What is Indian Financial System Code (IFSC)?

Posted on 20 Jul 2020 By Admin

IFSC stands for Indian Financial System Code. It’s a unique eleven-digit alphanumeric code which is consist of alphabets and numbers. A code uniquely identifies each bank branch participating in the various online money transfer options such as RTGS, NEFT and IMPS.

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What is National Electronic Fund Transfer (NEFT)?

Posted on 25 Jul 2020 By Admin

National Electronic Fund Transfer (NEFT) is a nation-wide payments system that facilitates to transfer funds from one bank’s account to another. individual / firm / corporate can electronically fund transfer from one NEFT enabled account to another NEFT enabled account under this scheme. Unlike real-time gross settlement fund transfers through the NEFT method do not occur in real-time basis. It settles in hourly batches.

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How does the NEFT system operate?

Posted on 25 Jul 2020 By Admin

National Electronic Fund Transfer (NEFT) is a nation-wide payments system that facilitates to transfer funds from one bank’s account to another. individual/firm/corporate can electronically fund transfer from one NEFT enabled account to another NEFT enabled account under this scheme. Read more to know about how it works?

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What is the difference between NEFT and RTGS?

Posted on 25 Jul 2020 By Admin

NEFT stands for National Electronic Fund Transfer that is a nation-wide payments system that facilitates to transfer funds from one bank’s account to another. individual/firm/corporate can electronically fund transfer from one NEFT enabled account to another NEFT enabled account under this scheme and where RTGS stands for Real Time Gross Settlement that is a real-time fund transfer method in which transaction is not subject to any waiting period. There are a few differences in both methods.

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Check NEFT charges or fee applicable on online transaction

Posted on 25 Jul 2020 By Admin

National Electronic Fund Transfer (NEFT) is a widely used and secure method to transfer funds. RBI charges a very small amount on NEFT transaction. As it is the easiest electronic payment method and save our time in visiting banks for transactions and it also notifies remitter via SMS/Email on transactions.

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