National Electronic Fund Transfer ( NEFT )
* Transfer of amount to any Bank/Account Anywhere in INDIA
- National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.
- The system uses the concept of centralized accounting system and the bank's account that is sending or receiving the funds transfer instructions, gets operated at one centre.
Beneficiary receives the money:-
- The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.
The information required:-
The essential information that the remitting customer has to furnish is:
- Beneficiary details such as beneficiary name and account number.
- Name and IFSC of the beneficiary bank branch.