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Transfer Funds

National Electronic Fund Transfer

About this Service

Gone are the days when you had to personally deliver large sums of money to people. Nowadays it’s quick, convenient and extremely easy because technology has reached another level. It has made people completely independent and as a result extremely worry-free. This is because transferring money isn’t as complicated as it used to be. National Electronics Fund Transfer or NEFT as it is known is a quick and fast way of transferring funds from a particular bank to any other bank that is a participant in this scheme. It is one of the most prominent ways of transferring money since its inception in the year 2005. NEFT unlike RTGS (Real Time Gross Settlement) is not a real-time settlement of money. It is dispatched in batches and is available in tentatively 30,000 bank branches in India.

NEFT has paved the way for big fund transfers online. Earlier people would have been skeptical to use it because it is such high-end technology and that it could cause confusion but with the success of this scheme, more and more people are using it and also spreading the word. There are charges attached to NEFT if the beneficiary has an account with the same bank. But if the remitter is transferring money to a beneficiary from another bank, there are a list of charges attached to it. It varies for the sum that is being transferred. It is minimal and ranges from Rs 2.50 to Rs 25. As a result, it doesn’t even pinch the pocket and is very reasonable. This transfer is considered to be very safe and is encouraged because there is no cash involved. The Remitter and Beneficiary receive a message once the transaction is done, thus leaving both absolutely relaxed. Once the timings are known, which the bank provides, all you need to transfer and everything is taken care of.