NEFT or National Electronic Fund Transfer is an easy and convenient process, which allows any individual or company to transfer money from a bank to another over the internet. It is relatively fast and on an average takes 1 hour for successful transfer.
Although there is no limit to the number of transactions you can do in a day, there is a maximum limit of Rs. 50,000 per transaction.
The transfers are extremely secure and take place in batches. The transfers take place in about 12 batches on a weekday between 8 am and 7 pm and around 6 to 8 batches between 8 am and 1 pm on a Saturday.
The process of NEFT Transfer
• Transactions through NEFT are only possible when both the remitting bank as well as the destination bank is a part of the NEFT network
• You must first ensure that you have net banking facility active on your bank account
• Log in and go to the relevant section of your profile that deals with NEFT transfer
• Enter the details of the beneficiary such as their name, account number, IFSC code, and address in the relevant fields
• On accepting the terms and conditions and confirming the data you just provided, a security password will be sent to your registered mobile number
• Once you enter the security password, a link between you and the beneficiary’s account gets active up to 16 hours
• Remember to select Inter Bank Transfer and NEFT as the type of fund transfer. Finally, enter the amount and confirm the transfer.
• You get intimation on the successful transaction
This process is also possible offline by filling up a NEFT form available at all banks within the NEFT network.
Benefits of NEFT Transfer
• It is a time-saving process
• It makes banking so much more efficient. No longer do you have to wait in long queues and count cash for doing a transaction.
• You can transfer a large sum over a secure network
• Since the process is paperless, there are fewer chances of fraud or theft. Moreover, it is environment-friendly.
• Money transfers can take place from the convenience of your home or office
NEFT is a system of fund transfer that has simplified banking. It has also revamped the image of banks from time-consuming to efficient. The high security of this process of fund transfer makes it all the more attractive. If you are in a hurry to make a payment or cannot go to the bank, NEFT is a blessing for you.
Although there is no limit to the number of transactions you can do in a day, there is a maximum limit of Rs. 50,000 per transaction.
The transfers are extremely secure and take place in batches. The transfers take place in about 12 batches on a weekday between 8 am and 7 pm and around 6 to 8 batches between 8 am and 1 pm on a Saturday.
The process of NEFT Transfer
• Transactions through NEFT are only possible when both the remitting bank as well as the destination bank is a part of the NEFT network
• You must first ensure that you have net banking facility active on your bank account
• Log in and go to the relevant section of your profile that deals with NEFT transfer
• Enter the details of the beneficiary such as their name, account number, IFSC code, and address in the relevant fields
• On accepting the terms and conditions and confirming the data you just provided, a security password will be sent to your registered mobile number
• Once you enter the security password, a link between you and the beneficiary’s account gets active up to 16 hours
• Remember to select Inter Bank Transfer and NEFT as the type of fund transfer. Finally, enter the amount and confirm the transfer.
• You get intimation on the successful transaction
This process is also possible offline by filling up a NEFT form available at all banks within the NEFT network.
Benefits of NEFT Transfer
• It is a time-saving process
• It makes banking so much more efficient. No longer do you have to wait in long queues and count cash for doing a transaction.
• You can transfer a large sum over a secure network
• Since the process is paperless, there are fewer chances of fraud or theft. Moreover, it is environment-friendly.
• Money transfers can take place from the convenience of your home or office
NEFT is a system of fund transfer that has simplified banking. It has also revamped the image of banks from time-consuming to efficient. The high security of this process of fund transfer makes it all the more attractive. If you are in a hurry to make a payment or cannot go to the bank, NEFT is a blessing for you.
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