e-monies National Electronic Funds Transfer
With e-Monies National Electronic Funds Transfer you can transfer funds and make Credit card payments to any bank across India. With this service your transactions are easier, and, with fewer restrictions, they reach further than before.
What is e-Monies Electronic Funds Transfer?
A nation- wide funds transfer system, supporting the transfer of funds from any bank branch to any other bank branch, anywhere in India.
What are the benefits of Electronic Funds Transfer?
E-Monies National Electronic Funds Transfer is:
- Easier – no queues
- Faster – no demand drafts, cheques or letters
- Convenient - handle Credit card payments from home
Fees and Charges of Electronic Funds Transfer (NEFT) Service
NEFT transactions on NetBanking are charged as below:
- Amounts up to Rs. 10,000 - Rs.2.5 (exclusive of taxes) per transaction
- Amounts from Rs.10,001 to Rs.1 lakh - Rs. 5 (exclusive of taxes) per transaction
- Amounts above Rs. 1 lakh up to Rs. 2 lakh - Rs. 15 (exclusive of taxes) per transaction
- Amounts above Rs.2 lakh – Rs.25 (exclusive of taxes) per transaction
What are the transaction steps?
To use E-Monies National Electronic Funds Transfer you will need to begin by adding a beneficiary. Then you can go on to make a funds transfer or Credit card payment.
To add a beneficiary –
You should have your beneficiary’s IFSC handy. You can get this from the beneficiary bank.
When the above is complete you can follow these steps:
Step 1 - Log into HDFC Bank NetBanking, using your Customer ID and Password
Step 2 – Go to Fund Transfer tab.
Step 3 - Click ‘Add a Beneficiary’, and then select Beneficiary Type – Transfer to other bank
Step 4 – Enter the beneficiary account or Credit card number
Step 5 – Select the IFSC, using the bank and branch name. Now you can add the beneficiary. Remember, this is a one-time process.
Step 6 – Click ‘Add’, then ‘Confirm’
Step 7 – Authenticate yourself at the secure access step, and wait for your confirmation message
Post activation of a beneficiary, you can transfer a maximum of Rs. 100,000/- to each beneficiary for first 2 days.
One thing to note – After completing the addition of the beneficiary it will take 30 minutes for the details to be added to the list of beneficiaries.
To make your funds transfer/Credit card payment –
Step 1 – Go to Fund Transfer tab, and click Transfer to other bank
Step 2 – Select account, beneficiary, and enter the relevant details.
Step 3 – Accept the Terms and Conditions
Step 4 – Review the details, and, if all is correct, confirm to complete the process
Credit card payments
Credit card payments can be completed easily through HDFC Bank’s NEFTThis stands for National Electronic Funds Transfer (NEFT). It is a system that facilitates an individual or company to electronically transfer funds from any bank branch to any individual or company having an account with any other bank branch in the country. service under NetBanking.
There are a few points to note:
- You need to have the NetBanking and Third Party Funds Transfer facilities enabled (If you’re not yet registered, just visit your nearest HDFC Bank branch and fill the form).
- The Credit card issuing bank must be enabled to receive payments via NEFTThis stands for National Electronic Funds Transfer (NEFT). It is a system that facilitates an individual or company to electronically transfer funds from any bank branch to any individual or company having an account with any other bank branch in the country.
- The IFSC should be obtained from the Credit card issuing bank (without the correct IFSC, the transaction will be rejected)
The Funds transfer request made by 6 p.m. will be presented to RBI on the same day. The Funds transfer request made after 6 p.m. will be presented to RBI on the next working day.
On Saturdays, funds transfer request made by 12 pm. will be presented to RBI on the same day and funds transfer request made after 12 pm will be presented to RBI on the next working day.
Funds transfer request made on non- working days will also be presented to RBI on the next working day
The actual time taken to credit the account depends on the time taken by the Payee's Bank to process the payment
The money will reach the Payee's bank within the time stipulated by the Reserve Bank of India.
The maximum amount of funds that can be transferred per customer ID per day is Rs.10 lakhs.
What information is required to use the e-monies NEFT service?
To use this service, you should provide the beneficiary details (name and account number), and the name and IFSC of the beneficiary bank branch.
If the money is not credited to the beneficiary’s account while using the e-monies NEFT service, will I get it back?
Your funds will be returned to your account if they are not credited.
Can I use e-Monies NEFT for foreign remittances?
This is a service designed only for remitting Indian Rupees within India.
What is IFSC? How is it different from the MICR code?
IFSC stands for ‘Indian Financial System Code’. It is an 11 digit, alpha numeric code designed to identify bank branches in India. The MICR code uses 9 digits to identify bank branches.
What are the charges for the e-monies National Electronic Funds Transfer service?
NEFT transactions on NetBanking are charged as below:
Amounts up to Rs. 10,000 - Rs.2.5 (exclusive of taxes) per transaction
Amounts from Rs.10,001 to Rs.1 lakh - Rs. 5 (exclusive of taxes) per transaction
Amounts above Rs. 1 lakh up to Rs. 2 lakh - Rs. 15 (exclusive of taxes) per transaction
Amounts above Rs.2 lakh – Rs.25 (exclusive of taxes) per transaction