What is the full form of NEFT
What is the full form of NEFT
NEFT: National Electronic Funds Transfer
NEFT stands for NEFT: National Electronic Funds Transfer. NEFT is an Indian system of electronic transfer of money from one bank to another bank within the country. It was introduced by Reserve Bank of India.
NEFT allows any individual, organization, companies as well as corporates to transfer money electronically to another party having a bank account in India.
NEFT payments take place in batches as opposed to some other mechanisms that clear transactions on an orderly basis. As requests get queued up, the batches are processed in an hourly manner to clear off the pending transactions.
Individuals who do not have a bank account can also deposit cash at the NEFT-enabled branches. However, such cash remittances will be restricted to a maximum of ₹ 50,000 per transaction.
Timing
In case of NEFT, currently there are twelve settlements from 8 am to 7 pm. However, the timings that the banks follow may vary depending on the customer timings of the bank branches.