NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts
across the country. Customers may remit any amount using NEFT facility available at the branch. Customer intending to remit money through NEFT mode has to furnish the following details:
The National Electronic Funds Transfer System (NEFT) is a system which provide facility to transfer funds electronically from your account with us to another account in other Banks anywhere in India
There is no limit. Any amount can be transferred.
Unique Transaction Reference (UTR) number is a 22 character code used to uniquely identify a transaction in RTGS system
No. Money can be transferred to only those Branches of Banks where this NEFT facility is enabled. You need to check with Beneficiary whether their Bank is having NEFT facility before initiating remittance from our Bank.
You can either get the information from website https://www.rbi.org.in/scripts/neft.aspx or you may get the information from the Bank where you are operating the account.
Yes. Subject to applicability of provisions of FEMA
Approach the nearest branch and fill up the application Form wherein you have to give the details of your account no, amount to be transferred, beneficiaries name, Bank and Branch and IFSC code of the beneficiary bank
Indian Financial System Code (IFSC) is a unique code of 11 digits of the NEFT enabled Branches. Normally, this code will be printed on the cheque books or it may be obtained from the nearest branch of our Bank.
Beneficiary would get the funds on the same day or the next day depending on the time of remittance.
No. It is applicable to within the country
Once the transaction is put through, you cannot stop the fund transfer. You have to approach Beneficiary Bank/Branch.
Yes. Tell your clients/vendor to transfer funds through NEFT. Give your Branch IFSC code and 20 -digit account number to your client/vendor.
Either you can get the confirmation from the beneficiary himself OR from your branch, from where the transaction is initiated.
You can contact the Branch itself from where you have requested for funds transfer.