NEFT for Funds Transfer

Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch.

NEFT - National Electronic Fund Transfer- This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently,

As stated above, NEFT operates in hourly batches. Currently there are twelve settlements from 8 AM to 7 PM. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 AM to 7 PM on the same day.
NEFT will not be operated on second and fourth Saturdays but would operate for full day on remaining working Saturdays.

Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

For effecting an NEFT remittance the remitter has to furnish the following information:

• Amount to be remitted.
• Remitting customer's account number which is to be debited
• Name of the beneficiary bank.
• Name of the beneficiary.
• Account number of the beneficiary.
• Sender to receiver information, if any
• IFSC code of the destination bank branch

No. NEFT services is enabled only in specific bank branches across the country. A list of such NEFT enabled branches can be obtained from the RBI website, http://www.rbi.org.in/scripts/neft.aspx for NEFT.

Charges for NEFT are as listed in the following table: