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NEFT Full Form is National Electronic Funds Transfer

What is the full form of NEFT

NEFT: National Electronic Funds Transfer

 

National Electronic Finances Transfer (NEFT) is an Indian system of electronic transfer of plutocrat from one bank to another. It was introduced by Reserve Bank of India. It’s an electronic fund transfer system that’s grounded on Prolonged Net Agreement (DNS) which settles sale in batches.

 

A bank branch must to be NEFT- enabled to take part in NEFT fund transfer. It takes generally one day to transfer the fund from one account to the devisee account. Agreements and concurrence of the finances take place in batches according to the guidelines of the RBI.

 

What’s needed before using NEFT

A bank’s client must have the following information before using NEFT.

  1. Name and full Bank account number of the devisee to whom, you want to transfer plutocrat).
  2. Indian Financial System Code (IFSC) of the devisee Bank/ Branch.

 

Difference between RTGS and NEFT

Although NTGS and NEFT both are used for electronic fund transfer, but there are some specific differences between them on the base of some criteria.

NEFT Full Form

Criteria NEFT RTGS

Full Form National electronic finances transfer Real time gross agreement

Agreement speed it is done in batches so it’s slower. it works in real time so it’s briskly.

Timing (monday to friday) 800 am-630 pm 900 am-430 pm

Timing (saturday) 800 am-1230 pm 900 am-130 pm

minimum quantum of plutocrat to transfer no minimal limit 2 lacs

Maximum quantum of plutocrat to transfer no limit no limit

When does the credit goes to devisee account hourly batch between banks at real time between banks

Suitable for small plutocrat transfer large plutocrat transfer

Charges upto-Rs.2.5

from-1 lac-Rs. 5

from 1-2 lacs-Rs. 15

Over 2 lacs-Rs. 25Rs. 25-30 (upto 2-5 lacs)

50-55 (above 5 lacs)

( lower charges for first half of day)

 

 

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