National Electronic Funds Transfer (NEFT) is a facility through which you can transfer funds to other Bank accounts outside Barclays Bank across India at your own convenience.

NEFT is now available through Barclays Hello Money and Online Banking Platform.

Features of NEFT

• Transfer funds from Barclays account to any other bank account within India.
• Funds will be transferred to beneficiary’s bank using the RBI Payment Interface (PI).
  
  No separate registration is required to use this service. Customers registered on Hello Money, would need below details of the beneficiary to initiate the transaction:
  
  

  1. Beneficiary’s Account Number

  2. Beneficiary Bank’s IFSC Code

  3. Amount to be transferred.

  4. Beneficiary Nick name

• Payment will be initiated in two batches daily (Batch 1 – 11.30 am, Batch 2 – 3.30 pm).

Benefits

• Faster – Its faster and more convenient than sending Demand Drafts / Cheques / Telegraphic Transfers.
• Easier – Forget long queues and time-consuming DDs, cheques and pay orders! No need to visit the bank branch and search for a courier.
• Reach – No Geographical limitations within India as long as it is a participating bank in the RBI's RTGS/NEFT system

Charges

This service is offered free to Hello Money & Online Banking users.

 

Transfer Limit

There is a Daily transfer limit of INR 50,000/- & INR 1,00,000/- as funds transfer limit under Hello Money & Online Banking respectively.

Steps to Initiate NEFT transactions on Hello Money Platform

• Step 1 – Dial *598*1# to get the main menu.
• Step 2 – Select Option 2 – Funds transfer and then select Option 4 which is NEFT.
• Step 3 – Customers can register for Beneficiary either by Calling up the Call Center or by entering Beneficiary Account, Beneficiary Bank IFSC code, Beneficiary Customer’s name on Hello Money front end.
• Step 4 – Select option “Make Payment” & enter the amount to be transferred. Transfer limit for total funds transfer through Hello Money is INR 50,000/- per day.
• Step 5 – Enter transaction PIN and confirm the transaction.

Steps to Initiate NEFT transactions on Online Banking Platform

• Step 1 – Visit www.barclays.in
• Step 2 – Login to Barclays Online Banking
• Step 3 – Select the tab Payments and Transfers
• Step 4 – Select External transfers and Payee name as NEFT
• Step 5 – Enter below details under Reference field – Beneficiary Account, Beneficiary Bank IFSC code, Beneficiary Customer’s name and Amount to be transferred.
• Step 6 – Select Pay option, enter transaction password and confirm the transaction.

Notice

• The Funds transfer request made before 3:00 p.m will be presented to RBI on the same day.
• The Funds transfer request made after 3:00 p.m will be presented to RBI on the next working day.
• On Saturdays, funds transfer request made before 10.00 am will be presented to RBI on the same day and funds transfer request made after 10.00 am 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 Beneficiary's bank within the time stipulated by the Reserve Bank of India.

*Terms & Conditions Apply