NEFT (National Electronic Fund Transfer) – Definition, Full Form, Charges – Detailed Information

National Electronic Fund Transfer (NEFT) is the money transfer system with the help of it you can transfer the money from one bank to another. The finest feature is that there is no need for a minimum and the maximum limit to make the transaction. You can also transfer Rs. 1 from this system. Some minimum charges are also applicable to perform the NEFT transactions. The complete list of the charges has been provided below. prepares this page contains all the essential details related to the National Electronic Fund Transfer banking. You can get all the details by going to the below section of the page. After reading the information, if you want to ask any question, then you can ask the same in the provided comment box.

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NEFT (National Electronic Fund Transfer)

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Benefits Of NEFT

  • You can do it online or offline mode as per your preference.
  • There is no physical presence requirement of the beneficiary to perform the transactions.
  • You don’t require to have any bank instruments like cheque or demand draft while transferring the money through NEFT.
  • The online option is available to perform the transaction, so it is an easy and time-saving process.
  • No chief formalities are required by the bank to perform the NEFT transaction.
  • Secure system.
  • Real-time transactions are placed.
  • Bank will send the confirmation of the transaction via SMS and email.
  • You can make the transaction from anywhere.

Requirements To Perform NEFT Transactions

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Timings For National Electronic Funds Transfer (NEFT)

Earlier, the timings for the facility was scheduled from 8:00 AM to 7:00 PM on all the working days, and 2nd and 4th Saturday does not include in it. But Reserve bank of India has changed the timing from 16 December 2019, and now the internet banking is available 24*7. Now you can transfer the money any time from anywhere there are no restrictions on timings and the beneficiary will get the money within two hours.

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Limit For NEFT Transactions

You can transfer the amount freely, and there are no restrictions of the upper or lower limit on transfer the amount. But it must be noted that you will be permitted to transfer only Rs. 50,000 on a single transaction.

Charges For NEFT Transactions
< 10,000Rs 2.50 + Applicable GST
10,000 to 1 LacRs 5 + Applicable GST
1 Lac to 2 LacRs 15 + Applicable GST
2 Lac to 5 LacRs 25 + Applicable GST
5 Lac to 10 LacRs 50 + Applicable GST

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How To Do NEFT? – Detailed Process

  • Open the net banking portal of the bank.
  • Now login to the net banking account by using your user name and password.
  • After the successful login to your account, you have to select the add beneficiary option.
  • Thereafter you have to enter the details of the beneficiary, such as beneficiary name, account number, bank limit, bank branch name, IFSC, and other required detail in the stated columns.
  • After entering the said details, press the ‘accept Terms of Service (Terms & Conditions)’ button.
  • And press the confirm button to confirm the beneficiary details.
  • Now you will receive the SMS (security password) on the mobile number you have registered in your bank.
  • You have to use the said password to validate the beneficiary.
  • After that, you are required to choose the ‘Inter-Bank Transfer’ option to send the money to Inter Bank Payee via NEFT.
  • Now you have to select the NEFT in the transaction type option.
  • Finally, enter the desired amount which you want to transfer.
  • At last, accept all the terms and conditions and press the confirm button to complete the transaction.

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Important Points

  • You are required to maintain all the required details of the beneficiary, such as name, bank account number, bank branch, IFSC code etc.
  • While doing an NEFT transaction via offline mode, you have to fill the form for the same carefully as per the rules.
  • If you are transferring money more than 2 lakh, then you have to attach a cheque with the filled NEFT form.
  • After adding the beneficiary details, recheck it once and assure all the details are correct.

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