NEFT MEANING, TIMING, LIMIT, VALUE, WHAT AND HOW?
NEFT- National Electronic Fund Transfer(Meaning) is a payment system in both modes online and offline for making Digital INDIA.
Nowadays, India is going to become a Digital India, and really it is possible if we try to make it Digital so you are thinking that how it will happen.
So I would like to show Why NEFT provides an important role to become digital and we should know all about Neft as meaning, timing, limit, maximum value, and minimum value, what is Neft, and How to do Neft.
Contents of this post
There are mainly three ways to transfer money from one account to another online easy and fast and these are
other also available now for making Digital India
Different payment and settlement systems in India have made the task of transferring money from one bank account to another easier and faster.
Now account holders don’t have to wait for days to receive money in their bank accounts. With the help of the latest digital payment systems, money can be sent and received in an instant anytime from anywhere.
A large number of banks, private companies, and government bodies along with others are adopting different payment and settlement methods.
This has helped in reducing the gap between the entities and their customers and other concerned people.
These methods are fast, convenient, and useful for documentation purposes.
(NEFT) National Electronic Funds Transfer is a payment system that facilitates one-to-one funds transfer.
Using NEFT, people can electronically transfer money from any bank branch to a person holding an account with any other bank branch,
which is participating in the payment system.
Fund transfers through the NEFT system do not occur on a real-time basis and the fund transfer settles in 23 half-hourly batches.
NEFT, RTGS, and IMPS payment systems were introduced to offer convenience and flexibility to the account holders.
To use these online fund transfer services, the remitter must have the basic bank account details of the beneficiary.
The bank account details include the beneficiary’s name and the bank’s IFSC. Though all three payment systems are used for funds transfer, they exhibit a few differences.
If you want to transfer money to any other account holder then it also needs to know how much minimum money can be transferred.
The minimum transfer value/money is 1 Rs.
If you want to transfer money to any other account holder then it also needs to know how much maximum money can be transferred.
There is no limit to the maximum transfer value/money.
In the case of offline mode if Neft is made by cheque then there is no limit but if made by cash then Neft’s limit is 50 thousand only.
Neft is very beneficial for money transfer from one place to another and more as
It is very useful for us because through Neft you can do many types of payment at home by online mode for an example
Now the NEFT timing is available according to the bank that you hold an account. you can get the latest timing from your bank by visiting your branch.
Now the timing is 8 am to 6.30 or 7 pm from Monday to Friday And 8 am to 1 pm on Saturday and in some banks, 8 am to 6.30 pm except 2nd and 4th Saturday
The Neft charges for the online channels means Neft initiated through online modes such as internet banking, mobile banking, pocket app, etc. is NIL
But in the case of a Branch visit, you will be charged for NEFT
Transaction Charges | Neft |
Amount up to Rs 10000 | Rs. 2.25 +GST |
And amount 10000 to 1 lakh | Rs. 4.75 +GST |
Amount 1 lack to 2 lakh | Rs. 14.75 +GST |
The amount above Rs 2 lakh | Rs. 24.75 +GST |
Indian Financial System Code (IFSC) means a unique code of Eleven digits of NEFT/RTGS enabled Branches.
Normally, this code will be printed on the cheque books OR it may be obtained from the branch where the account is maintained.
It is also available on the RBI website. In case the IFSC of the beneficiary bank is not known, the same can be obtained by selecting the Bank and Branch while registering the beneficiary.
Online NEFT can be done 24X7 but after the below-mentioned cut-off time, the funds will be transferred to the beneficiary bank on the next working day.
Monday to Friday | Saturday |
8 am to 6.30 or 7 pm | 8 am to 7 pm except for 2nd and 4th Saturday |
You can do easily Neft online through the steps are given below:
steps are
NEFT fund transfer by online banking has acquired huge popularity in India. The availability of smartphones in today’s time has assisted in the active usage of online NEFT transfer. However, the availability of offline fund transfers through NEFT is easily provided by a number of banks across the nation.
For the offline NEFT process, the possession of an NEFT form from your bank branch is important. All the necessary details are filled in this form which is later handed over to the bank official.
The later procedure is similar to the NEFT online mode since the request is forwarded by the officials through the internet.
Points to remember
While aiming for a successful NEFT transaction, the remitter should maintain necessary information such as the bank account number from which the fund has to be debited, the beneficiary’s account number, the IFSC code of the beneficiary’s bank, and obviously the fund transfer amount.
All of these details need to be filled in in the offline NEFT form available at the bank branch.
Always keep a check that the destination bank branch, as well as the remitting bank branch, is part of the NEFT network across India.
And for fund transfer amounts over Rs. 2 lakh by offline route, the remitting customer needs to attach a cheque leaflet along with the filled NEFT form.
Neft will take the time of half an hour to 4 hours to show in your bank account after initiating NEFT.
Because Neft transfers are settled half our watches between 8 am to 7 pm from Monday to Saturday except 2nd and 4th Saturday.
DIFFER BASE | NEFT | RTGS | IMPS |
Full form | National electronic fund transfer | Real-time gross settlement | immediate mobile payment service |
Payment option available | online and offline both | online and offline both | online only |
Min. transfer value | 1 Rs | 2 lac Rs | 1 Rs |
max transfer value | No limit | No Limit | 5 lac Rs |
Timing | 8 am to 7 pm on all working days | 8 am to 6 pm | 24/7 and 365 days |
Settlement Type | half-hourly | Real-time | Real-time |
Inward transaction charges | No charge | No charge | Depends on banks’ norms and decision |
An Accountant, GSTP, GST blogger, Website Creator, SEO Builder & Co-founder of the website https://gstportalindia.in for the help of GST Taxpayers of India. Having a perfect accounting experience of more than 10 years in a Private Ltd Company.
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