What is NEFT and how to send money


Many of you must have used NEFT before to send money but do you What is NEFT Have the right information about it? Because the rules of the bank keep changing day by day, it is very important to have updated information in all these subjects. since online banking या Internet banking has come, since then people’s going to banks has completely ended in a way, they now do all their work sitting at home. Due to this, there is not much loss of their time and they work easily.

There are three main ways to transfer funds online which are NEFT, RTGS and IMPS. Of these, today we will get detailed information about NEFT. So if we talk about NEFT, then it is such a medium to send money online through which we can easily send or get money online from one account to another. So that’s why today I thought why you guys will also get complete information about what is NEFT, how it works and what are the benefits of it. So without further delay let’s start What is NEFT know about.

What is NEFT

The full form of NEFT is National Electronics Fund Transfer or in HindiNational Electronic Fund TransferAlso called. It is a nationwide electronic fund transfer system through which money is easily and securely sent or received from one bank account to another. All NEFT settlements are handled in batch-wise format. In this, money is sent through this system to all NEFT-enabled banks across India on an individual basis. of the bank before initiating any NEFT transfer IFSC Code It is very important to stay with it, it is also very important to have other details like bank account number, bank branch, account holder name.

This fund transfer system आरबीई (RBI) is operated by. the beginning of 2005 happened from. NEFT provides this facility to the customers of the bank in India so that the customer of the bank can very easily transfer his capital to any other NEFT enabled bank account. It is also very safe.

Fund transfer through NEFT system is not on real time basis but in half hourly batches with 23 settlements taking place on 1st, 3rd and 5th Saturdays of NEFT week from 8:00 AM to 7:30 PM. batch) the transfer of money is decided. Apart from this, there is no settlement on the second and fourth Saturdays of the month, on Sundays or even on public holidays.

The facility of NEFT is mainly used two types one is Offline mode which is done in the branches of banks and the other is online mode which is available to the customers through online banking and is done in batches. It is very popular because of the time-saving and easy process that NEFT provides as the transaction can be done very easily through online banking. If seen, NEFT is slightly different from other measures like RTGS and IMPS. Where RTGS And IMPS Your sent money gets credited in the opposite bank account immediately. Whereas in NEFT the time fixed by the bank-The person in front gets your money in the table itself.

Step By Step NEFT Transfer Procedure

Here I will provide you people with information about two different procedures of NEFT.

Online Procedure For NEFT :

Follow the steps given below to transfer funds through online

Step 1: First of all on your net banking account Login. If you do not have a net banking account, then you can do it with your bank. You can also register through the website.

Step 2: After that you have to add the beneficiary according to the payee. Here beneficiary means that to whom you want to transfer money. And to do this, you will also have to fill some details of the Beneficiary in the ‘Add New Payee’ section, which are:

  • Account Number.
  • Name.
  • IFSC Code.
  • Account Type.

Step 3: Once the payee is added, after that you have to choose NEFT according to the fund transfer mode.

Step 4: Now you have to select the account where you want to transfer money, here you have to select payee, after that enter the amount you want to transfer and then add remarks (optional).

Step 5: Then click on submit.

Offline Procedure For NEFT:

Step 1: First of all go to the bank.

Step 2: Fill the NEFT/RTGS form there. After that provide these following details about your beneficiary in that form:

  • Name.
  • Account Number.
  • Bank Name.
  • Branch.
  • IFSC Code.
  • Account Type.
  • Account Number.
  • Amount as much as you have to transfer.

Step 3: After that submit your filled form which they can further authorize to transfer money.

How does NEFT work?

Here I have tried to explain to you the generic process of NEFT transfer, but these details may vary in different banks, yet the process is almost the same.

1. As I have already told you how you have to fill the form in details through online or offline mode, you have to provide complete information about the beneficiary. With this, how banks authorize it and process it further.

2. After this your bank issues a message and then sends it to their NEFT Service Center.

3. NEFT forwards this message from your bank to NEFT Clearing Center which is operated by National Clearing Cell and with it it is a part of Reserve Bank of India in Mumbai and it includes it next available In branch of transaction.

4. After this, the NEFT Clearing Center sorts all the funds transfer transactions according to its banks and decorates those entries in such a way that the banks on which your money has to go are sorted very easily. NEFT Service Center then receives messages where they get all the entries sorted, along with they also get messages about money from NEFT Clearing Center, where they are instructed to send funds to the receiver’s account.

NEFT Transfer के Fees और Charges

The point to be noted here is that the recipient bank does not charge you any fees for NEFT transactions. But for a sender, the sending bank charges them for NEFT Transaction. You will get the information below about how much they charge.

Transaction Amount NEFT Charges
Amounts Rs 10000 तक Rs 2.50 + Applicable GST
Amounts above Rs 10000 and up to Rs 1 lakh Rs 5 + Applicable GST
Amounts above Rs 1 lakh and up to Rs 2 lakh Rs 15 + Applicable GST
Amounts above Rs 2 lakh and up to Rs 5 lakh Rs 25 + Applicable GST
Amounts above Rs 5 lakh and up to Rs 10 lakh Rs 25 + Applicable GST

Note:- These charges keep changing from time to time. Therefore, before sending NEFT, consult your bank.

NEFT Transactions की Timings:

If we talk about the present time, NEFT works in hourly batches so it works between service centers operational hours which is (8:00 AM to 7:00 PM on normal weekdays and 8 AM to 1 PM Saturdays) In). With this there are 8 to 6 batches to work one after the other. Therefore money is transferred from Monday to Saturdays (except 2nd and 4th Saturdays of the month) from 8:00 AM to 6:30 PM. Apart from this, work is not done even in NEFT transactions public and bank holidays.

Public Holidays when NEFT Transactions cannot be completed are Republic Day, Good Friday, Annual Closing of Banks, RBI’s Annual Closing of Accounts, Ramzan Id (Id-ul-Fitr)/Ratha Yatra, Independence Day, Dasara / Vijaya Dashami and Muharram.

Who can transfer funds through NEFT?

Any firm, individual, corporation can use NEFT to transfer funds from one bank account to another bank account, but the point to note is that they should have a bank account in that bank branch and NEFT in that bank branch. The facility should also be Enabled/Available.

Apart from this, also know that it is not mandatory for you to have a bank account. Even if someone does not have a bank account in a bank branch and even then if he wants to transfer funds through NEFT, then fund transfer can be done by filling the NEFT instruction slip. But to transfer funds in this way through NEFT, only a maximum amount of up to Rs 50,0000 can be transferred in a transaction.

Who can receive funds through NEFT?

If these individuals, firms, corporations have a bank account in their bank branch, then all of them can receive the funds sent by NEFT. But for this it is mandatory for the Beneficiary Customer to have a bank account in that bank branch in which NEFT Facility is Enabled/Available.

What are the benefits of NEFT

  • Through NEFT, any firm, individual, corporation etc. can easily send money from one account to another.
  • Here the Beneficiary Customer (to whom the money is sent) does not need to go to the bank branch to receive the funds, nor does he have to do any kind of paper formalities.
  • Fees in NEFT are very less.
  • Fund transfer can be done from anywhere, anytime using Internet Banking. They are very safe and secure. And if for some reason your transaction is not completed, then you do not need to panic because in this case your money is not lost anywhere, but also comes back to the sent account.
  • It is more useful for Low Value Transaction.
  • Here the receiver does not have to pay any additional cost.
  • Here each batch is of one hour.


1. What is NEFT?
The full form of NEFT is National Electronic Funds Transfer, it is an electronic fund transfer process, through which money can be easily sent from one bank account to another bank account.

2. Is having IFSC code mandatory for all NEFT transactions?
the answer is yes. It is very important to have IFSC code for any NEFT transaction.

3. Do all banks have NEFT facility?
No. NEFT facility is not available on all banks.

4. How will a customer know whether his bank or payee’s bank is part of NEFT or not?
All this information from which banks are NEFT-enabled, you can get all this information from the website of Reserve Bank of India (RBI).

5. How long does it take for NEFT transactions to be settled?
All fund transfer transactions are processed in batch-wise format and the money is credited within 2 working days.

Top Banks that provide NEFT facility

  • Central Bank of India NEFT
  • Bank of Baroda NEFT
  • Axis Bank NEFT
  • Punjab National Bank (PNB) NEFT
  • Union Bank of India NEFT
  • Indian Overseas Bank (IOB) NEFT
  • Syndicate Bank NEFT

I hope you guys What is NEFT Gave complete information about NEFT and I hope you guys have understood about NEFT. I request all of you readers that you also share this information in your neighbourhood, relatives, your friends, so that there will be awareness among us and everyone will benefit a lot from it. I need your cooperation so that I can pass more new information to you guys.

It has always been my endeavor that I should always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me without any hesitation. I will definitely try to solve those doubts. You read this article What is NEFT? And how does this work? How did you feel, do tell us by writing a comment so that we too get a chance to learn something from your thoughts and improve something.

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