What Is Known by the Term NEFT and How Does It Process?

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NEFT

What Is Known by the Term NEFT and How Does It Process?

NEFT, the full form of which is National Electronic Funds Transfer, set up and controlled by the Reserve Bank of India in 2005, is an electronic fund transfer approach being processed among the NEFT-enabled services’ banks. Transactions made via NEFT sometimes take a few minutes to complete transactions, and hence, do not take place in real-time.

To transfer funds via NEFT, you need to first add beneficiaries on the internet banking portal of your bank. There are no limits on the number of NEFT transactions; however, there is a fee applicable on all NEFT transactions, depending on the amount being transferred.

Benefits of NEFT:
● The transfer of funds made via NEFT becomes easy, convenient, and feasible
● There is no involvement of a third party as all such transactions take place online
● NEFT transactions are completely safe and secure due to the involvement of RBI
● The receiver and sender of the funds will get notification instantly regarding the completion of the transaction
● Any account holder, be it an individual, a company, or a corporation, can carry out NEFT transactions.
● Apart from transferring money, you can additionally use NEFT to pay your credit card dues, loan installment, EMIs, etc.

How does NEFT work?
● First of all, log into your existing online banking account
● On the main page, click on ‘Fund transfer’ and select ‘NEFT’ from the drop-down menu
● To add a new beneficiary, you need to click on the ‘Add beneficiary’ option on the page
● Enter the required information of the beneficiary, such as his name, bank account number, IFSC, etc.
● Click on ‘Confirm’ or ‘Add’
● To authenticate this step, you will be required to enter the OTP sent to your registered mobile number.
● Once the beneficiary is added to your account, select the beneficiary details to whom you need to send the money from your list of beneficiaries
● After selecting the beneficiary, enter the amount to transfer and click on ‘Confirm’ to confirm the transaction

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