In today’s world there are many people who are living away from home for the purpose of study or work, sometimes in a different city and sometimes in a different country or continent. Also, in the current scenario of globalization people in the world of trade are conducting their day to day business activities with investors or other businessmen located in countries that are strewn across the globe. Sending money or checks through mails are a risky and dicey affair. When it comes to the financial aspects security is always an important factor. Online money transfer from one bank account to the other is how the financial criteria’s are met in such cases.
The more the ease and speed of the transfer service, the greater the chances of accessibility. NEFT or National Electronic Funds Transfer is a system of money transfer service that provides for one on one transfer.
Latest Updates of NEFT
According to the latest update the features of the NEFT account stand currently as one of the most secured modes of both online and offline payments. NEFT has no minimum or maximum limit of transfer. Any sum of money can be transferred using NEFT service, only the benefactor’s account and the beneficiaries account need to be NEFT enabled. The benefactor can also track his or her transfer details of the National Electronic Funds Transfer via the branch of origin.
NEFT services were always customer friendly as the processing fee charged for each transfer was always quite low. Earlier the NEFT charges levied were Rs. 2.5 for transfers that were less than Rs. 10,000, rupees five for the transfer sum ranging between Rupees ten thousand to one lakh and Rupees fifteen for money transfers ranging between one lakh to two lakhs and transfers ranging above 2 lakhs were charged rupees twenty-five. However, according to the latest newspaper report that came out on November 6th, HDFC bank has made all NEFT and RTGS money transactions free of any charges effective as of November 1st, 2017. In order to balance the weighing scales, HDFC has declared that any other cheque-related money transactions as well as additional chequebook leaves on top of the already existing twenty-five count will get extremely expensive.
Aside from the processing fee part, the other features of NEFT remain constant. NEFT services cannot be availed of during Sundays and on bank holidays. NEFT transfers can be made only between eight in the morning to six-thirty in the evening during weekdays and between eight in the morning and twelve-thirty in the afternoon on Saturdays.
The more the ease and speed of the transfer service, the greater the chances of accessibility. NEFT or National Electronic Funds Transfer is a system of money transfer service that provides for one on one transfer.
Latest Updates of NEFT
According to the latest update the features of the NEFT account stand currently as one of the most secured modes of both online and offline payments. NEFT has no minimum or maximum limit of transfer. Any sum of money can be transferred using NEFT service, only the benefactor’s account and the beneficiaries account need to be NEFT enabled. The benefactor can also track his or her transfer details of the National Electronic Funds Transfer via the branch of origin.
NEFT services were always customer friendly as the processing fee charged for each transfer was always quite low. Earlier the NEFT charges levied were Rs. 2.5 for transfers that were less than Rs. 10,000, rupees five for the transfer sum ranging between Rupees ten thousand to one lakh and Rupees fifteen for money transfers ranging between one lakh to two lakhs and transfers ranging above 2 lakhs were charged rupees twenty-five. However, according to the latest newspaper report that came out on November 6th, HDFC bank has made all NEFT and RTGS money transactions free of any charges effective as of November 1st, 2017. In order to balance the weighing scales, HDFC has declared that any other cheque-related money transactions as well as additional chequebook leaves on top of the already existing twenty-five count will get extremely expensive.
Aside from the processing fee part, the other features of NEFT remain constant. NEFT services cannot be availed of during Sundays and on bank holidays. NEFT transfers can be made only between eight in the morning to six-thirty in the evening during weekdays and between eight in the morning and twelve-thirty in the afternoon on Saturdays.
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