What is NEFT

 

What is NEFT?

National Electronic Fund Transfer is a nationwide fund transfer system formulated and maintained by RBI. It helps to transfer funds between customers of the bank across the country. It was started in the year 2005. NEFT follows batch wise fund transfer process that it works from 8.00 AM to 6.30 PM on Monday to Saturday excluding 2nd, 4th Saturday and government holidays.

नेशनल इलेक्ट्रॉनिक फंड ट्रांसफर एक राष्ट्रव्यापी फंड ट्रांसफर सिस्टम है जिसे आरबीआई द्वारा तैयार और रखरखाव किया जाता है। यह पूरे देश में बैंक के ग्राहकों के बीच फंड ट्रांसफर करने में मदद करता है। इसे वर्ष 2005 में शुरू किया गया था। एनईएफटी बैच वार फंड ट्रांसफर प्रक्रिया का पालन करता है कि यह दूसरे, चौथे शनिवार और सरकारी छुट्टियों को छोड़कर सोमवार से शनिवार को सुबह 8 बजे से शाम 6.30 बजे तक काम करता है।

How to Transfer Funds through NEFT

One needs to follow the procedure given below to transfer funds using NEFT-

NEFT का उपयोग करके फंड ट्रांसफर करने के लिए नीचे दी गई प्रक्रिया का पालन करना होगा-

Step 1- Login to your online banking account using your login ID and password.

चरण 1- अपने लॉगिन आईडी और पासवर्ड का उपयोग करके अपने ऑनलाइन बैंकिंग खाते में प्रवेश करें।
Step 2- Go to the NEFT Fund Transfer Section.

स्टेप 2- एनईएफटी फंड ट्रांसफर सेक्शन में जाएं।
Step 3- Add beneficiary by entering his/her name, bank account number and IFSC Code.

चरण 3- लाभार्थी को उसका नाम, बैंक खाता संख्या और IFSC कोड दर्ज करके जोड़ें।
Step 4- Once the beneficiary is successfully added, you can initiate an NEFT transfer. Just enter the amount to be remitted and send.

चरण 4- एक बार लाभार्थी के सफलतापूर्वक जुड़ जाने के बाद, आप एनईएफटी हस्तांतरण शुरू कर सकते हैं। बस प्रेषित की जाने वाली राशि दर्ज करें और भेजें।

 

What are the charges applicable to NEFT?

There are no charges associated with inward transfers i.e. no charges for recipient/beneficiaries.

Fund transfer via NEFT initiated online via internet/mobile banking channels is not chargeable.

Fund transfer charges applicable to remitter are: (GST excluded)

·         Rs. 2.50 on transfers up to Rs. 10,000

·         Rs. 5 on the transfer of Rs. 10,000 to Rs. 1 Lakh

·         Rs. 15 on the transfer of Rs. 1 Lakh to Rs. 2 Lakh

·         Rs. 25 on the transfer of more than Rs. 2 Lakh

Benefits of using NEFT

In the process of NEFT, you just have to enter the details of the beneficiary for the first time after which you can just select the beneficiary from the list, enter the amount and send. 

Take a look at some of the benefits of NEFT transactions that could make your daily transactions simpler:

·         No physical presence of either party is required to conduct a transaction

·         No physical instrument needs to be transferred at any point of time, between the conducting parties, to conclude the transaction

·         No visit to the bank is required, as long as a person holds a valid bank account

·         Shortcomings of a physical instrument are easily overcome. This means that NEFT has completely omitted instances of physical damage of any monetary instruments, its theft or forging

·         NEFT is simple and efficient – it can be done in under a minute and hardly involves any major formality

·         Confirmation of a successful transaction can be easily received and viewed through email and SMS notifications

·         Internet banking can be initiated and conducted from any place. This means that a person does not need to be present at a particular location to make NEFT transactions

·         Real-time transactions assure both the parties