UPI (Unified Payments Interface) is a popular payment method in India that allows you to transfer funds between bank accounts instantly. Here are the steps to use UPI to pay bills: Note: To use UPI for bill payments, your bank account must be linked to your UPI ID, and the biller must be registered with… Continue reading How to Use UPI to Pay Bills?
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How to Get Interest Certificate from Yes Bank
You can now access your Interest Certificate through the YES BANK website on YES Online channel. This is for savings accounts only. Steps to access Interest Certificate for your Savings Account and Deposits: Visit the YES BANK website Click on YES ONLINE Enter your Login ID and password Click on the Menu > Account >… Continue reading How to Get Interest Certificate from Yes Bank
NEFT Cut-off Time: When can you Perform NEFT Transactions?
What is the NEFT Cut-off Time? Until December 2019, RBI had fixed timings during which NEFT transactions could be processed. Any NEFT transaction would be processed only between 8:00 AM and 6:30 PM from Monday to Friday, and 8:00 AM to 12:00 PM on Saturdays. However, from 2020, NEFT transactions can be performed 24*7. This… Continue reading NEFT Cut-off Time: When can you Perform NEFT Transactions?
How much additional charges are applicable on NEFT transactions?
There were some additional charges on NEFT transactions until December 2019. However, with effect from January 2020, RBI ordered all banks not to charge any additional charges on online transactions made via NEFT.
In how much time do NEFT transactions complete?
NEFT transactions can take any time between 1 hour and 24 hours to get completed.
Is it safe to transfer money through NEFT?
Yes, it is absolutely safe to transfer money through NEFT. This is because NEFT transactions are performed under the complete supervision of the RBI and all rules and guidelines are laid down by RBI itself. This ensures complete transparency in the transactions.
How will I know if my NEFT transaction has completed or failed?
Once you initiate a NEFT transaction, you will be notified with this success or failure status via SMS or email on your registered mobile number or email id.
How do NEFT money transfers work?
As and when a user initiates a transaction through NEFT, it gets queued up. Every hour, these transactions are cleared in batches. It must be noted that NEFT transactions that are initiated after the bank working hours are automatically assumed to be automated transactions initiated using the ‘Straight Through Process’ (STP) modes by the bank.
What are NEFT transfer timings?
Until December 2019, NEFT transactions could be performed only between 8:00 AM and 6:30 PM from Monday to Friday, and between 8:00 AM and 12:30 PM on Saturdays. NEFT transactions cannot be performed on Sundays. However, starting January 2020, NEFT transactions can be performed at any time, on any day and from anywhere.
Are IFSC code and SWIFT code the same thing?
No, IFSC code and SWIFT code are two different codes. SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is used for transferring funds internationally and it can consist of 8-11 digits, unlike IFSC code which is always an 11-digit code.