DTVHINDIWhat Is NEFT And How To Use It To Trasfer Money Only.
What is NEFT : Many of you must have used NEFT before sending money but do you have the right information about what is NEFT? All these subjects must be updated regularly because the bank’s rules keep changing. Ever since the advent of online banking or internet banking, people’s going to the banks has in a way ended, now they do all their work sitting at home. This does not waste much of their time and they get the job done easily. There are three main ways to transfer funds online which are NEFT, RTGS and IMPS. A detailed explanation of NEFT will be provided today out of these. So if we talk about NEFT, 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 that is why today I thought that why you people will also get complete information about what is NEFT, how it works and what are its benefits. So without further delay let’s start and know what is NEFT. Table of Contents What is NEFT ? NEFT Kya Hai The full form of NEFT is National Electronics Fund Transfer or it is also called “National Electronic Fund Transfer” in Hindi. It is a nationwide electronic funds transfer system that allows money to be sent or received easily and securely from one bank account to another. All NEFT settlements are handled in batch-wise format. In this, money is sent on an individual basis to all NEFT-enabled banks across India through this system. Before initiating any NEFT transfer, it is very important to have IFSC code of the bank along with other details like bank account number, bank branch, name of the account holder. The system of this fund transfer is operated by RBI. Which started from the year 2005. NEFT provides this facility to the customers of the bank in India so that the customer of the bank can easily transfer his capital to any other NEFT enabled bank account. It is also very safe. Fund transfer through NEFT system is not on real time basis but on 1st, 3rd and 5th Saturday of NEFT week (batch) with 23 settlement in half hourly batches from 8:00 AM to 7:30 PM During the transfer of funds is decided. , Also there is no settlement on second and fourth Saturdays, Sundays or even public holidays of the month. The facility of NEFT is mainly done in two modes, one is offline mode which is done at the branches of banks and the other is online mode which is available to the customers through online banking and is done in batches. Since transactions can be made easily through online banking, NEFT is viewed as a time-saving and easy process, which makes it a popular alternative to RTGS and IMPS. Where your money sent in RTGS and IMPS gets deposited in the front bank account immediately. Whereas in NEFT your money is received by the bank in the time-table prescribed by the bank. Step By Step NEFT Transfer Process Here I will provide you guys information about two different processes of NEFT. #1 Online Process…
