NEFT - National Electronic Funds Transfer
National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). The set of procedures to be followed by various stakeholders participating in the system is available on the RBI.
Advantages of using NEFT system
- Round the clock availability on all days of the year.
- Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.
- Pan-India coverage through large network of branches of all types of banks.
- Positive confirmation to the remitter by SMS / e-mail on credit to beneficiary account.
- Penal interest provision for delay in credit or return of transactions.
- No levy of charges by RBI from banks.
- No charges to savings bank account customers for online NEFT transactions.
- Besides funds transfer, NEFT system can be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc.
- Available for one-way funds transfers from India to Nepal.
The essential details required for remitting funds through NEFT system
- Beneficiary's Name
- Beneficiary's Branch Name
- Beneficiary's Bank Name
- Beneficiary's Account Type
- Beneficiary's Account No.
- Beneficiary's Branch IFSC