What Is NEFT?
It is a countrywide electronic fund transfer system that enables a person to send money from one bank to another bank in a safe manner. NEFT is National Electronic Fund Transfer, and all the settlements are made in a batch-wise format. The money can be sent using this system to all the banks which have NEFT in India on an individual basis.
In order to initiate an NEFT Transfer, an IFSC code is necessary, along with some other details such as account number, name of the account holder, bank branch and other such details.
The National Electronic Fund Transfer is a payment platform and is used all around the country by a majority of banks. The whole process is hassle-free and easy. It allows us to transfer money from one bank account to another bank account in the country. As the world is slowly turning or shifting towards the online phase, online banking has also become one of the essential parts of our lives. Also, the concept of NEFT has become really popular in the country as it is an easy and effective way to transfer funds. This also helps in saving time and extra charges as it eliminates the need to visit the bank physically to transfer funds.
What Are The Benefits of NEFT?
There are different benefits of NEFT, and some of them are mentioned below:
- The whole process is safe and secure, and a person can totally rely upon it. The money is wholly safe in this.
- It is economical.
- It is error-free and reliable at the same time.
- It is organised, and also batch-wide settlements are possible.
- The whole process is paperless.
- It saves time as well as money.
- The timings of NEFT are 24×7.
- There is no maximum or minimum transaction limit.
- The transaction limit per transaction is Rs. 50,000/-.
What Are The Transaction Limits of NEFT?
Earlier, the timings of the Transactions for most of the banks was from 8 a.m. to 6 p.m., and it was from Monday to Friday and 8 a.m. to 12 p.m. on Saturdays. But after December 2019, it has been changed, and now you can transfer money via NEFT 24×7. Also, the funds can be transferred on weekends and holidays, without any problem.
How Can I Make A NEFT Transfer?
The whole process of making a transaction via NEFT is mentioned below:
- STEP 1- First of all, you have to log in to your net banking account. If you do not have a net banking account, you need to create one. After that, register for it on the website of your bank.
- STEP 2- Then, you need to add the beneficiary as a payee. You have to enter the following details about the beneficiary in the section of ‘Add New Payee’:
- Name of the Account holder
- Account Number
- IFSC Code
- Account Type
- STEP 3- After choosing the payee, select NEFT as the mode of payment to transfer the funds.
- STEP 4- Then, select the account from which you want to transfer the amount to the payee, enter the amount of money, and you can also add any remarks if you’re going to.
- STEP 5- At last, click on ‘Submit’.
✅ What is NEFT?
It is an electronic transfer fund that enables you to transfer money from your bank account at any time and anywhere in the country.
✅ Is the IFSC code essential for all the transactions?
Yes, it is mandatory to provide the IFSC Code along with all the other details as mentioned above.
✅ Do all the banks in India have the facility of NEFT Transfer?
No, not all banks have this facility, but most of the banks have this facility.