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What is NEFT and (NEFT Money Transfer) ? How to send money online?

What is NEFT?How to send money online?
What is NEFT?How to send money online?

| NEFT how to send money online NEFT Ki Full Form Kya Hoti Hai | How to transfer money online through NEFT.What is NEFT and (NEFT Money Transfer) ? How to send money online?. What is the process of NEFT

Friends, today we are going to tell you what is NEFT and how it works, how money is sent on it NEFT was started by the Reserve Bank and it is a good step towards Digital India, through this very easily online Fund transfer is done, this is a format of online bank through which funds are transferred, although there are many other options for online fund transfer but it can be done both online and offline, through this we can do any company Or you can transfer funds to individuals, this facility was started by RBI, it saves a lot of time and funds transfer is also done easily.

Table of Contents

  • What is NEFT?
    • Benefits of NEFT

What is NEFT ?

NEFT was started by the Reserve Bank of India in 2005 which was an important step in the contribution of Digital India. We tell you what is the meaning of NEFT, the full form of NEFT is National Electronic Fund Transfer, although there are many other methods of fund transfer such as RTGS IMPS but today we will only talk about NEFT, this makes Digital India cashless. Transaction dream come true as its name suggests it is a national electronic funds transfer online format through which we can transfer money anywhere across India. You can send as well as receive, in this one condition is that both the sender and the receiver of the fund should have an account with the same banks which provide this service.

  • What is NEFT and (NEFT Money Transfer) ? How to send money online?

Benefits of NEFT

  • NEFT has many benefits such as fund transfer can be done both offline and online, it saves a lot of time and its charges are also very less.
  • If you do not have a computer or laptop, you can use the offline method.
  • In offline, you just have to fill a form from the bank and fill the information in it and deposit it with cheque, this is a very easy process that everyone can benefit from.

NEFT Transfer Timing

NEFT transfer timings are from 8 am to 7 pm. And it happens from 8 in the morning to 7 in the evening. In which there are total 23 settlements and all these settlements are of half an hour (30 minutes). Meaning that every 30 minutes a group is made of all the transactions that have come to be processed. After 30 minutes a new group is formed. On August 2019, Reserve Bank of India announced that NEFT will work 24 hours from December 2019. Meaning that you can transact at any time throughout the day, your transaction will be done on the same day. There are some public holidays in which your transaction cannot be completed like Republic Day, Good Friday, Annual Closing of Banks, RBI’s Annual Closing of Accounts, Ramadan, Eid, Rath Yatra, Independence Day, Dussehra, Vijay Dashami and Muharram.

Information required to do NEFT

To do NEFT , it is very important for the sender and the receiver to have all these bank details like

  • account holder name 
  • account number 
  • banks’ name 
  • Branch Name 
  • IFSC Code
What is NEFT and (NEFT Money Transfer) ? How to send money online?

Timings for doing NEFT

You can do NEFT fund transfer on any day except Sundays and government holidays and keep in mind that this work should be done according to the timing of the bank.

Fund transfer in NEFT can be done in two ways

For the convenience of the customers, the Reserve Bank has prepared two modes, one offline process and the other online process.

off line process

You can also transfer funds through NEFT through offline mode-

  • For this we have to go to the bank branch.
  • After that the form of NEFT / RTGS will have to be taken from the bank counter, the form of NEFT and RTGS is the same, just we have to tick that in which way we have to transfer funds.
  • After that fill the form name, account number, bank name, branch name, IFSC code and amount.
  • Along with this, we will also have to give a check for fund transfer, on which instead of name your self will be written, fill the amount and sign it.
  • After this, pin up the form and check at one place and deposit it at the counter, after which the bank staff will automatically transfer the funds.

online process

Here we are telling you what is its online process and how you can transfer funds through NEFT.

  • First you see your net banking account, if it is not active, then you register it online through the bank’s website.
  • Now login to your net banking account.
  • After this, add the beneficiary to whom you are transferring the funds.
  • After this, fill the complete details of the person to whom you are transferring the funds, which we have told you earlier.
  • After that select the transfer mode.
  • After selecting the transfer mode, enter the amount you want to transfer.
  • Add Remark option.
  • After that you have to click on submit button 

So friends, this process of yours is completed and within 2 hours your fund will be transferred.

What is NEFT and (NEFT Money Transfer) ? How to send money online?

NEFT charges

Although the charges of NEFT are very less, yet through a table, we are explaining to you its charges, which are applied only by the sander bank, the receiving bank does not charge any charge.

transfer amount    charges
Up to ₹10000    ₹2.50 
₹10000 to ₹100000      ₹ 5
₹100000 to ₹200000      ₹15
₹ 200000 to ₹ 500000      ₹25
₹ 500000 to ₹ 1000000     ₹50
What is NEFT and (NEFT Money Transfer) ? How to send money online?
What is NEFT and (NEFT Money Transfer) ? How to send money online?

How NEFT works

  • NEFT works both offline and online, your offline form or online process is first checked by the sander bank and then it is sent for further processing.
  • After this, the bank issues a message, then it is sent to the NEFT service center.
  • The service center forwards it to the NEFT clearing centre.
  • The clearing center then forwards the fund transaction to the bank where the fund is to be transferred.

Which banks offer NEFT facility in India?

  • >Abhyudaya Cooperative Bank
  • >Abu Dhabi Commercial Bank
  • >Aditya Birla Idea Payments Bank
  • >Ahmedabad Mercantile Cooperative Bank
  • >Ahmednagar Merchants Co-op Bank Ltd.
  • >Airtel Payments Bank Limited
  • >Akola Janata Commercial Cooperative Bank
  • >Allahabad Bank
  • >Almora Urban Co-Operative Bank
  • >Ambernath Jaihind Co-op Bank Limited
  • >Andhra Bank
  • >Andhra Pragathi Gramin Bank
  • >Andhra Pradesh Rural Development Bank
  • >Apna Sahakari Bank Ltd
  • >Australia and New Zealand Banking Group Ltd
  • >au Small Finance Bank Limited
  • >Axis Bank
  • >Bandhan Bank Ltd.
  • >Bank International Indonesia
  • >Bank of America
  • >Bank of Bahrain and Kuwait
  • >Bank Of Baroda
  • >bank of ceylon
  • >bank of india
  • >Bank Of Maharashtra
  • >Bank of Tokyo Mitsubishi Ltd
  • >Barclays Bank
  • >Bassein Catholic Co-Op Bank Ltd
  • >Sister Nivedita Sahakari Bank Ltd Pune
  • >Bharat Sahakari Bank Mumbai Limited
  • >BNP Paribas Bank
  • >Canara Bank
  • >Capital Small Finance Bank Limited
  • >Commonwealth Bank of Australia
  • >Catholic Syrian Bank
  • >Central Bank Of India
  • >Chinatrust Commercial Bank
  • >CITI Bank
  • >Citizen Credit Cooperative Bank
  • >City Union Bank Ltd
  • >Commonwealth Bank of Australia
  • >Corporation Bank
  • >Credit Agricole Corporate and Investment Bank
  • >Credit Suisse AG
  • DBS Bank Ltd
  • >DCB Bank Ltd
  • >Devagiri Nagari Sahakari Bank Limited Aurangabad
  • >Dena Bank
  • >Deposit Insurance and Credit Guarantee Corporation
  • >Deutsche Bank
  • >Development Bank of Singapore DBS
  • >Dhanlaxmi Bank
  • >DICGC
  • >DMK Jaoli Bank
  • >DOHA Bank
  • >Doha Bank QSC
  • >Dombivli Nagari Sahakari Bank Ltd
  • >Durgapur Steel People’s Co-Operative Bank Ltd.
  • >Emirates NBD Bank P J S C
  • >Esaf Small Finance Bank Limited
  • >Equitas Small Finance Bank Limited
  • >Export Import Bank Of India
  • >Federal Bank Ltd
  • >Fincare Small Finance Bank Ltd
  • >FINO Payments Bank
  • >Firstrand Bank Limited
  • >First Abu Dhabi Bank PJSC
  • >GP Parsik Bank
  • >GS Mahanagar Sahakari Bank Limited, Mumbai
  • >Gurgaon Gramin Bank Limited
  • >HDFC Bank Limited
  • >Haryana State Co-Operative Bank
  • >Himachal Pradesh State Co-Operative Bank Ltd
  • >HSBC Bank
  • >HSBC Bank Oman Saog
  • >ICICI Bank Ltd
  • >IDBI Ltd
  • >IDRBT
  • >IDFC First Bank Ltd
  • >Idukki District Co-Operative Bank Ltd
  • >Indian Bank
  • >India Post Payment Bank
  • >Indusind Bank Ltd
  • >Indian Overseas Bank
  • >Industrial and Commercial Bank of China Ltd
  • >Industrial Bank of Korea
  • >Irinjalakuda Town Co-Operative Bank Ltd
  • >Jalgaon Janata Sahkari Bank Ltd
  • >Jammu and Kashmir Bank
  • Janakalyan Sahakari Bank Ltd
  • >Jana Small Finance Bank Ltd
  • >Janaseva Sahakari Bank (Borivli) Ltd
  • >Janaseva Sahakari Bank Ltd
  • >Janata Sahakari Bank Ltd (Pune)
  • >Jio Payments Bank Limited
  • >JP Morgan Chase Bank NA
  • >Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd
  • >Kalyan Janata Sahakari Bank Ltd
  • >Kalupur Commercial Cooperative Bank
  • >Kapol Cooperative Bank
  • >Karnataka Bank Ltd
  • >Karnataka Vikas Grameena Bank
  • >Kaveri Grameena Bank
  • >Karur Vysya Bank
  • >KEB Hana Bank
  • >Kerala Gramin Bank
  • >Mahindra Bank Box
  • >Kozhikode District Cooperative Bank Ltd
  • >Krung Thai Bank PCL
  • >Laxmi Vilas Bank
  • >Mahanagar Cooperative Bank Ltd
  • >Maharashtra Gramin Bank
  • >Maharashtra State Cooperative Bank
  • >Mahesh Sahakari Bank Ltd Pune
  • >MashreqBank PSC
  • >Mizuho Bank Ltd
  • >MUFG Bank Ltd
  • >Nagar Urban Co-Operative Bank

What is NEFT and (NEFT Money Transfer) ? How to send money online?

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