NEFT

NEFT full form is National Electronic Fund Transfer. It is an online payment platform used nation-wide by most of the banks. NEFT banking allows instant and hassle-free transfer of funds from one bank account to another. It eliminates the need to visit banks for transferring funds as you can easily transfer funds online from anywhere.

All NEFT settlements are done in a batch-wise format. Using this system the money is sent to all NEFT-enabled banks in the country on an individual basis.

To begin NEFT transfer, you must have a bank IFSC Code along with other details like bank branch, bank account number, account holder’s name, etc.

Earlier, the NEFT timing for transactions was between 8 a.m. And 6 p.m. from Monday till Friday and 8 a.m. to 12 p.m. on Saturdays for most banks was. However, since 16th December 2019, you can transfer money 24x7 via NEFT. Now you can also transfer money via NEFT on Sunday as well as holidays.

Additional Info: Also, check Axis Bank Net Banking service.

The NEFT transfer process is mentioned below:

• Login to your net banking account first. Register for it on your bank’s website if you do not have an account.
• Add the beneficiary name as a payee by entering the following details about the beneficiary under the ‘Add New Payee’ section:
  • Account Number
  • Name
  • IFSC Code
  • Account Type

• After adding the payee, choose NEFT as your mode of Fund Transfer.
• Then select the account from which you want to transfer the money, the payee to whom you want to send money, enter the amount you want to transfer, and add remarks (optional).
• Now click on the Submit button to make NEFT payment.

Also check AnyRoR Gujarat Land Record.

There is no specific cap on the NEFT minimum amount and maximum amount limit of NEFT transfer. You can transfer a minimum amount as low as Rs.1. For other fund transfer options like RTGS, there is a minimum transfer limit of Rs. 2 Lakhs. There is no maximum limit assigned by the RBI for NEFT transfer or transaction. However, the bank with which you hold your account may have a specified limit. For instance, the limit for NEFT SBI is up to Rs. 10 Lakhs. 

There are no charges on NEFT transactions done online through internet or mobile banking. However, processing fees are levied on NEFT transaction based on the amount that you transfer as mentioned below:

• No charges for inward transactions at destination bank branches.
• For outward transactions at originating bank branches:

Below is the difference between RTGS and NEFT and UPI:

UPI: UPI or Unified Payment Interface Unified Payments Interface is an instant real-time payment system facilitating inter-bank peer-to-peer and person-to-merchant transactions. The most important benefit of UPI is that you are not required to feed the bank account details for transferring the money. There are many UPI platforms available in India, including WhatsApp, Google Tez, Phone Pe, BHIM app, and so on. You can use the UPI for various purposes such as shopping, money transfer to friends, merchants, etc. To get the UPI service, you need to have access to the bank account, mobile number which is linked with the bank account, and debit card for re-setting MPIN.

NEFT: NEFT or National Electronic Fund Transfer is an electronic funds transfer system maintained by the Reserve Bank of India. Unlike UPI, There is no fixed limit on how much can be transferred through NEFT. The charges levied on NEFT are minimal, up to Rs. 25, plus applicable taxes.

RTGS: RTGS or Real Time Gross Settlement is an online fund transfer mode which is based on the gross settlement where the transactions are settled after an instruction is issued to do so. In RTGS, the minimum amount of transaction should be Rs. 2 Lakhs. Unlike the NEFT, these transactions can be done anytime. Charges for RTGS are capped at Rs. 55, plus applicable taxes. The main diff RTGS and NEFT are settlement timings. 

Below are the steps to make your credit card bill payment through NEFT:

• Login to your net banking account.
• Then go to the 'add beneficiary' section.
• Choose the bank from the given list of banks in the menu.
• Choose the city and branch. 
• Add the correct IFSC code.
• Now provide the 16 digit credit card number to make the payment.