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    				| 1. | What is ‘National Electronic Fund Transfer’ ? | 
| Answer» National Electronic Funds Transfer (NEFT) is a nation-wide payment system. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme. NEFT transactions are settled in batches. There is no lower or upper limit of funds for NEFT transactions. (However, in case of RTGS funds transfer, the minimum lower limit is fixed at Rs. 2 lakh and no upper limit). | |