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NEFT | Procedure for NEFT Fund Transfer

NEFT stands for National Electronic Fund Transfer system. As the name sounds, it is an electronic based fund transfer system by which transactions can be made from one bank to another bank. This is fully governed by the Reserve Bank of India. There is no need to visit bank for fund transfer and wait in a queue for their turn, one can make the fund transfer from their home. One have to just activate their NEFT facility. Apart from Fund Transfer, one can do Utility Bill Payments, Credit Card payments using NEFT facility.

Also Check – How to Create VPA | How does UPI Work | UPI

Timings of National Electronic Fund Transfer (NEFT) :- 

  • Now a days,One can use this facility 24*7, even on holidays too.
  • Earlier, it was limited to 08.00 AM to 06:30 PM and i.e from Monday to Friday only.

Charges on NEFT Service:-

Earlier the remitter or sender’s have pay certain % amount  and that was debited from his account. But as per the new guidelines of Reserve Bank of India, Fund transfer made by sender’s is made free. For Beneficiary one or receiver, also no charges apply.

NEFT Fund Transfer Requirements:-

Basic requirements for NEFT Fund Transfer are Bank or Branch, Account details, Account name and Amount.

Please make sure or confirm whether NEFT service offered from your bank end or not. If Bank is not offering this service, you can not avail this facility .

Procedure for NEFT:-

  • Visit the Bank Official website.
  • Login the portal with User name and Password.
  • You will see a Fund Transfer section on the homepage.
  • Click on it.
  • Choose the Mode of Transaction as “NEFT”
  • Click on “Add Beneficiary” option.
  • Enter the Beneficiary details i.e Account name, Account Number, IFSC Code, Amount to be transfer.
  • Click on Add button.
  • As soon as the beneficiary details added, you can make the fund transfer.

NEFT Benefits:-

  • No need to visit the bank for fund transfer purpose. One can do this from their home.
  • One can get the confirmation of his transactions with in a second after fund transfer via SMS or Email.
  • One can make the fund transfer from anywhere or at anytime.
  • Fraudulent activities has been reduced.
  • NEFT is safe, secure as well as economical.



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