What is NEFT

National Electronic Funds Transfer (NEFT) NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts in over 63000 bank branches across the country. This is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances.

FEATURES & BENEFITS

Customers can remit any amount using NEFT Customer intending to remit money through NEFT has to furnish the following particulars:

IFSC (Indian Financial System Code) of the beneficiary Bank/Branch
Full account number of the beneficiary
Name of the beneficiary.
The facility is also available through online mode for all internet banking and mobile banking customers.

For corporate customers, bulk upload facility is also available at branches.



TIMINGS

Customers can use this facility between 9 AM and 7 PM on all weekdays and between 9 AM and 1 PM on Saturday. There are eleven hourly settlements between 9 AM and 7 PM on all weekdays and five hourly settlements between 9 AM and 1 PM on Saturdays.

The money will be credited to the beneficiary’s account on the same day or at the most next day in case the message is sent during the last batch of settlement. Banks offers NEFT facility to its customers through all its branches.