We live in the age of electronic banking where we don’t have to wait for days for a check to clear or stand in long lines to deposit cash anymore. Ever since the world became accessible on the computer, people are not shying from making the most of its benefits. Net banking has become a common practice. Transferring money to different bank accounts within a matter of seconds has become an everyday activity. One such mode of transferring money online is NEFT or National Electronic Fund Transfer.
What is NEFT?
Like its name suggests, NEFT is a national payment system that allows you to transfer funds to any account on a one-to-one basis. NEFT has emerged as one of the most prominently used online fund transfer systems in India. Several businesses, big corporations and small companies, all rely on NEFT to transfer salaries to their associates. Bank customers can transfer funds securely through an electronic message generated by the system. The facility is available all over the country, in over 30,000 bank branches. You can transfer cash of any amount, without any minimum of maximum limits using NEFT.
How to use NEFT?
Electronic fund transfer can be done very easily. All you need to know is the beneficiary customer’s name and bank details such as the bank’s branch, its IFSC code, the type of account and most importantly, the account number and finally the amount. When this information is fed into the system, it generates a one-time password (in most cases) to your registered phone number, to authenticate the transfer. Once you authorize it, the money is transferred into the beneficiary’s account within a few minutes.
What are the charges for using NEFT?
The bank charges a minimal processing charge for every NEFT. All banks across the country charge the same fees in accordance with the government laws. For instance, if you make an NEFT fund transfer of ₹10,000, you pay a service charge of ₹2.50+applicable GST, whereas for amounts above ₹10,000 you pay ₹5+applicable GST. The maximum amount you pay for using NEFT services is ₹25+GST if you are transferring a sum of up to ₹1,000,000.
Benefits of using NEFT
Secure: With NEFT, you can move money seamlessly and securely form one bank account to another. The money is transferred to the beneficiary account within a matter of minutes. Furthermore, the bank using multiple layers of security, such as the use of OTP mentioned, above to authorize the transfer of funds.
Low service cost: As mentioned before, you can transfer huge amounts of money for negligible costs. You can move money to the tunes of several lakhs, and the service costs much less when compared to archaic money transfer methods like pay orders and demand drafts.
Efficient: One of the greatest advantages of NEFT fund transfers is that it comes in handy in cases of emergency, example huge amount of cash to be paid in a hospital. Since the transfer is co-ordinated by the Reserve Bank of India, you can rest assured that it is extremely reliable.
What is NEFT?
Like its name suggests, NEFT is a national payment system that allows you to transfer funds to any account on a one-to-one basis. NEFT has emerged as one of the most prominently used online fund transfer systems in India. Several businesses, big corporations and small companies, all rely on NEFT to transfer salaries to their associates. Bank customers can transfer funds securely through an electronic message generated by the system. The facility is available all over the country, in over 30,000 bank branches. You can transfer cash of any amount, without any minimum of maximum limits using NEFT.
How to use NEFT?
Electronic fund transfer can be done very easily. All you need to know is the beneficiary customer’s name and bank details such as the bank’s branch, its IFSC code, the type of account and most importantly, the account number and finally the amount. When this information is fed into the system, it generates a one-time password (in most cases) to your registered phone number, to authenticate the transfer. Once you authorize it, the money is transferred into the beneficiary’s account within a few minutes.
What are the charges for using NEFT?
The bank charges a minimal processing charge for every NEFT. All banks across the country charge the same fees in accordance with the government laws. For instance, if you make an NEFT fund transfer of ₹10,000, you pay a service charge of ₹2.50+applicable GST, whereas for amounts above ₹10,000 you pay ₹5+applicable GST. The maximum amount you pay for using NEFT services is ₹25+GST if you are transferring a sum of up to ₹1,000,000.
Benefits of using NEFT
Secure: With NEFT, you can move money seamlessly and securely form one bank account to another. The money is transferred to the beneficiary account within a matter of minutes. Furthermore, the bank using multiple layers of security, such as the use of OTP mentioned, above to authorize the transfer of funds.
Low service cost: As mentioned before, you can transfer huge amounts of money for negligible costs. You can move money to the tunes of several lakhs, and the service costs much less when compared to archaic money transfer methods like pay orders and demand drafts.
Efficient: One of the greatest advantages of NEFT fund transfers is that it comes in handy in cases of emergency, example huge amount of cash to be paid in a hospital. Since the transfer is co-ordinated by the Reserve Bank of India, you can rest assured that it is extremely reliable.
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