NEFT is an electronic payment system in India that allows you to transfer money from one bank account to another. It is managed by the Reserve Bank of India (RBI) and is commonly used for online and offline fund transfers.
Key Points About NEFT
- Full form: National Electronic Funds Transfer
- Used for: Bank-to-bank money transfer
- Availability: 24×7 (including Sundays & bank holidays)
- Modes: Net banking, mobile banking, and bank branch
- Minimum amount: No minimum limit
- Maximum limit: As per bank policy
NEFT vs IMPS vs RTGS (Quick Comparison)
| Feature | NEFT | IMPS | RTGS |
|---|---|---|---|
| Full form | National Electronic Funds Transfer | Immediate Payment Service | Real Time Gross Settlement |
| Speed | Near real-time (batch-based) | Instant | Real-time |
| Availability | 24×7 | 24×7 | 24×7 |
| Minimum amount | No limit | As per bank | ₹2 lakh |
NEFT FAQs
Is NEFT free?
A. Most banks do not charge for NEFT done via net/mobile banking.
Can NEFT be done on holidays?
A. Yes, NEFT works 24×7, including bank holidays.
How long does NEFT take?
A. Usually a few minutes to a couple of hours, depending on processing.
Conclusion
NEFT (National Electronic Funds Transfer) is a safe, reliable, and widely used method to transfer money between bank accounts in India.
