How to do NEFT?

What is NEFT?

NEFT (National Electronics Fund Transfer) is a electronic fund transfer system that allows transfer of funds/money from one bank account to another. All the settlement of NEFT are made in a batch-wise format.

Requirements for NEFT Fund Transfer:-

1. One needs to check whether their bank offers the facility or not. 
2. Beneficiary details like name,account number,bank and branch name,IFSC Code needs to be added at the time of making NEFT request.

How to do NEFT?

1. Login to Net banking portal.
2. Go to NEFT fund transfer section.
3. Add the recipient as a beneficiary.
4. Enter beneficiary details like name,account details,IFSC Code.
5. Once the beneficiary is added ,one can initiate the NEFT transfer,just enter the amount and send.

Benefits of using NEFT:-

1. Reliable ,fast and convenient
2. Safe and Secure
3. Paperless
4. Economical
5. Chances of cheating or fraud are simply eliminated.
6. One can make the transactions with a single click at any time and any where.

NEFT Charges:-

1. No charges for recipients/beneficiaries.
2. Fund transfer applicable to remitter is free, RBI announced on 11th June 2019 to waived off all charges for NEFT from 01st July 2019.

NEFT Timings:-

1. Earlier NEFT transactions were available from 08:00 AM to 06:30 PM (Mon - Fri)
2. Later, as per RBI guidelines, NEFT transactions avail 24*7 on all days of the year ,including holidays.