What is NEFT Transfer and How Does it Work?

What is NEFT Transfer : Step by step process 

NEFT or National Electronic Funds Transfer is an electronic payment system that facilitates the transfer of funds from one bank account to another in India. NEFT transfers can be initiated either through online banking or through a bank branch. NEFT is a popular method of transferring money because it is fast, secure and convenient. To initiate an NEFT transfer, the sender must provide the beneficiary's bank account number, name, and the IFSC code of the bank branch where the beneficiary maintains the account. The IFSC code is a unique code assigned to each bank branch by the Reserve Bank of India (RBI) and it is used to identify the bank branch in the NEFT network. The sender can initiate an NEFT transfer either online or by visiting the bank branch. The sender's bank verifies the transaction details and initiates the transfer through the RBI's NEFT network. 

NEFT transfers are processed in batches and are settled in hourly batches from 8:00 am to 7:00 pm on all working days of the week, except on Sundays and bank holidays. The funds are usually credited to the beneficiary's account within two hours of the transfer. However, in some cases, it may take up to 24 hours for the funds to be credited. The maximum amount that can be transferred through NEFT is Rs. 10 lakhs per transaction. There is no minimum amount limit for NEFT transactions. However, banks may have their own minimum transaction amount limits. NEFT is a safe and secure method of transferring funds. All NEFT transactions are processed through the RBI's secure network, which is encrypted and secured with multiple layers of security measures. Banks also have their own security measures in place to prevent fraud and ensure the safety of transactions.

NEFT is a convenient and reliable method of transferring funds from one bank account to another in India. It is a safe and secure method of transferring funds and is widely used by individuals and businesses alike. NEFT transfers are processed in batches and are settled in hourly batches on all working days of the week, except on Sundays and bank holidays. The maximum amount that can be transferred through NEFT is Rs. 10 lakhs per transaction, and there is no minimum amount limit for NEFT transactions.