NEFT Full Form: What is NEFT?: Here we will learn about NEFT Full Form, There are three main ways to transfer funds online which are NEFT, RTGS, and IMPS.
NEFT Full Form
The NEFT Full Form is ‘National Electronics Fund Transfer‘. It is a nationwide electronic fund transfer system. Through which money is easily and securely sent or received from one bank account to another.
Read Also – GATE Full Form: All you need to Know
Read Also – RTGS Full Form: What is RTGS?
All NEFT settlements are conducted in batch-wise format. In this, money is sent through this system to all NEFT-enabled banks across India on an individual basis. Before starting any NEFT transfer, it is very important to have the IFSC Code of the bank, along with other details such as bank account number, bank branch, name of the account holder is also very important.
The system of this fund transfer is operated by RBI. Which started in November 2005. NEFT provides this facility to the customers of the bank in India. So that the customer of the bank can very easily transfer his capital to any other NEFT-enabled bank account. It is also very safe.
Read Also – LED Full Form: What is LED?
The facility of NEFT is mainly done in two types, one is an offline mode which is done in the branches of banks and the other is online mode which is available to the customers through online banking and is done in batches. It is very popular because of the time-saving and easy process that NEFT provides as the transaction can be done very easily through online banking.
Read Also – LCD Full Form: What is LCD?
Comparison to Others Transaction Methods
If seen, NEFT is slightly different from other measures like RTGS and IMPS. Where your money sent in RTGS and IMPS is immediately credited to the front bank account. Whereas in NEFT, your money is received by the bank in the timetable set by the bank.
Read Also – MCB Full Form: What is MCB?
Just as we fill a slip to deposit money in the bank, in the same way, we have to fill the online form.
Have to fill and do the transaction, after that the money will be deducted from our account and after a while, the money will reach the other person’s account. Simply charge will be deducted according to the money from your account, which is very little, with the help of which you get the facility of sending money easily.
Read Also – PSU Full Form: All You Need to Know About PSU
Process of NEFT
- As We have already told you that how you have to fill the form in details through online or offline mode, you have to provide complete information about the beneficiary. Along with this, how banks authorize it and process it further.
- After this your bank issues a message and then sends it to their NEFT service center.
- NEFT forwards this message from your bank to the NEFT Clearing Center which is operated by the National Clearing Cell and with it it is a part of Reserve Bank of India in Mumbai and it includes this lane- At the next available branch of the transaction.
- After this, the NEFT Clearing Center sorts all the money transfers according to its banks and decorates those entries in such a way that the bank whose bank
But you have to know your money, they get sorted very easily. The NEFT service center then receives messages where they get all the entries sorted, along with they also receive money-related messages from the NEFT clearing center, where they are instructed to remit the funds to the receiver’s account.
Read Also – CCTV Full Form: What is the Importance of CCTV?
NEFT Time Duration
You can do NEFT anytime from 8 AM to 7 PM and between this time all your NEFT transactions are executed. All the transactions done through NEFT happen in the interval of one bench per hour, as if you did a transaction between 8 AM to 9 AM, then your money will reach the next bench i.e. between 10 AM to 11 AM in another account.
NEFT Transaction Charges By Bank
If you want, you can also send 1000 rupees from NEFT. And how much money to send 1,00,000 also depends on you. But according to the rules of the bank, the bank charges you the transaction charges according to your transaction amount.
|up to Rs.10,000||Rs 2.50 (+ Service Tax)|
|Rs.10,000 up to 1 lakh||Rs 5 (+ Service Tax)|
|Rs.1 lakh and up to 2 lakhs||Rs 15 (+ Service Tax)|
|Rs. 2 lakhs and above||Rs 25 (+ Service Tax)|
NEFT Transaction Timing
NEFT depends on the bank so it is Monday to Saturday. And is available on all days except Sunday (2nd and 4th Saturday, National Holidays).
Read Also – BTS Full Form: What is BTS?
If you want, you can also do NEFT during the rest of the days, there is no problem because you have to use net banking to do NEFT and not the bank. So even if the bank is closed, you can do NEFT. But All your transactions depend on the bank so your transactions will be successful only when the bank approves them. So if you do the transaction even during the holiday time then your transaction will be done and as soon as the bank opens your transaction will be successful.
Read Also – DP Full Form: What is the Importance of DP?
Note: This post is only for informational purposes. Maybe Some data is changed by time or wrong. In this case, We are not responsible. So For better Knowledge of the NEFT. Please Visit the Bank’s Official Websites.
Read Also – SOP Full Form: What is SOP?