NEFT (National Electronic Funds Transfer)
NEFT (National Electronic Funds Transfer) The “NEFT” stands for National Electronic Funds Transfer. NEFT is one of the most prominent electronic fund transfer system of India. It is the facility provided to bank customers to enable them to transfer funds easily and securely on one-to-one basis. It means it is an online system for transferring funds from one financial institution to another within India usually the banks. National Electronic Funds Transfer (NEFT) is introduced by the Reserve Bank of India (RBI) in November 2005.
Who can transfer funds using NEFT?
Individuals, firms and corporates maintaining accounts with any bank can transfer funds using NEFT system.
Who can receive funds using NEFT?
Individuals, firms and corporates maintaining accounts with any bank can receive funds using NEFT system. It is therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country.
Operating hours of NEFT
The NEFT system is available on all days, i.e., on 24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the day. In case of non-availability of NEFT for any reason, appropriate message will be broadcasted by RBI to all system participants.
Key Features of NEFT
- No Limit for a maximum and minimum amount.
- Offered by branches of all domestic banks.
- Offered on bank working days between 8 am to 6:30 pm from Monday to Friday and 8 am to 1 pm on working Saturdays.
Advantages of NEFT
- It is economical to use NEFT for money transfer.
- NEFT is built on a secure platform.
- No need of using a cheque or demand draft for money transfer.
- Transferring money does not require you to visit the bank.
- Initiate funds transfer online