The full form of NEFT IS NATIONAL ELECTRONIC FUNDS TRANSFER
WHAT IS NEFT
NEFT also is known as national electronic funds transfer is an Indian system of banking which provides service of transferring fund.
NEFT is a nation-wide payment system facilitating one to one fund transfer under this scheme individuals can electronically transfer funds from any Indian bank account to any individual having a
Indian bank account with any other bank in India
NEFT run under the guideline of RBI reserve bank of India
Example SBI bank (STATE BANK OF INDIA) is public sector bank and AXIS bank which is private sector bank so with the help of NEFT
One can transfer money to other banks in India
Form sbi to axis banks
REQUIREMENT FOR NEFT ARE AS UNDER:-
An individual should have an Indian origin bank account number
NAME OF BENEFICIARY / BANK ACCOUNT TYPE
IFSC / BENEFICIARY BANK ACCOUNT
He/she must be 18 years old
How to transfer money in NEFT or How to use NEFT
There are two methods ONLINE AND OFFlINE
First method OFFLINE : – one can go to the respected bank and take the NEFT form filed the details with a cheque of yourself or the name of the beneficiary.
Details include account number, ifsc code, account holder name, date, amount.
Second method ONLINE : – one can use there net banking account and go to fund transfer selected NEFT add beneficiary check details and transfer it
Details include account number account holder name ifsc code good to go after filling details add beneficiary bank will send OTP and you can see money. if you are add new beneficiary bank will take time to apporved i
Next time if you what to send money no need to add beneficiary just selected it send amount you want.
NEFT CHARGES AND LIMITION
Neft can done with as low as 1 Indian rupees INR up to to no limit as there is no maximum limit assigned by RBI (reserve bank of India)
But some bank has say there is per day or can say per customer id limit of 25 lakhs Indian rupees INR per day
Coming to charges there is no means ZERO charges in online neft transfer via net banking form 1st July 2019 notified by RBI before this date there were some amount as per the amount of transfer
But in offline means form bank and filled form you have pay some charges on respected amount
THE FOLLOWING TABLE PROVIDES IN-DEPTH DETAILS
IF YOU WANT TO KNOW WIFI FULL FORM THEN CHECK MY BLOG
I hope this blog will be useful to you
Thank you for providing you valuable time.