oberoi Hotel
- Jaipur
- President's Estate
- Tansen Marg
- Udaipur(Rajasthan)
- Paradip
- Midnapur
- Durgachowk
- Haldia
- Tamluk
- Bankura
- Electronic City
- Ernakulam
- Kozhikode
- Mount Road
- Trivandrum
- Ahmedabad
- Bandra-Kalanagar
- Nagpur
- Pedder Road
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