You must have heard about the NEFT word. And if you use internet banking, you will be well aware of this terms. Because you will need to NEFT. And if you do not know what the NEFT is and how it works. So let’s talk about this.

Contents

What is NEFT?
How does NEFT work?
NEFT Enabled Banks - 5 May, 2019

What is NEFT?

In fact, the full name of NEFT is ‘National Electronic Funds Transfer’ and it is a method which works through any bank to send money to the account holder in any other bank. This facility was started on November 2005. And in today’s time, you can take advantage of this facility at almost every national level bank.

RBI has offered two alternatives to electronic transfer of money from one bank account to another account. Which are – NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settelment). Through both of these you can be done through the fund transfer internet banking facility. According to the RBI,

“There is a nation-wide payment system which is meant for money transfer between one and the other. And even if the account holder does not keep his account in any bank. “

NEFT is a multi-dimensional way through which you can transfer money to any customer or your client in very short time by electronic means. Although it takes time, but even then this time is very less in view of the facility. This is very different from RTGS because the transfer of money in RTGS happens in real time. However, according to a fixed time batch, that means your money is transferred after a certain time interval.

How does NEFT work?

It is easy to send money from NEFT. But to understand how NEFT works, you need to understand the following steps –

Activation
Those using internet banking for NEFT or RTGS transactions need to activate third-party transactions. After that you will be able to transfer funds.

Beneficiary

The man who has to send the money, it is necessary to add it as a beneficiary. Also, the bank account of that person should also be known. Under this, it is important to know the name of the beneficiary account holder, account number, bank and branch name and the branch in which the money is to be sent.

Processing
It takes 12-24 hours for the bank to check the Debit of Bank Beneficiary. However, now check bank details very soon. Once the investigation is completed, the new beneficiary gets activated. After which the fund can be transferred to the respective account.

Transfer

First choose the transfer option (NEFT or RTGS). Then present the details of the name, amount and transfer of the Beneficiary. After entering the details and the security transaction password transfer is processed. NEFT is in the transfer batch, which means it takes a little longer. While RTGS transfers are real time bases immediately.

What are the charges for NEFT

For each NEFT, each bank charges a fixed fee. The details of which are as follows –

Transaction Amount NEFT Charges

UP to ₹ 10,000 (not exceeding) Rs 2.50 (+ Service Tax)
Above ₹ 10,000 up to ₹ 1 lakh (not exceeding) Rs 5 (+ Service Tax)
Above ₹ 1 lakh and up to ₹ 2 lakhs (not exceeding) Rs 15 (+ Service Tax)
Above ₹ 2 lakh and up to ₹ 5 lakhs (not exceeding) Rs 25 (+ Service Tax)
Above ₹ 5 lakhs Rs 25 (+ Service Tax)
Note – In these prescribed fees, changes in the condition of changes in the rules of the bank and the bank are possible. At the same time, the beneficiary who receives the money should not be charged any fee. Whereas, the payment rates are payable to the bank in the manner of the sender.

Some Important Fact about NEFT :

1. The amount of at least Rs 2 lakh can be transferred through RTGS. There is no such limit for NEFT.
2. Transfer of funds through NEFT is within the stipulated time frame of RBI. RTGS transactions are instant settled.
3. Fund transfer through NEFT and RTGS can also be done through bank branch.
4. Timings – We have talked about NEFT that this batch is completed in the process and you can also call it Settlement Timing. This is done by batch hour and timing is something like this – Monday to Saturday (Except 2nd and 4th Saturday) – 8:00 AM to 6:30 PM
5. If any transaction is started after the scheduled time. So it completes the next working day.

How Much Time Does It Take?

Through NEFT, you can transfer funds from Monday to 8:00 AM to 6:30 PM. Also, access to money in the account of Beneficiary takes an average of 3 hours. Occasionally it takes longer.

NEFT Enabled Banks – 5 May, 2019

	Abhyudaya Cooperative Bank
	Abu Dhabi Commercial Bank
	Aditya Birla Idea Payments Bank
	Ahmedabad Mercantile Cooperative Bank
	Ahmednagar Merchants Co-op Bank Ltd
	Airtel Payments Bank Limited
	Akola Janata Commercial Cooperative Bank
	Allahabad Bank
	Almora Urban Co-Operative Bank ltd
	Ambarnath Jaihind Co-Op Bank Ltd Ambarnath
	Andhra Bank
	Andhra Pragathi Grameena Bank
	Andhra Pradesh Grameena Vikas Bank
	Apna Sahakari Bank Ltd
	Australia and New Zealand Banking Group Ltd
	AU Small Finance Bank Limited
	Axis Bank
	Bandhan Bank Limited
	Bank Internasional Indonesia
	Bank of America
	Bank of Bahrein and Kuwait
	Bank of Baroda
	Bank of Ceylon
	Bank of India
	Bank of Maharashtra
	Bank of Tokyo Mitsubishi Ltd
	Barclays Bank
	Bassein Catholic Co-Op Bank Ltd
	Bhagini Nivedita Sahakari Bank Ltd Pune
	Bharat Cooperative Bank Mumbai Ltd
	BNP Paribas Bank
	Canara Bank
	Capital Small Finance Bank Ltd
	Commonwealth Bank of Australia
	Catholic Syrian Bank
	Central Bank of India
	Chinatrust Commercial Bank
	CITI Bank
	Citizen Credit Cooperative Bank
	City Union Bank Ltd
	Commonwealth Bank of Australia
	Corporation Bank
	Credit Agricole Corporate and Investment Bank
	Credit Suisse AG
	DBS Bank Ltd
	DCB Bank Ltd
	Deogiri Nagari Sahakari Bank Ltd. Aurangabad
	Dena Bank
	Deposit Insurance and Credit Guarantee Corporation
	Deustche Bank
	Development Bank of Singapore DBS
	Dhanalakshmi Bank
	DICGC
	DMK Jaoli Bank
	DOHA Bank
	Doha Bank QSC
	Dombivli Nagari Sahakari Bank Ltd
	Durgapur Steel Peoples Co-Operative Bank Ltd
	Emirates NBD Bank P J S C
	Esaf Small Finance Bank Limited
	Equitas Small Finance Bank Limited
	Export Import Bank of India
	Federal Bank Ltd
	Fincare Small Finance Bank Ltd
	FINO Payments Bank
	Firstrand Bank Ltd
	First Abu Dhabi Bank PJSC
	G P Parsik Bank
	GS Mahanagar Co-operative Bank Limited, Mumbai
	Gurgaon Gramin Bank Ltd
	HDFC Bank Ltd
	Haryana State Co-Operative Bank
	Himachal Pradesh State Co-Operative Bank Ltd
	HSBC Bank
	HSBC Bank Oman Saog
	ICICI Bank Ltd
	IDBI Ltd
	IDRBT
	IDFC First Bank Ltd
	Idukki District Co-Operative Bank Ltd
	Indian Bank
	India Post Payment Bank
	Indusind Bank Ltd
	Indian Overseas Bank
	Industrial and Commercial Bank of China Ltd
	Industrial Bank of Korea
	Irinjalakuda Town Co-Operative Bank Ltd
	Jalgaon Janata Sahkari Bank Ltd
	Jammu and Kashmir Bank
	Janakalyan Sahakari Bank Ltd
	Jana Small Finance Bank Ltd
	Janaseva Sahakari Bank (Borivli) Ltd
	Janaseva Sahakari Bank Ltd
	Janata Sahakari Bank Ltd (Pune)
	Jio Payments Bank Limited
	JP Morgan Chase Bank NA
	Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd
	Kalyan Janata Sahakari Bank Ltd
	Kalupur Commercial Cooperative Bank
	Kapol Cooperative Bank
	Karnataka Bank Ltd
	Karnataka Vikas Grameena Bank
	Kaveri Grameena Bank
	Karur Vysya Bank
	KEB Hana Bank
	Kerala Gramin Bank
	Kotak Mahindra Bank
	Kozhikode District Cooperative Bank Ltd
	Krung Thai Bank PCL
	Laxmi Vilas Bank
	Mahanagar Cooperative Bank Ltd
	Maharashtra Gramin Bank
	Maharashtra State Cooperative Bank
	Mahesh Sahakari Bank Ltd Pune
	MashreqBank PSC
	Mizuho Bank Ltd
	MUFG Bank Ltd
	Nagar Urban Co-Operative Bank
	National Bank for Agriculture and Rural Development
	National Bank of Abu Dhabi PJSC
	Nagpur Nagrik Sahakari Bank Ltd
	National Australia Bank
	Nav Jeevan Co-Op Bank Ltd
	New India Co-operative Ban Ltd
	NKGSB Co-operative Bank Ltd
	North East Small Finance Bank Limited
	North Malabar Gramin Bank
	NSDL Payments Bank Limited
	Nutan Nagarik Sahakari Bank Ltd
	Oman International Bank
	Oriental Bank of Commerce
	Paytm Payments Bank Ltd
	Pragathi Krishna Gramin Bank
	Prathama Bank
	Prime Co-Operative Bank Ltd
	PT Bank Maybank Indonesia TBK
	Punjab and Maharashtra Cooperative Bank Ltd
	Punjab and Sind Bank
	Punjab National Bank
	Qatar National Bank SAQ
	Rabobank International
	Rajarambapu Sahakari Bank Ltd
	Rajgurunagar Sahakari Bank Ltd
	Rajkot Nagarik Sahakari Bank Ltd
	RBI PAD, Ahmedabad
	RBL Bank Limited
	Reserve Bank of India
	Reserve Bank Of India, Pad
	Sahebrao Deshmukh Co-Op. Bank Ltd
	Samarth Sahakari Bank Ltd
	Sant Sopankaka Sahakari Bank Ltd
	Saraswat Co-operative Bank Ltd
	SBER Bank
	SBM Bank India Limited
	SBM Bank Mauritius Ltd
	Shikshak Sahakari Bank Ltd
	Shinhan Bank
	Shivalik Mercantile Co Operative Bank Ltd
	Shri Chhatrapati Rajashri Shahu Urban Co-Op Bank Ltd
	Shri Veershaiv Co-Op Bank Ltd
	Sir M Visvesvaraya Co Operative Bank Ltd
	Small Industries Development Bank of India
	Societe Generale
	Solapur Janata Sahkari Bank Ltd
	South Indian Bank
	Standard Chartered Bank
	State Bank of India
	State Bank of Mauritius Ltd
	Sumitomo Mitsui Banking Corporation
	Surat National Cooperative Bank Limited
	Suryoday Small Finance Bank Limited
	Sutex Cooperative Bank Ltd
	Syndicate Bank
	Tamilnad Mercantile Bank Limited
	Telangana State Coop Apex Bank
	Textile Traders Co-Operative Bank Ltd
	The A.P. Mahesh Co-Op Urban Bank Ltd
	The Akola District Central Co-Operative Bank
	The Andhra Pradesh State Coop Bank Ltd
	The Bank of Nova Scotia
	The Baramati Sahakari Bank Ltd
	The Cosmos Cooperative Bank Ltd
	The Delhi State Cooperative Bank Ltd
	The Gadchiroli District Central Cooperative Bank Ltd
	The Greater Bombay Co-operative Bank Ltd
	The Gujarat State Co-Operative Bank Ltd
	The HASTI Co-Operative Bank Ltd
	The Jalgaon Peoples Co-Op Bank
	The Kangra Central Cooperative Bank Ltd
	The Kangra Cooperative Bank Ltd
	The Karad Urban Co-op Bank Ltd
	The Karanataka State Co-Operative Apex Bank Limited
	The Kerala State Co-Operative Bank Ltd
	The Kurmanchal Nagar Sahkari Bank Ltd
	The Mehsana Urban Cooperative Bank Ltd
	The Mumbai District Central Co-Op Bank Ltd
	The Municipal Co Operative Bank Ltd, Mumbai
	The Nainital Bank Ltd
	The Nasik Merchants Co-Op Bank Ltd
	The Navnirman Co-Operative Bank Limited
	The Pandharpur Urban Co Op. Bank Ltd. Pandharpur
	The Rajasthan State Cooperative Bank Ltd
	The Royal Bank of Scotland N.V.
	The Seva Vikas Co-Operative Bank Ltd
	The Shamrao Vithal Cooperative Bank Ltd
	The Sindhudurg District Central Coop Bank Ltd
	The Surat District Co Operative Bank Ltd
	The Surath Peoples Co-Op Bank Ltd
	The Tamilnadu State Apex Cooperative Bank
	The Thane Bharat Sahakari Bank Ltd
	The Thane District Central Co-Op Bank Ltd
	The Thane Janata Sahakari Bank Ltd
	The Urban Co-operative Bank Ltd
	The Varachha Co-Op. Bank Ltd
	The Vijay Co-Operative Bank Limited
	The Vishweshwar Sahakari Bank Ltd
	The West Bengal State Cooperative Bank Ltd
	The Zoroastrian Cooperative Bank Limited
	Thrissur District Co-Operative Bank Ltd
	TJSB Sahakari Bank Ltd
	Tumkur Grain Merchants Cooperative Bank Ltd
	UCO Bank
	Ujjivan Small Finance Bank Limited
	Union Bank of India
	United Bank of India
	United Overseas Bank
	Utkarsh Small Finance Bank
	Vasai Janata Sahakari Bank Ltd
	Vasai Vikas Sahakari Bank Ltd
	Vijaya Bank
	Westpac Banking Corporation
	Woori Bank
	Yes Bank Ltd
	Zila Sahkari Bank Ltd Ghaziabad