The National Electronic Fund Transfer System (NEFT) is an electronic fund transfer system that settles transactions in batches. NEFT service can be availed in a bank branch using cash, cheque, or a DD. Also, it can be using a net banking facility from your bank account. The maximum amount you can submit through NEFT in cash is Rs 50,000. Banks have been instructed not to charge their savings bank account holders any fees for NEFT funds transactions initiated online from January 1, 2020. NEFT facilities are now available all the time, i.e. 24×7, 365 days. If you want to process NEFT at a bank, you’ll have to pay fees depending on the various slabs
NEFT transfer timings
The NEFT system is available 24 hours a day, 365 days a year (24x7x365). Throughout the day, funds are transferred in batches that are settled in 48 half-hourly time slots.
NEFT transfer limits
The amount of money that can be transferred via NEFT has no upper or lower limit. You can use NEFT to initiate transactions that transfer funds from one bank account to another across India. You must, however, ensure that the banks are part of the NEFT transfer network (another way to say this is that the banks should be NEFT-enabled).
How to do NEFT transfer?
To transfer funds using NEFT, simply login to your net banking portal and add the recipient as a beneficiary. Under the Add New Payee section, enter information such as their name, account number, account type, and IFSC code. The fund transfer will be completed once you select NEFT as the preferred mode of transfer and enter the amount to be transferred.
Some of the benefits of this method
- Safe and secure
- Economical
- Reliable and error-free
- Organized and batch-wide settlement
- Paperless
