National Electronic Funds Transfer (NEFT) is an online fund transfer system supported by Reserve Bank of India (RBI). By using NEFT, you can easily transfer funds from one bank account to another bank account. NEFT functions on Deferred Net Settlement (DNS) in which transactions are settled in batches.
Funds can also be transferred via NEFT in online by using internet banking service. There is no maximum and minimum limit for transactions made in NEFT.
Nevertheless, the maximum transaction is limited to Rs. 50,000 per transaction. Depending on the amount of transaction, charges are applied. NEFT is ideal for small and medium amount transfer between bank accounts. In order to transfer funds through NEFT, the remitter should have beneficiary’s details such as name, bank name, account number and IFSC code.
NEFT works on hourly batches. For fund transfer to take place, both the banks where the remitter and beneficiary have their account should have NEFT service. The transferred funds will be credited to the beneficiary’s account within two days.
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Indian Financial System Code (IFSC) is a unique 11-digit code allocated by Reserve Bank of India (RBI) to each bank branches in India which are contributing to online fund transfer systems like RTGS (Real-Time Gross Settlement), NEFT (National Electronic Fund Transfer) and IMPS (Immediate Payment Service).Find Out More