Posted on Jul 25, 2020
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 a real-time basis. It settles in hourly batches.
NEFT works on a deferred settlement basis which means the transactions are carried out in batches. RBI has regularised that NEFT transactions will be available 24*7 on all days of the year, including holidays.
1. Round the clock availability on all days of the year.
2. Near-real-time funds transfer to the beneficiary account.
3. NEFT is a secure platform.
4. No need of using a cheque or demand draft for money transfer.
5. confirmation to the remitter by SMS / e-mail on credit to the beneficiary account.
6. No charges to savings bank account customers for online NEFT transactions.
7. Available for one-way funds transfers from India to Nepal.
The Following are the required elements of beneficiary's identification:
Beneficiary's Branch Name
Beneficiary's Bank Name
Beneficiary's Account Type
Beneficiary's Account Number
Beneficiary's Branch IFSC