What is NEFT? what is NEFT full form.
What is NEFT Full Form
The full form NEFT is 'National Electronic Funds Transfer' it means. Fund Transfer through Internet Banking".
If you want to send money to someone, you have to go to the bank, but NEFT is a bank payment system that allows the bank to transfer money from one account to another. NEFT (National Electronic Faund Transfer) is an online way to transfer funds. With the growing popularity of online banking, NEFT has emerged as a great payment option. NEFT is an electronic payment form through which you can easily transfer money from one bank account to another.
You do not have to go to the bank branch for this NEFT. The Reserve Bank of India issued NEFT in November 2005 for easy transfer of funds. But most people do not have specific information about NEFT, this article gives you information about what is NEFT, and the full form of NEFT and how to send money from NEFT.
What is NEFT?
NEFT is one of the most widely used electronic fund transfer methods. RBI (Reserve Bank of India) has issued mandatory integration of special electronic fund transfer system for transfer of funds. You can easily transfer money to any account anywhere in India. This is a one-to-one payment process across India. The bank branch NEFT should be enabled in this. So that the customer can transfer your funds. Anyone can transfer funds online if NEFT facility is available at the bank branch.
You can also pay the Ministry through NEFT in corporate matters. This method has been introduced to avoid the long time required to pay. By taking advantage of NEFT service, you can pay credit card arrears, loan amount, EMI and other payments.
NEFT process
- With NEFT, you can easily transfer funds to any branch account of the bank located anywhere.
- The sender and recipient bank should have NEFT facility.
- To find out if your bank is NEFT enabled, you can visit the official website of RBI for a list of NEFT enabled banks. You can also get information by contacting the bank's customer service.
- You can also send funds from India to Nepal through NEFT through India-Nepal Remittance Facility Scheme.
NEFT Fund Required Information for Sending
- Information required to send NEFT funds.
- Pay the transaction amount.
- Beneficiary's bank name.
- IFSC code of the recipient's bank branch.
- Beneficiary Account Number.
- Sending information to the recipient by the person sending the funds, if he is the recipient.
- Customer's mobile number or e-mail id.
- The purpose of the transaction.
NEFT Benefits
- Neither party is required to complete the transaction process through NEFT.
- Physical instruments like checks or demand drafts are not required for the transaction process.
- In NEFT you can transfer money without going to the bank, all you need to do is have a valid account, then you can transact online.
- This is a very simple and easy way to transfer funds, which takes you a few minutes to transfer funds.
- After successful transaction, a message will be sent to your registered mobile number.
- You can transact via NEFT anytime, anywhere from any day of the year.
- This is a cost effective way to transfer funds, as the bank charges a reasonable fee.
- To send money to NEFT, you have to go through multi-step verification, which makes it a very secure platform.
- It does not require any paperwork.
- NEFT Funds Transfer facility is available to you 24X7.
NEFT Fund Transfer Process
- First of all, you have to go to the official website of the bank where you have your account.
- After visiting the home page of the official website, you have to click on the Internet Banking link.
- You will then need to enter your username and password to log in to Internet Banking.
- After visiting the home page of the official website, you have to click on the Internet Banking link.
- You will then need to enter your username and password to log in to Internet Banking.
- After logging in, your internet banking facility opens on your page, from which you have to select 'Fund Transfer' option.
- After that you go to the Fund Transfer tab and select the NEFT option.
- After that, enter the name, account number and IFSC code of the person to whom you want to send money.
- You can also add new beneficiaries by going to the Ad Beneficiary option, for which you have to fill in the information like beneficiary name, bank name, account number IFSC code and account type.
- Then confirm by verifying the information.
- After this 4 digit OTP will be sent to your registered mobile number, by entering this OTP you will have to confirm the details of the beneficiary.
- Once the beneficiary is successfully connected, you can easily start transferring funds to him / her.