NEFT or the national electronic fund’s transfers can be used to make the money transfers. From your bank account to another account. You can use this to make transfers within Canara Bank and also outside the Canara Bank. But the bank in which your beneficiary holds the account should be on NEFT network. You can verify this with your beneficiary. Just ask if his or her branch is on the NEFT network.

Nowadays almost all the banks across the country are on the NEFT network. Probably this won’t be a problem for you. In Canara Bank, you can use the NEFT service to transfer funds. However, there is no minimum limit for NEFT transactions. But what I recommend you is if you are transferring money up to Rs. 2 lakh then you can make use of the IMPS service.

In Canara Bank, you can make money transfers using NEFT both online as well as offline. If you wish to do it online then you will require access to your internet banking account. And in case you wish to make the funds transfer offline then you will need a Canara Bank NEFT or RTGS Application form in PDF format. You can download this form online and take a print out of the same.

How Much You Will be Charged?

NEFT transactions in the bank are not free of cost and you have to pay some nominal charges. These charges are applicable to you only if you are using the offline mode to carry our the NEFT transactions. If you are making use of the mobile banking and Canara Bank internet banking service. Then Canara Bank will not charge you for the transaction you are making.

If you are transferring money up to Rs. 10,000 then you will be charged: Rs. 2.25 (excluding GST)

If you are transferring money up to Rs. 1,00,000 then the bank will charge you: Rs. 4.75 (excluding GST)

If you are transferring money up to Rs. 2,00,000 then the bank will charge you: Rs. 14.75 (excluding GST)

And in the case of above Rs. 2,00,000, you will be charged: Rs. 24.75 (excluding GST)

If you want to transfer money from your Canara Bank account which is more than Rs. 2,00,000. Then it is recommended you make use of the RTGS service.

How to Use Canara Bank NEFT?

You should know two terms when you are using the NEFT service. The two terms are interbank transfers and intrabank transfers.

Intrabank transfers: The money transfer will be considered as intrabank when both the senders and the beneficiary hold the account in the same bank. In this case, it will be both you who are making the money transfer and the receiver should have the account in Canara Bank itself.

Interbank transfers: If you have a bank account with Canara Bank and the beneficiary to whom you are sending the money holds a bank account in another bank. Then this kind of funds transfers is considered as interbank transfers.

You can read more about the different types of funds transfers and how they work in this article published on Medium.com

Canara Bank NEFT Online

If you have decided to use Canara Bank NEFT online. Then that’s a good choice. Because you don’t need to move out of your home in this pandemic situation. The work can be done right from your home.

1. Log in to your internet banking account.
2. First of all, you have to add the beneficiary account in your internet banking account.
3. Click on the Beneficiaries link.
4. Click on Add new beneficiary.
5. Enter the details of the beneficiary like name, nickname, correct bank account number, and IFSC Code.
6. In the case of intrabank transfers or within Canara Bank there is no need to enter the IFSC Code.
7. Once the beneficiary is activated click on funds transfers.
8. Select the beneficiary form the list.
9. Enter the amount you want to transfer.
10. Select the payment channel as NEFT.
11. You will receive an OTP on your mobile number.
12. Enter that OTP online along with your transaction password correctly.
13. As soon as you enter your OTP and transactions password your NEFT payment will be completed.
14. Save the NEFT reference number for safety purposes.

Canara Bank NEFT Offline

You have to visit your home branch if you are making the NEFT payment offline.

1. Download and take a printout of the NEFT or RTGS application form.
2. Fill the beneficiary details in the form.
3. Now fill the amount which you would like to transfer from your bank account.
4. Next, you have to choose the NEFT service. (put a tick mark)
5. Make your signature and submit the form.
6. The money you have entered in the application form will be deducted from your Canara Bank account.
7. Deducted money will be transferred to the Beneficiary account using the NEFT Service.

While you are doing the transfer you have to make sure that you have entered the correct bank account details. It is completely your responsibility to make sure the details which are entered by you are 100% correct. You should not depend on the bank for the verification purpose they are not liable to do that for you.