NEFT – Transfer Your Money Through NEFT at Anytime
What is NEFT?
NEFT stands for National Funds Transfer. It allows you to transfer money from one bank to another on the same day. In a simple way, this is an electronic payment processing environment wherein transactions are settled as soon as they are processed.
Under this Scheme, individuals can electronically transfer funds from any branch to any individual having an account with any other bank branch in the country participating in the Scheme.
Features & Benefits of NEFT
► Highly cost-effective
► Eliminates the need to send physical cheque or demand draft to the beneficiary
► Facility available 24x7 on Mobile Banking Channels
► No need to worry about loss/theft of physical instrument or likelihood of fraudulent encashment
► Get confirmation of the remittance
► No paperwork
► Comfort to transact from anywhere
► Safest and Secure Mode of Fund Transfer
► Money can be put to use by beneficiary on the same day or next day
Channels for doing NEFT:
► Mobile Banking
► Branch
Working of The Scheme:
► Collect NEFT slip book from the Branch.
► Mention beneficiary Bank and Branch name with IFSC code (Indian Financial System Code) and beneficiary’s Name, Account Type, Account Number and Amount to be remitted.
► Message will be sent in electronic form in a highly secured manner through NEFT System to Beneficiary Bank’s Branch.
|
Criteria |
NEFT |
|
Settlement |
Done in batches (Slower) |
|
Full Form |
National Electronic Fund Transfer |
|
Timings on Mon – Fri |
10:00am - 5:00 pm |
|
Timings on 1st & 3rd Saturday |
10:00 am – 5:00 pm |
|
Minimum amount of money transfer limit |
No Minimum |
|
Maximum amount of money transfer limit |
No Limit |
|
When does the Credit Happen in the beneficiary account |
Happens in the hourly batch Between Banks |
|
Suitable for |
Small Money Transfer |
