There was a time when sending money from one country to the other, was a lengthy process. It used to take an eternity to move the money from your account. Today, it is done by just a click. Cash reaches to your near and dear ones in a few minutes or maximum few hours . Banks are offering three kinds of electronic fund transfer facilities such as RTGS, NEFT and IMPS. This article, however, concentrates on how NEFT functions?
1) What is NEFT?
National Electronic Fund Transfers (NEFT) is used nation-wide that allows individuals, firms and corporates to transfer funds electronically from one bank branch to the other. Remember, the transfer is permitted only within the country.
2) Are all banks part of the NEFT network?
Not all branches of the banks are part of the NEFT funds transfer network. To use NEFT, you have to check which banks offer these services.
3) Who can use NEFT transfer?
Any individual, corporate or firms having accounts with their bank can use the NEFT system. Individuals who do not have an account with the concerned NEFT-enabled bank can also transfer the amount. Such people are given a separate code in the NEFT system. Thus, without the need for a bank account, you can move cash swiftly.
4) Who can receive funds through NEFT?
If the person, organisation or corporate office has a NEFT-enabled bank account, they received the cash. You can also transfer money to Nepal under the Indo-Nepal Remittance Facility Scheme. You can transfer the funds from any NEFT bank branch regardless of the receiver holding a NEFT account.
5) Is there a limitation on the amount?
One of the important advantages of using NEFT is that there is no limitation of funds. However, those who do not have a NEFT-enabled bank account, as well as those remitting funds under the Indo-Nepal Remittance Facility Scheme, have certain limitations.
6) What are the timings for NEFT transfer?
NEFT functions on an hourly basis. There are around 12 settlements that begin from 8 AM to 7 PM on weekdays. On Saturdays, there are six settlements between 8 AM to 1 PM.
7) What does the NEFT system function?
Follow the simple steps to transfer money instantly to your near and dear ones:
1) Procure all the details of the receiver before transferring the funds such as name, account number, account type and Indian Financial System Code (IFSC)
2) Log in to your net banking using your customer ID and password
3) You will find many options on the screen such as ‘transfer within the bank’, ‘transfer via card pay’, etc.
4) Select one of the options and add the beneficiary’s details
5) Once you add the beneficiary's features, two more options appear on your screen: ‘add beneficiary within the bank’ and ‘add beneficiary of another bank.’
6) If your friend/family member is of the bank account, go for option one. Else, opt for the second one
7) The activation process takes few minutes or 24 hours. It varies from bank to bank
8) Once the activation process completes, you will receive an SMS
9) You can now send money with ease by merely adding the amount and confirm
10) NEFT transaction charges are minimal. It mostly depends on the money being transferred
1) What is NEFT?
National Electronic Fund Transfers (NEFT) is used nation-wide that allows individuals, firms and corporates to transfer funds electronically from one bank branch to the other. Remember, the transfer is permitted only within the country.
2) Are all banks part of the NEFT network?
Not all branches of the banks are part of the NEFT funds transfer network. To use NEFT, you have to check which banks offer these services.
3) Who can use NEFT transfer?
Any individual, corporate or firms having accounts with their bank can use the NEFT system. Individuals who do not have an account with the concerned NEFT-enabled bank can also transfer the amount. Such people are given a separate code in the NEFT system. Thus, without the need for a bank account, you can move cash swiftly.
4) Who can receive funds through NEFT?
If the person, organisation or corporate office has a NEFT-enabled bank account, they received the cash. You can also transfer money to Nepal under the Indo-Nepal Remittance Facility Scheme. You can transfer the funds from any NEFT bank branch regardless of the receiver holding a NEFT account.
5) Is there a limitation on the amount?
One of the important advantages of using NEFT is that there is no limitation of funds. However, those who do not have a NEFT-enabled bank account, as well as those remitting funds under the Indo-Nepal Remittance Facility Scheme, have certain limitations.
6) What are the timings for NEFT transfer?
NEFT functions on an hourly basis. There are around 12 settlements that begin from 8 AM to 7 PM on weekdays. On Saturdays, there are six settlements between 8 AM to 1 PM.
7) What does the NEFT system function?
Follow the simple steps to transfer money instantly to your near and dear ones:
1) Procure all the details of the receiver before transferring the funds such as name, account number, account type and Indian Financial System Code (IFSC)
2) Log in to your net banking using your customer ID and password
3) You will find many options on the screen such as ‘transfer within the bank’, ‘transfer via card pay’, etc.
4) Select one of the options and add the beneficiary’s details
5) Once you add the beneficiary's features, two more options appear on your screen: ‘add beneficiary within the bank’ and ‘add beneficiary of another bank.’
6) If your friend/family member is of the bank account, go for option one. Else, opt for the second one
7) The activation process takes few minutes or 24 hours. It varies from bank to bank
8) Once the activation process completes, you will receive an SMS
9) You can now send money with ease by merely adding the amount and confirm
10) NEFT transaction charges are minimal. It mostly depends on the money being transferred
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