NEFT - National Electronic Funds Transfer

National Electronics Fund Transfer (NEFT) is a nationwide electronic funds transfer system to send money from one bank account to another in a secure and hassle-free manner.
All NEFT settlements are done in batch-wise format. Using this system money can be sent on an individual basis to all NEFT-enabled banks in India.
To initiate a NEFT transfer, the bank IFSC code is required along with other details like bank account number, bank branch and name of the account holder.

NEFT Benefits

NEFT timings

NEFT Transaction Limits

Safe And Secure


Reliable and error-free

Organized and batch-wide settlement



No minimum or maximum transaction limits

However, the per transaction limit is Rs 50,000

National Electronic Funds Transfer (NEFT) is a payment platform used by many banks across the country. It allows easy and hassle-free transfer of money from one bank account to another. As the world is slowly moving towards online banking, the concept of NEFT has become very popular in the country and is an easy way to transfer funds. This eliminates the need to go to the bank to transfer funds, because you can transfer funds sitting at home.

NEFT - Transaction Timings

Fund transfer through NEFT service can be used at any time and on any day of the year. NEFT services are conducted in batches every 30 minutes throughout the day and are processed by 9:30 am for any transactions made before this time.

How to transfer NEFT?

The process of National Electronic Fund Transfer (NEFT) is mentioned below:

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:

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

You must fulfill the below mentioned criteria before making NEFT transfer:

NEFT Transfer Fees and Charges

If you are receiving funds, no fees are charged. However, if you are sending money, the bank will charge a fee. Depending on the bank, the charges levied will vary. The charges charged by ICICI Bank and HDFC Bank are given below:


Transaction Amount

NEFT Charges

Amounts up to Rs 10,000
Rs.2.25 + Applicable GST
Amounts Over Rs 10,000 and up to Rs 1 lakh
Rs.4.75 + Applicable GST
Amounts Over Rs 1 lakh and up to Rs 2 lakh
Rs.14.75 + Applicable GST
Amounts Over Rs 2 lakh and up to Rs 5 lakh
Rs.24.75 + Applicable GST
Amounts Over Rs 5 lakh and up to Rs 10 lakh
Rs.24.75 + Applicable GST


Transaction Amount

NEFT Charges

Amounts up to Rs 10,000
Rs.2.25 + Applicable GST
Amounts Over Rs 10,000 and up to Rs 1 lakh
Rs.4.75 + Applicable GST

Benefits of using NEFT for fund transfer

There are many advantages to NEFT. Here are a few of these to consider:

Who can use NEFT?

Benefits of NEFT Service Individuals, corporates and firms having an account in any bank can use NEFT service. An individual, corporate, and firm can transact through NEFT with another individual, firm, or corporation having an account in the same bank or any other bank.

Details required for funds through NEFT system

Following are the beneficiary details required for fund transfer through NEFT framework:

How to pay credit card bill using NEFT?

Step 1: Log in to your bank’s Internet Banking account

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.

Step 4: Once the credit card is registered as a payee, go to the ‘NEFT Fund Transfer’ option and transfer funds towards your credit card by entering the bill amount.

How to add credit card as payee/beneficiary for NEFT credit card bill payment?



Recipient Name
Recipient/Beneficiary name will be the same as printed on the credit card
Recipient account number
This will be the credit card number printed below the name
Bank name
Name of your bank
IFSC code
This will be the credit card number printed below the name

What is NEFT inward?


NEFT is a system for electronically transferring funds.

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.

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