Reserve Bank of India has introduced a system called National Electronic Funds Transfer System (NEFT) through which fund transfer operations take place among member banks and financial institutions. Our bank is one of the participants in this system.

OBJECTIVES:
To establish an electronic funds transfer system that is efficient, secure, economical, and reliable, while reducing dependence on paper-based transactions. The system ensures timely transfer of money and provides a safe and trusted way for customers to make payments.

• Credit to beneficiary’s account is generally given the same day or the next day if remittance is done late in the evening.

• It is among the safest and most reliable modes of fund transfer.

• No charges are applied for inward remittance.

• The beneficiary can access and use the money almost immediately after transfer.

ELIGIBILITY:
Customers can send or receive remittances under the NEFT scheme to and from any destination bank or branch that is part of RBI’s NEFT network.

AMOUNT OF REMITTANCE:
There is no ceiling for minimum or maximum amount of remittance per transaction.

CREDIT TO BENEFICIARY’S ACCOUNT:
Funds are credited directly to the beneficiary’s account by their bank branch on the same day, or the next working day if the transfer takes place after business hours.

WORKING OF THE SCHEME:
Customers need to fill out the NEFT form, providing beneficiary details such as bank name, branch, IFSC code, account type, account number, and the amount to be remitted. The transfer request is then sent electronically in a highly secure manner through the NEFT system.