NEFT (National Electronic Funds Transfer)


There are three main method to transfer online funds, which are NEFT, RTGS and IMPS. Of these, today we will get detailed information about NEFT (National Electronic Funds Transfer).

It is an electronic funds transfer system which allows its customers to transfer or receive money to be easy and safely from one bank account to another bank account.

The full form of NEFT is National Electronic Funds Transfer, through this process, you can transfer funds in two different NEFT-enabled bank accounts in electronic ways.

Suppose your bank account is in Bank of Baroda and if you have to transfer money to any other bank account which is in HDFC bank, you can transfer your money NEFT-enabled bank accounts in electronic way through NEFT, its timing is Monday to Saturday (Except 2nd and 4th Saturday) from 8:00 AM to 7:00 PM.

Money is transferred within 2 to 3 hours in the account by the NEFT. There is no limit of minimum and maximum amount in this process. You can transfer at least one rupee and maximum amount which you want to transfer. Charges in this process are also very low.

For example:- If you are transferring money between Rs 10,000 and upto Rs 1,00,000 lakh then the service charges on it, only Rs 5. However, it is dependent on different banks policies and it is also depends on the amount you transfer.


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National Electronic Funds Transfer (NEFT) is a system of transfer of funds through banks in India, which is operated by Reserve Bank of India (RBI). It was started in November 2005. NEFT facilitates bank customers in India, so that the customer of the bank can transfer money directly between another NEFT enabled bank account.


NEFT settlement timing


Fund transfer through NEFT system is not based on real time basis. NEFT sets the transfer of funds in an half-hourly batches with 23 settlements, which occur during the week and the first, third and fifth Saturday from 8:00 AM to 7:00 PM. There is no settlement on the second and fourth Saturday of the month or on Sunday and public holidays. NEFT Batches start from 8.00 am to 8.30 am, 9.00 am to 9.30 am, 10.00 am to 10.30 am, 11.00 am to 11.30 am, 12.00 noon to 12.30 pm, 1.00 pm to 1.30 pm, 2.00 pm to 2.30 pm, 3.00 pm to 3.30 pm, 4.00 pm to 4.30 pm, 5.00 pm to 5.30 pm, 6.00 pm to 6.30 pm and 7.00 pm). The facility of NEFT is available to customers in branches of banks and online banking. It is very popular because of the time saving and easy process, in this process transaction can be easily done by online banking.


How NEFT Works ?


Any bank account holder can easily transfer money from his account to any other bank’s customers account by NEFT. For this, you will have to go to your bank branch and transfer money by filling the form or sending money from net banking or mobile banking.

NEFT is a facility provided to the customers by the bank, which enables them to transfer money easily and safely to someone’s bank account. All NEFT settlements are operated in batch-wise format.

Before starting any NEFT transfer, it is very important for the NEFT to remain IFSC Code along with other details such as bank account number, branch name, account holder’s name, is also very important.
The money sent by RTGS and IMPS is immediately credited to the account of the beneficiary, but the money that is transferred through NEFT is settled in batch-wise format.





Processing or service charges for NEFT transactions


*charges applicable for the remitter

NEFT
Transaction charges
 NEFT amounts Upto Rs 10,000
Rs 2.50 + Applicable GST
 NEFT amounts above Rs 10,000 and Upto Rs 1 lakh
Rs 5 + Applicable GST
NEFT amounts above Rs 1 lakh and Upto Rs 2 lakh
Rs 15 + Applicable GST
NEFT amounts above Rs 2 lakh and Upto Rs 5 lakh

Rs 25 + Applicable GST
NEFT amounts above Rs 5 lakh and upto Rs 10 lakh
Rs 25 + Applicable GST





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