Hello friends, in this post you will know what is NEFT and what is the full form of NEFT. At present, there are many options available to send money from one bank to another bank account like- RTGS, NEFT, IMPS. The banking process has become very fast through the Internet, you can transfer money instantly to any bank account in any corner of the country. In this post we will discuss about NEFT. Through NEFT, you can transfer money from one account to another by visiting your bank or sitting at home through net banking.
What is NEFT?
The full form of NEFT is National Electronic Fund Transfer. NEFT is an easy and simple way of fund transfer, through this you can send money to the account of any bank across the country. NEFT was started by Reserve Bank of India (RBI) in November 2005 and this service is present in almost every bank. Available in. Transfer of money in NEFT does not happen in real time like RTGS but in hourly batches.
NEFT full form – National Electronic Fund Transfer
To transfer money through NEFT, you need to know the name, bank account number, branch address and IFSC Code of the person to whom the amount is to be sent.
How NEFT works?
NEFT also works like RTGS but the process of NEFT is slower than RTGS and there is no restriction on the minimum amount. Transferring money from NEFT also incurs a fee which depends on the amount to be remitted. To transfer funds through NEFT, you should know the bank account number, bank branch, IFSC code of the person receiving the money.
Money can be transferred in two ways through NEFT, one is offline i.e., in this you have to go to your bank branch and take the form of NEFT and fill all the information in it and submit it to the bank.
The second way is online i.e., if you use net banking, then you can send money through NEFT sitting at home. For this you have to activate third party transfer service. In this, you have to add the details of the beneficiary by going to add new beneficiary. Now you choose NEFT option for money transfer and select the account to which you want to send money, after that enter the amount, you want to send and submit it.
NEFT settlement timings.
NEFT works on all working days of the bank, if we talk about time, it happens in 23 half hourly batches from 8:00 am to 7:00 pm. There is no settlement on the second and fourth Saturdays of the month. There is no transaction even in weekly holidays and public holidays. (Timing can be changed)
Charges for NEFT fund transfer.
You have to pay service charges on fund transfer through NEFT. Which is as follows.
10000 = 2.5 + (GST)
Above 10000 but less than 1 lakh = 5 + (GST)
Above 1 lakh but less than 2 lakhs = 15 + (GST)
25+ (GST) for above 2 lakhs
There may also be a change in the above charges, you can find out in the bank for the current charges.
List of NEFT enabled banks in India
Bank of India
Central Bank of India
Indus Ind Bank
Oriental Bank of Commerce
Punjab National Bank
state Bank of India
Union Bank of India
United Bank of India
Some special features of NEFT.
- NEFT is an electronic process of transferring money.
- To send money through NEFT, the bank account number of the beneficiary and the IFSC code of the bank is necessary.
- Any person who has an account in the bank can take advantage of this service.
- Through NEFT, you can send money both offline (by visiting the branch) and online (through net banking).
- All CBS branches provide the facility of NEFT.
Hope you have understood what is NEFT and how it works.