NEFT :

• NEFT stands for National Electronic Funds Transfer. It is an Indian system of electronic transfer of money from one bank or bank branch to another.
• The banks or their branches that support NEFT have to become a part of NEFT network.
• The money is transferred from account of sender to account of receiver having an account in same bank or another bank via. internet.
• In order to transact one need to have an 11 digit alpha numeric IFSC code of the bank and branch in which the amount is to be transferred.
• The transfer of money usually takes place on the same day or maximum within 48 hours. However, the settlement of transactions take place in hourly batches i.e. For example, if one initiates a transaction and if the settlement time is over he needs to wait till the next settlement time to get his funds transferred. RBI has decided various slots of settlement times in a day. Batch-wise settlement is done through DNS (Different Net Settlement)
• Walk-in customers i.e. customers who do not have a bank account can also deposit cash at any NEFT membei bank and use this facility, however, he cannot deposit more than ₹ 50,000 per transaction.
• In general, there is no minimum or maximum limit of money that can be transacted through NEFT.