Qn. Can I use same IFSC code for IMPS transactions?

Yes, a bank branch will have same IFSC code for NEFT and IMPS transactions.

Qn. I mentioned wrong IFSC code in transaction. What will happen to transaction now?

Although bank account number does have information about the branch but bank may refuse or decline transaction due to incorrect IFSC code.

Qn. What is NEFT Timings?

The NEFT Timings are allotted by the Reserve Bank of India and is  conducted in 23 batches between 8 AM to 7 PM every day except Sunday, 2nd / 4th Saturday of the month and bank holidays. For more info check New NEFT Timings 2018-19.

Qn. What to Choose from- NEFT, IMPS or RTGS?

An. All these methods are used to transfer money from one account to other and all these methods require Bank IFSC Code. The major difference between the types of transfer is given below:

Difference NEFT IMPS RTGS
Timings Batches Instant Batches
Amount 0-No limit 0-2 lakhs 2 lakhs- No Limit
mode Online/Offline Online Online/Offline

Qn. How to check Bank Balance easy?

Checking the balance of your bank account is very important, so the bank provides a missed call number to check the bank balance. You can check your Bank Balance here.

Qn. How to check if bank is closed on a prticular day?

Bank holidays are decided by RBI at the beginning of the year. However, it may change depending on the order of the government. The Bank holiday consists of National Holidays, State holiday and festival holidays. To check Bank holiday state wise check the Bank Holiday Finder.

Qn. What are the timings of the Banks?

The timings of the banks may vary from bank to bank and depends on the geographical location. Contact your branch to find the details of the bank.

Qn. What is net banking?

Net banking is an online portal that can be used to transfer money, pay bills and much more over the internet. This is a very safe method of transferring funds and requires an ID and Password that is provided by the bank. To enable internet banking facility with your bank, you should fill a form available with your bank. The ID and Password will be sent to your home by the bank.

Qn.  Is Net Banking Safe?

Yes, Net banking is safe and easy to use the online transferring method. The only way it becomes unsafe is a human mistake like sharing the id password, or using others computer, creating easy to guess password etc.

Qn. How to contact the bank to register a complaint?

Banks provide a toll-free number that can be used to contact the bank to register any complaint with the bank alternatively you can also fill the online form to register the complaint. You can find the Bank Customer Care Number here.

Qn. Can I use net banking to transfer fund internationally?

Yes, you can use net banking to transfer funds internationally but not all the bank supports the international bank transfer and requires SWIFT Code to do the transaction. You can find the bank SWIFT Code from here.

Qn. Which method of transferring funds is faster?

The Fastest way of transferring funds is IMPS as NEFT and RTGS are cleared in time slots. IMPS are only able to transfer money that is less than or equal to 2 Lakhs. So, for the bigger amount you can use NEFT.

Qn. What are the Charges associated with NEFT fund transfers?

These are the following charges associated with the NEFT Fund transfers-

Amount Charges
Up to Rs. 10,000 Rs. 2.5
Rs. 10,000 to 1 Lakhs Rs. 5.00
1 Lakhs to 2 Lakhs Rs. 15
2 Lakhs to Rs. 5 Lakhs Rs. 25
Rs. 5 Lakhs to Rs. 10 Lakhs Rs. 50

Qn. Is NEFT Transaction is reversible?

No, once the fund transfer is initiated, then the process of transfer is irreversible. If you have mentioned some information wrong then the amount will be returned to the source.

Qn. How long does it take for a NEFT Transaction to reflect in the receiver account?

Time taken to process the NEFT Transaction is around 30 Minutes and the amount is settled in the time slots. Check New NEFT Timings here

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