Download Union Bank of India RTGS/NEFT Pdf form: Being one of the largest banks in India, Union Bank of India serves more than 120 million customers. It is a government bank since 1919 with headquarters in Mumbai, Maharashtra. Moreover, it amalgamated with Corporation Bank and Andhra Bank in April 2020. After that, due to its branch network, it became the fourth largest bank in India.
However, it has some branches located abroad after amalgamation. UBI is committed to providing convenience to customers. Also, it provides assistance through its customer care: 1800-22-2244 or 1800-208-2244.
This article may help you make aware of RTGS and NEFT in Union Bank of India. It provides online and offline methods for fund transfer.
RTGS (Real Time Gross Settlement)
It refers to the fund transfer mechanism in which funds are transferred between bank accounts. However, this transfer takes place on a gross basis and in real-time. Real-time means processing of fund transfer at the same time it is received instead of another time. On the other hand, the gross settlement means fund transfer settlement on an order by order basis without netting.
Generally, RTGS is used when there is a large value remittance. Therefore, its minimum amount limit is Rs. 2 lakhs but there is no maximum limit.
Monday to Saturday: 07:00 am to 05:45 pm
Generally, UBI does not operate RTGS on all Saturdays. 1st, 3rd, and 5th Saturdays are the operational days of RTGS. However, all Sundays and the 2nd & 4th Saturdays are holidays in UBI for RTGS.
In case of same-day processing for bulk RTGS transactions, then files should be uploaded prior to 05:00 pm.
|Transaction amount||Charges (Taxes excluded)|
|08:00 am – 11:00 am||11:00 am – 01:00 pm||After 01:00 pm|
|Rs. 2 lakhs- up to Rs. 5 lakhs||Rs. 25.00||Rs. 27.00||Rs. 30.00|
|More than Rs. 5 lakhs||Rs. 50.00||Rs. 52.00||Rs. 55.00|
NEFT (National Electronic Fund Transfer)
In general, it refers to a nationwide system of money transfers on a one-to-one basis. Moreover, it facilitates electronic fund transfers across the country. NEFT has no limitations on the amount to be remitted to other bank accounts.
NEFT is primarily for the transfer of funds of any amount. It clearly implies that there is no minimum as well as the maximum limit on NEFT amount.
- Mondays to Fridays: 08:00 am to 06:30 pm
- Saturdays (1st, 3rd & 5th): 08:00 am to 06:30 pm
2nd & 4th Saturdays and all Sundays remain holidays for NEFT in UBI. Moreover, NEFT settlements take place in hourly batches. Generally, 12 hourly settlements are taken place between 08:00 am to 07:00 pm. Also, these settlements are for weekdays and all working Saturdays.
|Transaction band||Charges (taxes excluded)|
|Re. 1 – Rs. 10,000||Rs. 02.50|
|Rs. 10,001 – Rs. 100,000||Rs. 05.00|
|Rs. 100,001 – Rs. 200,000||Rs. 15.00|
|Rs. 200,001 and above||Rs. 25.00|
Download Union Bank of India RTGS/NEFT Pdf form Online
Without a doubt, RTGS and NEFT systems consider as the quickest fund transfer modes. Moreover, it is available in all the branches of UBI.
Also, you may visit the branch for the RTGS/NEFT form or download it online. However, downloading the form online is better than visiting the branch. It is because it saves a considerable amount of time for customers.
Fill RTGS/NEFT form in Union Bank of India
Firstly, UBI RTGS/NEFT form requires many important details about the transaction. You need to provide details of the beneficiary as well as the remitter in this application form.
The following information is asked in this form:
- Name and address
- Bank name and branch address
- IFSC code and date of remittance
- Account type and number
- Name and address
- PAN and mobile number
- Amount to be remitted in words and figures
- Payment mode and date
Also, provide other details in the form. At last, it is recommended to verify all details before submitting them to the branch. Sign the form and handover it over to the bank executive.
After that, do not forget to take a customer copy of this form. It mentions the transaction reference number, remittance date, and UTR number.
Digital Banking for Union Bank of India RTGS & NEFT
Undoubtedly, UBI provides greater convenience to customers. Further, it facilitates RTGS and NEFT through digital banking. Moreover, its digital banking comprises of mobile and net banking for fund transfer. Also, beneficiary details are important for both banking platforms. Therefore, you should make sure to register it.
- Net Banking: Here, you can transfer funds using RTGS and NEFT. You can use UBI net banking by logging in to the link.
- Mobile Banking: You can simply NEFT any amount using UBI’s mobile banking app. However, this banking does not facilitate RTGS fund transfers. You may download the mobile app using the link.
In conclusion, the Union Bank of India offers different types of banking and financial services. One of such service is fund transfer from one bank account to another. With RTGS & NEFT, you can transfer money in an economic, safe, and reliable manner.
You can also check:
- How to Check Union Bank of India Account Balance From Home
- How to Download UBI Credit Card Statement Online
- How to Check Union Bank of India Complaint Status
FAQs – Frequently Asked Questions
You need to have an UBI bank account to avail NEFT. With this, you can transfer funds of any amount. But, as a non-customer, you may remit the amount of a maximum of Rs. 50,000 per transaction. UBI will soon introduce this facility. However, RTGS is not available for non-customers.
No. RTGS as well as NEFT do not allow for abroad remittances. But you can use these fund transfer systems for remittances within the country only.
It is because RTGS involves the least time in fund transfer compared to other modes.
In general, NEFT consumes a few minutes to transfer funds. However, it depends on the remittance time and whether the beneficiary gets the remitted amount the same day or the next day.