IFSC Code


National Electronic Funds Transfer (NEFT)

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.

NEFT
NEFT Working : Anyone fill an online form providing details of the beneficiary like name of the beneficiary, name of the bank branch, IFSC of the beneficiary bank branch, account type and account number and the amount to be remitted. The originating bank branch prepares a message and sends the message to its NEFT Service Centre. Service Center forwards the message to the NEFT Clearing Centre that was operated by National Clearing Cell, Reserve Bank of India, Mumbai to be included for the next available batch. The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit).

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.


What are the advantage of using NEFT?

  • NEFT system is very safe and easy.
  • The remitter does not need to send the DDs or physical cheque to the beneficary.
  • The beneficiary does not need to visit bank for depositing the documents.
  • Confirmation of credit by SMS or email.
  • During working hours, you can initiate an online NEFT request from work/hme at your convenience without go to your bank.

What are the service charges for NEFT transaction?

Inward transactions at destination bank branches (for credit to beneficiary accounts)
* Free, no charges to be collected from beneficiaries.
Outward transactions at originating bank branches (charges for the remitter)
* For transactions up to 10,000: not exceeding 2.50 (+ Service Tax)
* For transactions above 10,000 up to 1 lakh: not exceeding 5 (+ Service Tax)
* For transactions above 1 lakh and up to 2 lakhs: not exceeding 15 (+ Service Tax)
* For transactions above 2 lakhs: not exceeding 25 (+ Service Tax)

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