NEFT Full Form- National Electronic Funds Transfer

NEFT stands for National Electronic Funds Transfer System,  which the Reserve Bank of India maintains. It began in November 2005. Institute for Development and Research in Banking Technology established and continues to operate the framework.

More About NEFT

• NEFT provides round-the-clock access throughout the year.
• There is no transaction limit. However, each transaction is limited to Rs.50,000.
• It allows for safe, near-real-time financial transfers to beneficiary accounts.
• It helps to provide pan-India access through a wide network of financial institutions of various sorts.
• NEFT provides satisfactory proof to the remitter via SMS/e-mail upon credit to the intended recipient's account.
• It includes a provision for penal interest if transactions are delayed in crediting or returning.
• The RBI does not assess the costs of banks for utilizing NEFT.
• Savings bank account holders are not charged for online NEFT transfers.
• The RBI has set a ceiling on transaction costs.
• Aside from cash transfers, the NEFT system may be utilized for various other operations, such as credit card payments to issuing banks, loan EMI payments, etc.
• The NEFT system is available around the clock every day of the year.
• If NEFT is unavailable for whatever reason, the RBI will broadcast a suitable notification to all system members.
• The NEFT procedure enables the one-sided cross-border flow of monies from India to Nepal through the Indo-Nepal Remittance Facility Program.