NEFT

National Electronic Funds Transfer (NEFT) is a nationwide payment system that facilitates one-to-one funds transfer. Using NEFT, individuals, firms, and corporations can electronically transfer funds from any bank branch to any individual, firm, or corporation having an account with any other bank branch in the country participating in the NEFT scheme.

Key Features and Benefits

♦ Convenient and Secure: A safe and reliable way to transfer money electronically.

♦ Wide Reach: Funds can be sent to any bank branch in India that is part of the NEFT network.

♦ No Minimum/Maximum Limit (RBI Rule): As per RBI guidelines, there is generally no minimum or maximum limit prescribed for NEFT transactions. However, the bank may impose its own transaction limits for online/mobile banking.

♦ Funds Settlement: Transactions are processed in batches on a Deferred Net Settlement (DNS) basis.

NEFT Transaction Timings

As per the Reserve Bank of India (RBI) guidelines, NEFT service is available 24 hours a day, 7 days a week, 365 days a year, including holidays, for transfers initiated through online channels (Internet Banking/Mobile Banking).

For Branch Transactions:

♦ NEFT services at the bank branch will be available only during the branch's working hours.

♦ Please contact your branch for their specific cut-off timings for submitting NEFT forms.

Details Required for NEFT Transfer

To send money using NEFT, you will need the following details of the beneficiary (the person receiving the money):

♦ Beneficiary Name

♦ Beneficiary Account Number

♦ Beneficiary Bank Name

♦ Beneficiary Branch Name

♦ Beneficiary Bank's IFSC Code (Indian Financial System Code)

♦ Amount to be transferred