What is NEFT and how to send money

Many of you must have used NEFT before to send money, but have you What is NEFT (What is NEFT in Hindi) Correct information about Because the rules of the bank keep changing day by day, so it is very important to have updated information in all these subjects.

Ever since online banking or internet banking has come, since then people’s going to banks has ended completely, now they do all their work sitting at home. This does not cause much loss of their time and they work easily.

There are three main methods of online fund transfer which are NEFT, RTGS and IMPS. Of these, today we will get detailed information about NEFT. So if we talk about NEFT, then it is such a medium to send money online through which we can easily send or receive money online from one account to another.

So today I thought why not you people will also get complete information about what is NEFT, how it works and what are its benefits. Then without further delay let’s start and know about what is NEFT.

What is NEFT – NEFT in Hindi

NEFT is a method using which money can be sent to the account holder in any other bank through any bank. The full form of NEFT is National Electronics Fund Transfer or it is called in Hindi.National Electronic Fund TransferAlso called.

It is a nationwide electronic fund transfer system through which money can be sent or received from one bank account to another easily and securely.

All NEFT settlements are conducted in batch-wise format. In this, money is sent through this system to all NEFT-enabled banks across India on an individual basis.

Before starting any NEFT transfer, verify the bank’s IFSC Code It is very important to keep it along with other details like bank account number, bank branch, account holder name is also very important.

This fund transfer system RBE (RBI) Operated by. the beginning of which year 2005 Happened from NEFT provides this facility to the customers of the bank in India, so that the customer of the bank can very easily transfer his funds to any other NEFT enabled bank account. It is also very safe.

Fund transfers through the NEFT system do not take place on a real-time basis but in half-hourly batches with 23 settlements taking place on the 1st, 3rd and 5th Saturdays of the NEFT week from 8:00 AM to 7:30 PM. batch) transfer of money is decided. Apart from this, there is no settlement on second and fourth Saturdays of the month, on Sundays or even on public holidays.

NEFT facility is mainly done in two ways, one is offline mode which is done in the branches of banks and the other is online mode which is available to the customers through online banking and is done in batch.

It is very popular due to the time saving and easy process through NEFT as transactions can be done very easily through online banking. If seen, NEFT is slightly different from other methods like RTGS and IMPS. Where RTGS And IMPS Your sent money is immediately credited to the bank account of the person in front of you. Whereas in NEFT, the person in front gets your money only in the time-table set by the bank.

Time to transfer money from NEFT (NEFT Timing in Hindi)

As we told you above that you cannot send money through NEFT 24 hours and throughout the week, it is not a 24*7 working service. You can transfer funds through NEFT within a specified time frame.

Below we have given you the working hours and holidays of NEFT through a table. Read this list carefully so that you will not face any kind of inconvenience later.

What is the full form of NEFT?

The full form of NEFT is National Electronics Fund Transfer,

What is NEFT called in Hindi?

NEFT in HindiNational Electronic Fund TransferIt is said.

When was NEFT started?

NEFT was established in November 2005 by the Institute for Development and Research Banking Technology (IDRBT). Maintain NEFT Reserve Bank Of India (RBI) is done.

Step by Step NEFT Transfer Procedure in Hindi

Here I will provide you information about two different procedures of NEFT.

Online Procedure for NEFT

Follow the steps given below to transfer funds through online :-

Step 1

First login to your net banking account. If you do not have a net banking account then you can also register it through your bank’s website.

Step 2

After that you have to add the beneficiary according to the payee. Here beneficiary means that to whom you want to transfer money. And to do this, you will also have to fill some details of the Beneficiary in the ‘Add New Payee’ section, which are:

Step 3

Once the payee is added, after that you have to choose NEFT as the Fund Transfer mode.

step 4

Now you have to select the account where you want to transfer money, here you have to select payee, after that enter amount as you want to transfer and then add remarks (optional).

Step 5

Then click on submit.

Offline Procedure for NEFT

Step 1

First of all go to the bank.

Step 2

Fill NEFT / RTGS form there. After that provide these following details about your beneficiary in that form:

Step 3

After that submit your filled form so that further they can authorize to transfer money.

How NEFT works?

Here I have tried to explain you the generic process of NEFT transfer, but these nuances can vary in different banks, yet this process is almost the same.

1. As I have already told you that how you have to fill the form in details through online or offline mode, you have to provide complete information about the beneficiary. With this, how do banks authorize it and process it further.

2. After this your bank issues a message and then sends it to their NEFT Service Center.

3. NEFT forwards this message from your bank to NEFT Clearing Center which is operated by National Clearing Cell and with this it is a part of Reserve Bank of India in Mumbai and includes it next available In branch of transaction.

4. After this NEFT Clearing Center sorts all the funds transfer transactions according to its banks and decorates those entries in such a way that the bank to which your money has to go gets sorted very easily. NEFT Service Centers then get messages where they get all the entries sorted, along with that they also get messages about money from NEFT Clearing Center where they are instructed to send funds to the receiver’s account.

NEFT Transfer Fees and Charges

The thing to note here is that the recipient bank does not charge you any fees for NEFT transaction. But for a sender, the sending bank charges them for NEFT Transaction. You will get information about how much they charge below.

Note: These charges keep changing from time to time. Therefore, before sending NEFT, consult your bank.

Timings of NEFT Transactions

As of now, NEFT works in hourly batches, so these service centers work between operational hours (8:00 AM to 7:00 PM on normal weekdays and 8 am to 1 pm on Saturdays). In).

With this there are 8 to 6 batches to work one after the other. That’s why money is transferred from Monday to Saturdays (except 2nd and 4th Saturday of the month) from 8:00 AM to 6:30 PM. Apart from this, NEFT transactions cannot be done even on public and bank holidays.

Public Holidays when NEFT Transactions cannot be completed are Republic Day, Good Friday, Annual Closing of Banks, RBI’s Annual Closing of Accounts, Ramzan Id (Id-ul-Fitr)/Ratha Yatra, Independence Day, Dasara/ Vijaya Dashami and Muharram.

Who can transfer funds through NEFT?

Any Firm, Individual, Corporation can use NEFT to transfer funds from one Bank Account to another Bank Account but the thing to note is that they should have a Bank Account in that Bank Branch and NEFT in that Bank Branch Facility should also be Enable/Available.

Apart from this, also know that it is not mandatory for you to have a bank account. Even if someone does not have a Bank Account in the Bank Branch and even then if he wants to transfer Fund through NEFT, then Fund Transfer can be done by filling the NEFT Instruction Slip. But to transfer funds in this way through NEFT, only a maximum amount of Rs 50,0000 can be transferred in one transaction.

Who can receive Fund through NEFT?

This work is done by such Individual, Firm, Corporation who have Bank Account in Bank Branch, then all of them can receive the Fund sent through NEFT. But for this, it is mandatory for the Beneficiary Customer to have a Bank Account in that Bank Branch in which NEFT Facility is Enabled/Available.

What are the benefits of NEFT

Now let us know about the benefits of NEFT.

Top Banks that provide NEFT facility

Let us know about all the top banks of India which provide NEFT facility: –

what did you learn today

I sincerely hope that I have What is NEFT (What is NEFT in Hindi) Gave complete information about NEFT and I hope you guys have understood about NEFT. I request all the readers that you should also share this information in your neighborhood, relatives and friends, so that there will be awareness among us and it will be beneficial for everyone. I need your cooperation so that I can convey more new information to you.

It has always been my endeavor that I always help my readers or readers from all sides, if you people have any kind of doubt, then you can feel free to ask me.

I will definitely try to solve those Doubts. Do you like this article What is NEFT? And how does it work? How did you like it, do tell us by writing a comment so that we too get a chance to learn something from your thoughts and improve something.