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NEFT- National Electronic Funds Transfer

NEFT - National Electronic Funds Transfer

NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc.NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.

Individuals, firms or corporates maintaining accounts with a bank branch can receive funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country.

There is no restriction of centres or of any geographical area within the country. The NEFT system takes advantage of the core banking system in banks.

This Facilities Are Available At All Our Core Banking Branches

NEFT transactions are charged as below

Amounts upto Rs 10,000 :

Above Rs 5 lakh - Rs. 50 + Tax per transaction

Amounts above Rs 10,000 and upto Rs 1 lakh : Rs. 50 + Tax per transaction

Amounts above Rs 1 lakh and upto Rs 2 lakh : Rs. 50 + Tax per transaction

Amounts above Rs 2 lakh and upto Rs 5 lakh : Rs. 50 + Tax per transaction

Amounts above Rs 5 lakh and upto Rs 10 lakh : Rs. 50 + Tax per transaction

NEFT transactions Timeing as below

Monday to Saturday : 9:30 AM to 4:00 PM

There will be no NEFT transactions possible on Bank holidays,
(2nd & 4th) Saturday of month and Sundays.

Information required for transfer of Funds

Account no. to be debited

Name of the beneficiary bank

Amount to be remitted

Name of the beneficiary customer

Account no. of the beneficiary customer

Sender to receiver information, if any

IFSC code of the receiving branch.(IFSC Code is printed on cheque leaves.)