How To Do NEFT Money Transfer on Bank of Baroda Mobile Banking

Bank of Baroda’s mobile banking app, bob World, makes it convenient and straightforward to transfer money using NEFT (National Electronic Funds Transfer). Here’s a detailed guide to help you through the process.

What is NEFT?

NEFT, or National Electronic Funds Transfer, is a nationwide system that allows individuals and businesses to transfer money electronically from one bank account to another. This system is maintained by the Reserve Bank of India (RBI) and facilitates secure and efficient fund transfers between banks across the country.

NEFT Timings

As of the latest update, NEFT operates 24×7, including weekends and holidays. Transactions are processed in batches, which means that even if you initiate a transfer at any hour, it will be included in the next available batch.

When Money Gets Credited

Since NEFT processes transactions in batches, the credit to the beneficiary’s account is generally done within a couple of hours. However, it may take a bit longer during peak transaction times or due to specific bank policies. Typically, NEFT transactions are settled in hourly batches throughout the day.

NEFT Money Transfer on Bank of Baroda Mobile Banking

Before initiating an NEFT transfer, it is essential to add the recipient’s bank account as a beneficiary in the bob World app. This ensures a smooth and secure transfer process.

For detailed instructions on how to add a beneficiary, please refer to the guide: Click here and add receiver bank account as a beneficiary.

Steps to Transfer Money via NEFT

Step 1: Tap on the Transfer Option

1. Open the bob World app on your mobile device.
2. On the main home screen, tap on the “Transfer” option. This will lead you to the transfer menu where you can initiate a new transaction.

Step 2: Select Beneficiary

1. On the next screen, you will see a list of beneficiaries you have added.
2. Tap and select the beneficiary to whom you want to transfer the money via NEFT.

Step 3: Start New Transfer

1. After selecting the beneficiary, tap on the “Start New Transfer” option.
2. This will take you to a new screen where you can begin the transfer process.

Step 4: Select Payment Method

1. On this screen, you will see various payment methods.
2. Select “NEFT” as your preferred payment method and proceed.

Step 5: Enter Transfer Details

1. Enter the amount you wish to transfer to the beneficiary.
2. In the remarks section, provide the reason for the transfer. This helps both you and the recipient keep track of the purpose of the transaction.
3. Tap on the “Transfer” button to proceed.

Step 6: Confirm Transfer

1. Review the details of your transfer to ensure everything is correct.
2. Tap on the “Confirm Transfer” button to finalize the transaction details.

Step 7: Authenticate Transaction

1. Enter your transaction PIN to authenticate the transfer. This step ensures that the transaction is secure and authorized by you.

Step 8: Transaction Complete

1. Once the authentication is successful, your NEFT transfer will be processed.
2. You will receive a confirmation message on your screen, indicating that the transfer is complete.

Tips for a Smooth NEFT Transfer

• Ensure Correct Beneficiary Details: Double-check the beneficiary’s account number, name, and IFSC code to avoid any errors.
• Keep Your PIN Secure: Do not share your transaction PIN with anyone to ensure your account’s security.
• Update Your App: Make sure you have the latest version of the bob World app installed for the best experience and enhanced security features.

By following these detailed steps, you can effortlessly transfer money via NEFT using the Bank of Baroda mobile banking app, bob World. If you encounter any issues or have questions, Bank of Baroda’s customer service team is always ready to assist you.