Barclays enhances Online Banking with NEFT

Instant Transfer of funds from Barclays account to any other bank in India anytime anywhere.

Barclays Global Retail and Commercial Bank (GRCB) India has enhanced its ‘Online Banking’ service, with National Electronic Funds Transfer (NEFT) facility. Through this, Barclays account holders can now conveniently transfer funds faster to any bank account in India over a secure platform.

The funds will be transferred to the beneficiary’s bank using the Reserve Bank of India’s Payment Interface (PI). Customers who have registered for ‘Online Banking’ services would need to provide the details given below of the beneficiary bank to initiate the transaction: 

1. Beneficiary’s Account Number 
2. Beneficiary Bank’s IFSC Code 
3. Amount to be transferred.
4. Beneficiary’s Name

Ram Gopal, Interim Managing Director, India, Barclays Global Retail and Commercial Bank (GRCB) said, “At Barclays, technology has always been the backbone of our products and services. We continuously evolve and innovate to be able to combine the best technology and banking services to our customers. With ‘Online Banking’, our customers can now access banking services instantly anytime and anywhere at their convenience. This is an important step towards providing yet another value added service.”

Barclays customers will simply need to register for online banking service to access this facility. Customers can register to this service either by contacting the call centre or can simply download the form from the URL: http://www.barclays.in/common/pdf/channel_registration.pdf

There will be a daily transfer limit of INR 49,999/- and the transactions will be processed in two batches with a turn – around time of 24 hours or the same working day depending on the batch in which the transaction is captured. Barclays ’Online Banking’ service is designed to be user friendly and free of any cost.

Barclays GRCB business has built a strong franchise in India over the past two and a half years with over 900,000 clients and customers. Barclays continues to be committed to India through its six Barclays entities including Global Retail and Commercial Banking, Barclays Capital, Barclays Wealth and specialist technology and BPO centres of excellence. India is one of the leading markets for Barclays Plc.

About Barclays Global Retail and Commercial Banking (GRCB):
Barclays Global Retail and Commercial Banking (GRCB) encompass all of Barclay’s retail and commercial banking businesses around the world. Operating in more than 50 countries and employing more than 107,000 people, Barclays GRCB comprises UK Retail Banking, Barclays Commercial Bank, Barclaycard, Absa (Barclays Bank PLC owns 58,8% of Absa Group Limited), GRCB Emerging Markets and GRCB Western Europe. Barclays GRCB serves millions of customers and clients around the globe through a network of more than 4,050 branches and sales centres, and more than 12,600 ATMs.

To find out more about the individual Barclays GRCB businesses, please visit our website: www.barclays.com

About Barclays:
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 150,000 people.

Barclays moves, lends, invests and protects money for over 42 million customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com