National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology.[1] NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages.
Unlike real-time gross settlement, fund transfers through the NEFT system do not occur in real-time basis. Previously, NEFT system settled fund transfers in hourly batches with 23 settlements occurring between 00:30 hrs. to 00:00 hrs.
From 16 December 2019, there would be 48 half-hourly batches occurring between 00.30 am to 00:00 am every day regardless of a holiday or otherwise,[2]
As of 30 November 2019, NEFT facilities were available at 1,48,477 branches/offices of 216 banks across the country and online through the website of NEFT-enabled banks. NEFT has gained popularity due to the ease and efficiency with which the transactions can be concluded.[citation needed]
There is no limit – either minimum or maximum – on the amount of funds that can be transferred using NEFT.[3]
^"Overview of Payment Systems in India". Reserve Bank of India. Retrieved 24 January 2015.
^"Reserve Bank of India - Notifications". www.rbi.org.in. Retrieved 11 December 2019.
^"Reserve Bank of India". www.rbi.org.in. Retrieved 11 December 2019.
and 25 Related for: National Electronic Funds Transfer information
Electronicfundstransfer (EFT) is the electronictransfer of money from one bank account to another, either within a single financial institution or across...
11 June 2019 that 'all charges for payments via RTGS and NationalElectronicFundsTransfer (NEFT) collected from banks would be waived from 1 July 2019...
Wire transfer, bank transfer, or credit transfer, is a method of electronicfundstransfer from one person or entity to another. A wire transfer can be...
the three main Payment and settlement systems in India: the NationalElectronicFundsTransfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment...
Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronicfundstransfer. Although the term is historic...
used for transferring money within the country. From 16 December 2019, one can transfer money online using the NationalElectronicFundsTransfer (NEFT)...
services offered through the Internet, or broadly to any type of electronicfundstransfer. Modern payment systems use cash-substitutes as compared to traditional...
needed] Banks portal Clearing (finance) Clearing house (finance) Electronicfundstransfer Pan-European automated clearing house Payment system Society for...
consumers as well as the responsibilities of all participants in electronicfundstransfer activities. The act's provisions were implemented through Federal...
instant payment inter-bank electronicfundstransfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones...
exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant fundstransfer network via its e-Transfer service...
the United States, the ACH Network is the national automated clearing house (ACH) for electronicfundstransfers established in the 1960s and 1970s. It processes...
Settlement Systems such as Real-time gross settlement RTGS and NationalElectronicFundsTransfer NEFT System is also available in almost all branches of banks...
(Personal Identification Number) at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name "EC" originally comes from the unified European...
wage-and-hour-laws and by a variety of federal laws including the ElectronicFundsTransfer Act and the Consumer Financial Protection Act. Businesses may...
debit customer accounts. Electronic Clearing Service, or ECS, is an electronic clearing service that facilitates fundstransfer between bank accounts. The...
of electronicfundstransfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times...
ЮНИСТРИМ), sometimes written UNISTREAM Bank, is an international money transfer company and bank based in Russia. The service was originally a department...
infrastructure that operates an electronic check clearing and settlement system (SVPCO), a clearing house, and a wholesale fundstransfer system (CHIPS). Clearing...
EFTPOS (ElectronicFundsTransfer at Point of Sale) network by using BCA's own EFTPOS network (Debit BCA). There are many Electronicfundstransfer interbank...