Monday, November 27, 2017

National Electronic Funds Transfer (NEFT) : Everything you Need to Know Before Money Transfer Online

National Electronic Funds Transfer : Send your Money Online

Learn what are best online money payment methods.Are you searching "What is National Electronic Funds Transfer"... If YES... Then read more about NEFt, a national-wide secure and fastest electronic money transfer method.

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What is National Electronic Funds Transfer

Read now to know more about How to use NEFT for your money transfer on online in a fastest and secure way.

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Learn more about national fastest and secure money transfer

What is National Electronic Funds Transfer?

National Electronic Funds Transfer (NEFT) is one of the fastest online fund transfer system from one account or bank to other account or bank. It is the best countrywide payment system that allows us to one to one based electronic funds transfer. NEFT maintained by Indian reserve bank (RBI). It is based on a deferred settlement basis that means the fund is transferred in batches. There are 12 settlements between 8 am to 7 pm on working days and 6 settlements between 8 am to 1 pm on Saturdays.

Why to Prefer NEFT Transfer?

NEFT allowing most quickest and secure electronic money transfer method than alternates to NEFT fund transfer.

What Alternate to NEFT Fund Transfer?

There are a number of alternate Ways to Transfer Funds from one bank to other bank (NEFT enabled). The national money transfer ways including:
  1. Immediate Payment Service
  2. Instant Money Transfer
  3. Electronic Clearing Service
  4. Visa Money Transfer
  5. NEFT
  6. RTGS
  7. IFS Code

How NEFT Works?

NEFT allow you to electronically transfer fund from any bank branch to any other bank branch in the country. But before you transfer payment makes sure your bank has to be NEFT enable. If your bank not providing NEFT service then you cannot use this service. You can find the list of bank branches which are participating in NEFT service from reserve bank of India website.

NEFT Money Transfer

The NEFT is allowing electronic fund transfer from India to Nepal (one-way only) and is well-known as the Indo-Nepal Remittance Facility Scheme.

What are NEFT Transaction Timings?

Here are best time for money transfer through NEFT. The NEFT transaction timings are 8:00 AM to 6:30 PM every Monday to Saturday but except every month’ 2nd and 4th Saturday.  NEFT not allowed on Sundays and bank holidays.

How much can be transferred?

There is no limit either minimum or maximum on the number of funds that could be transferred using NEFT. You can even transfer Rs. 1. However, individual banks may set a limit. For example, State Bank of India has capped the maximum NEFT fund transfer amount Rs. 10 lakh.

Service Charges for NEFT

For inward transactions at destination bank branches is completely free. The NEFT transfer charges are as follows.

For outward transactions at originating bank branches

Transactions up to Rs.10,000 - Rs.2.50 (+ GST)
Transactions above Rs.10,000 to Rs. 1Lakh - Rs.5 (+ GST)
Transactions above Rs. 1 lakh to Rs. 2 lakhs - Rs.15 (+ GST)
Transactions above Rs. 2 lakh - Rs.25 (+ GST)

Also Read: How To Check SBI Bank Balance

Benefits of Using NEFT

• You do not need to send the cheque or Demand Draft.
• Cost effective method.
• Fully securely transfer funds to beneficiary bank account.
• You receive message and email when fund credited to account.

Limitations of NEFT

You cannot transfer funds at any time you want. NEFT, not instant fund transfer service it takes up to two hours for funds credited to your beneficiary account. This service is only available on bank working days so you cannot transfer fund on weekends and bank holidays.

How to Transfer Using NEFT

• First login to your internet banking account.
• Add the beneficiary to whom you want to transfer fund. For add beneficiary, you need a name of person, bank account number, IFSC code of the branch. You can find IFSC code from the internet and also you can visit your branch.
• After adding beneficiary you need to wait for a minimum half hour and maximum four hours for verifying this beneficiary detail.
• After verify you can transfer funds through NEFT and go to Transfer Funds option, select the beneficiary and enter the amount you want to transfer and last click on transfer. (You also get one-time password for security).
• That's it your money will be transferred to the beneficiary bank account when the next settlement is scheduled.

Final Words:

Article: What is National Electronic Funds Transfer

I hope guys you can find all the details about NEFT and how it works in this article. If you this article neft fund transfer and money transfer process is very helpful for you then don't forget to share with your friends. And one more thing if you have any questions about this article then feel free to comment below. I definitely reply to your question within 24 hours.