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N.E.F.T.
 
NATIONAL ELECTRONIC FUNDS TRANSFER(NEFT)
 
                                      
   
Introduction
  Reserve Bank of India has introduced a system called The Reserve Bank of India National Electronic Funds Transfer System which may be referred to as NEFT System, for participating banks and institutions with the required system of computer and communication network through which funds transfer operation would take place. Our bank is one of the participants in the above system. Presently, our all the  Service Outlets are enabled to offer NEFT facilities to their customers.
   
Objectives
  The objectives of the NEFT System are:
 
  • To establish an Electronic Funds Transfer System to facilitate an efficient, Secure, economical, reliable and expeditious system of funds transfer and Clearing in the banking sector throughout India, and
  • To relieve the stress on the existing paper based funds transfer and clearing system.
   
Eligibility Criteria For Customer Transactions
 
  • Fund Transfer through NEFT can be availed by the customers who maintain their operative accounts viz., Savings Bank, Current Account. This facility can also be allowed to CC / OD account etc., subject to ensuring end use of funds.
  • Outward / Inward remittance facility under NEFT is offered to the customers of all our CBS branches.
  • This facility is extended to Walk -in Customers.
  • This facility is available to Walk- in customers against cash payment upto Rs.50,000/-
  • Outward NEFT (N06) facility will not be available for first 7 days in any account of new customer.
  • Outward NEFT from any branch other than the parent/base/home branch shall not be allowed.
   
Procedure for availing the facility
 
  1. Customers have to submit a request by filling up a form available in all CBS Branches along with the cheques/Debit instruction to the branch.
  2. The customer has to inform the beneficiaries account number, Name and IFSC code the Bank/ Branch where the funds are to be remitted.
  3. NEFT transactions may be made for amounts inclusive of paisa component.
  4. There is no upper value limit for putting through an individual NEFT transaction.
  5. IFSC (Indian Financial System Code) is an eleven digit code given to each branch of all banks which are participating in RTGS.
  6. The list of the branches participating in NEFT is also available in RBI's website www.rbi.org.in
   
Batch Timings
Twelve hourly settlements are carried out during the day by RBI, starting from 8 am to 7 pm on all week days and Six hourly settlements from 8 am to 1 pm on Saturdays.
 

 
Charges
No Charges Prescribed for Inward NEFT.
   
For Outward Transactions-
   
Up to Rs.1 lakh -NIL
   
Above Rs.1 lakh to Rs.2 lakhs - Rs.10 (Plus Service Tax)per transaction.
 
  Above Rs.2 lakhs - Rs.25 (Plus Service tax)per transaction
   
Customer Service Help Desk for NEFT
A dedicated Help Desk for handling NEFT related issues has been set up by the bank at the following address.
 
Oriental Bank Of Commerce
2nd Floor, Aman Chamber,
Opp New passport Office,
Veer Savarkar Marg,
Prabhadevi, Mumbai-400025
 
Telephone - Direct NEFT - 022-43434690 , 022-43434691

FAX- 022-24370863

 
Email -neft@obc.co.in.
 
NEFT Customer Facilitation Centres(CFC)Directory of all the Banks