What is the full form of NEFT?
NEFT: Net Electronic Funds Transfer
NEFT related questions: NEFT Full Form, What is the full form of NEFT, What does NEFT No. NEFT for, What is the meaning of NEFT, NEFT Full Form in English.
The full form of the NEFT is “Net Electronic Funds Transfer.”It is an Indian system of electronic transfer of the money from one to another.
NEFT was brought into the practice by the reserve bank of India. It is an electronic fund transfer system that is based on deferred net settlement (DNS) which settles a transaction in the batches.
A bank should be NEFT enabled to take part in the NEFT funds transfer.
Basically, it requires one day transferring the money from one account to the beneficiary account.
What is required before using NEFT
A bank’s customer must require the following information
- Name and full bank account number of the beneficiary to whom, you want to transfer the money
- Indian financial system code IFSC of the beneficiary bank/branches
Difference between RTGS and NEFT
|Full Form||National electronic funds transfer||Real time gross settlement|
|Settlement speed||it is done in batches so it is slower.||it works in real time so it is faster.|
|Timing (Monday to Friday)||8:00 am – 6:30 pm||9:00 am – 4:30 pm|
|Timing (Saturday)||8:00 am – 12:30 pm||9:00 am – 1:30 pm|
|minimum amount of money to transfer||no minimum limit||2 lacs|
|Maximum amount of money to transfer||no limit||no limit|
|When does the credit goes to beneficiary account||hourly batch between banks||at real time between banks|
|Suitable for||small money transfer||large money transfer|
|Charges||upto 10,000 – Rs. 2.5
from 10,001 – 1 lac – Rs. 5
from 1 – 2 lacs – Rs. 15
above 2 lacs – Rs. 25
|Rs. 25-30 (upto 2 – 5 lacs)
Rs. 50-55 (above 5 lacs)
(lower charges for first half of day)
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