NEFT - National Electronic Funds Transfer
NEFT Benefits
NEFT timings
NEFT Transaction Limits
Economical
Reliable and error-free
Organized and batch-wide settlement
Paperless
24×7
No minimum or maximum transaction limits
However, the per transaction limit is Rs 50,000
NEFT - Transaction Timings
How to transfer NEFT?
Step 1: First of all log in to your net banking account. If you do not have a net banking account then register for it on your bank’s website.
Step 2: Add beneficiary as payee. To do this, you need to enter the following details about the beneficiary in the ‘Add New Payee’ section:
- Name.
- Account Number.
- IFSC Code.
- Account Type.
Step 3: Once the payer is added, select NEFT as the fund transfer method.
Step 4: Select the account you want to transfer money from, the payee, enter the amount you want to transfer, and add comments (optional).
Step 5: Click on Submit.
Requirements for making NEFT transfer
- The beneficiary must have a current or savings bank account to be able to make an NEFT transfer
- NEFT transfers can also be completed through online or mobile banking.
- For offline NEFT transfers, the remittance value is limited to Rs 50,000 for those who do not have an account.
NEFT Transfer Fees and Charges
ICICI Bank
Transaction Amount
NEFT Charges
HDFC Bank
Transaction Amount
NEFT Charges
Benefits of using NEFT for fund transfer
There are many advantages to NEFT. Here are a few of these to consider:
- This system allows one-way cross-border transfer of funds from India to Nepal. This is under the India-Nepal Remittance Facility Scheme.
- With NEFT, you can easily transfer funds from one bank account to another in any branch.
- This avoids the need for any physical device to transfer funds.
- There is no need for any physical presence of the parties.
- NEFT is easy, simple, and efficient.
- Money can be transferred through NEFT even on holidays and weekends.
- You can start internet banking from any location.
- Transaction confirmation will be received through email and SMS notifications
- Real time transactions of NEFT provide assurance to both the parties.
Who can use NEFT?
Details required for funds through NEFT system
- Name
- Account Number
- Account Type
- Bank Name
- Branch Name
- IFSC Code
How to pay credit card bill using NEFT?
Step 2: The credit card must then be added as a beneficiary. You must be aware of your credit card’s IFSC code in order to do this.
Step 3: Continue by providing the credit card number along with any other necessary information.
How to add credit card as payee/beneficiary for NEFT credit card bill payment?
Description
Process
What is NEFT inward?
- The RBI website describes the NEFT process as a payment system that allows one-to-one money transfer. Under the NEFT facility, you can transfer funds electronically from one bank branch to another. You can also make NEFT payment to any firm or corporate which has an account with any bank branch in India.
- If you don't have a bank account, you can still deposit money using the NEFT option. These cash transfers will have a Rs 50,000 maximum cap per transaction.
- Fund transfer requests in the NEFT system can be settled every half hour. Note that there are twenty-three half-hour settlement batches and these run from 8:00 AM to 7:00 PM every working day of the week (except the second and fourth Saturday of every month).
- The recipient will receive the amount for the NEFT transaction within two business hours.
FAQs on NEFT
There is no maximum limit for NEFT transfers.
NEFT operates by electronically transferring funds between bank accounts.
NEFT transactions can be initiated during the working hours of your bank.
Yes, there may be charges for NEFT transactions, depending on your bank.
No, you can initiate NEFT transactions through online banking or mobile apps.
NEFT is suitable for lower-value transactions, while RTGS is used for high-value transfers.
You can use NEFT for various purposes, including fund transfers and bill payments.
NEFT transactions are settled in batches and may take a few hours to a day.
Yes, many banks offer the option to schedule future NEFT transfers.
NEFT operates on all working days, but some banks offer 24/7 NEFT services.
No, NEFT is meant for domestic fund transfers within India.
You need the recipient’s bank account details, including the IFSC code.
Generally, NEFT transactions can’t be canceled once initiated.
Yes, NEFT is not operational on bank holidays.
Some banks have a minimum amount requirement for NEFT transfers.
Most banks provide a transaction tracking facility for NEFT transfers.
Yes, NEFT transactions are secured through encryption and authentication.
Yes, you can use NEFT to pay credit card bills.
Yes, many banks offer mobile apps for NEFT transactions.
: Please feel free to contact us by email at