National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one direct funds transfer. Under this System, individuals, firms/ corporates can electronically transfer funds from any bank branch to any individual, firm/corporate having an account with any other bank branch in the country participating in the System. For being part of the NEFT funds transfer network, a bank branch has to be NEFT- enabled.
The NEFT system also facilitates one-way cross-border transfer of funds from India to Nepal. This is known as the Indo-Nepal Remittance Facility Scheme. A remitter can transfer funds from any of the NEFT-enabled branches in to Nepal, irrespective of whether the beneficiary in Nepal maintains an account with a bank branch in Nepal or not. The beneficiary would receive funds in Nepalese Rupees.
Presently, NEFT operates in hourly batches - there are 12 settlements from 08:00 hours to 19:00 hours on week days (Monday through Friday) and 6 settlements from 08:00 hours to 13:00 on Saturdays.
In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer Facilitation Centre of the respective bank can be contacted. Details of NEFT Customer Facilitation Centres of banks are available on the websites of the respective banks. The details are also available on the website of Reserve Bank of India.
If the issue is not resolved satisfactorily, the NEFT Help Desk (or Customer Facilitation Centre of Reserve Bank of India) at National Clearing Cell, Reserve Bank of India, Mumbai may be contacted through email or by addressing correspondence to the General Manager, Reserve Bank of India, National Clearing Centre, First Floor, Mumbai Regional Office, Fort Mumbai 400001
The remitter can track the NEFT transaction through the originating bank branch or its CFC using the unique transaction reference number provided at the time of initiating the funds transfer. It is possible for the originating bank branch to keep track and be aware of the status of the NEFT transaction at all times.