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Summary: The full form of NEFT is National Electronic Funds Transfer, a method of transferring money to another bank account, especially when dealing with a large amount. There are various modes to send funds, with NEFT being one of the most popular ones. Let’s understand more about NEFT transfer and how it functions.
The full form of NEFT is National Electronic Funds Transfer, is an electronic payment system developed by the Reserve Bank of India (RBI) to facilitate the transfer of funds between banks in India. It is a secure, economical, and efficient method for transferring money without visiting a bank branch. To use NEFT, log in to your online banking account, select the NEFT option, and enter the beneficiary’s name, account number, bank name, branch, and IFSC code. The transfer is processed in hourly batches and credited to the beneficiary's account.
When electronic transactions are concerned, NEFT has cemented its significance. Earlier, NEFT transfers were only possible during specific hours on working days. So, if a bank had ten customers executing NEFT transfers of varied amounts, all these transactions would culminate concurrently when the bank finally sent out the funds. While the sender's account would be debited immediately upon initiating an NEFT transfer, the receiver would only see the credit after a certain interval.
Thanks to relentless enhancements driven by the RBI, NEFT now operates with a swifter clearance cycle, settling payments every hour, and the service is available 24x7. With other immediate transfer modalities available, one might wonder about the relevance and prominence of NEFT. Let's delve deeper -
NEFT outshines many electronic transfer mediums in terms of cost. For businesses with high transactional volumes, NEFT proves economical. Fees as low as Rs.2.5 are levied for amounts up to Rs 10,000, and at the higher end, a maximum of Rs 25 is charged for transfers beyond Rs 2 lakhs. It's noteworthy that these fees are inclusive of GST.
For sizable transactions, especially those beyond Rs 2 lakh, the NEFT system is unparalleled. While many digital transaction methods cap the transfer amount, NEFT is devoid of such constraints, accommodating transfers without any upper ceiling. Simultaneously, its lack of a lower limit ensures its utility for all.
NEFT's evolution has reduced its clearing times from once daily to hourly. This acceleration ensures transactions are as expedient as other methods. Plus, the robust architecture of NEFT, anchored on the RBI's secure platform, acts as a formidable deterrent against potential fraud.
So, NEFT, or National Electronic Funds Transfer is a vital pillar of financial infrastructure, bridging banks and facilitating transactions for millions. When one initiates an NEFT transfer, they're leveraging a time-tested, RBI-approved system that ensures money moves safely and promptly between accounts. Amidst a financial ecosystem teeming with numerous transfer methods, NEFT distinguishes itself for its blend of reliability, affordability, and flexibility. As digital banking continues to progress, the pivotal role of systems like NEFT remains undiminished, representing a seamless fusion of traditional banking and modern digital convenience.
NEFT operations can be conducted both via online and traditional methods. Online NEFT transfers utilise internet and mobile banking channels. When utilising the IDFC FIRST Bank’s mobile app, users can pick the NEFT transfer option to move their money. IDFC FIRST Bank ensures that the NEFT transaction process is smooth, streamlining the fund movement effectively.
On the other hand, if one prefers tangible methods, one can opt for offline NEFT. This would entail a visit to the bank's physical branch to undergo the NEFT process. Additionally, some ATMs and financial kiosks extend support for NEFT-based operations.
While newer payment methods have come up in this digital age, enhancing transactional flexibility, NEFT stands its ground as the most trusted mode, especially for significant transactions surpassing Rs 2 lakh.
NEFT transfer includes a nominal charge from the sender for transferring money. The beneficiary, on the other hand, doesn’t need to pay any fee. However, no fee is applicable on the fund transfer initiated via online banking or mobile banking. The sender needs to pay the following charges depending on the amount they transfer.
Amount being transferred |
Charges |
For transfer amounts of up to Rs 10,000 |
Rs 2.5 + GST |
For transfer amounts above Rs 10,000 to less than Rs 1 lakh |
Rs 5 + GST |
For transfer amounts above Rs 1 lakh to less than Rs 2 lakhs |
Rs 15 + GST |
For transfer amounts above Rs 2 lakhs |
Rs 25 + GST |
The charges may vary from bank to bank, and you must check your bank rates before proceeding. IDFC FIRST Bank offers Zero-Fee Banking* for your convenience and, you don’t need to pay fund transfer charges whatsoever. You can enjoy zero fees on 28 commonly used savings account services, including fund transfers, and save more on daily banking.
Since its inception, the NEFT fund transfer method has developed greatly and offers a secure way to transfer money online. It is a quick and reliable method for sending money from one bank account to another. Here are some benefits of sending money through NEFT.
National Electronic Fund Transfer is a convenient method to transfer money online. It is available for any individual holding a bank account. Whether it is corporate, small, and medium businesses, individuals, etc., anyone can use NEFT transfer mode to send and receive money online.
Through NEFT, funds can be transferred within the bank accounts of the same bank as well as accounts of different banks. However, the user must hold an active bank account to send or receive funds through NEFT. For sending money through online banking, you can log into your bank account, choose NEFT as your fund transfer mode, and enter the beneficiary’s account details and the amount to be transferred. NEFT is an efficient way of sending money to bank accounts, where you can omit lengthy transfer processes and paper checks at bank branches.
When transferring money through NEFT, the sender needs to enter a few details pertaining to the beneficiary’s bank account. Here are the details you need to fill out in an NEFT fund transfer online form.
Net banking and mobile apps offer the facility to add beneficiary details to a favourite list to help them with recurring payments. Adding beneficiaries to this list helps accountholders to avoid adding details every time they transfer money.
You can use NEFT to pay your credit card bills conveniently. To use this facility, you need to log into your online bank account, add your credit card as beneficiary, and proceed with payment as mentioned below.
1. Sign into your net banking using your username and password.
2. Choose the ‘add beneficiary details’ option. You will get a form to enter beneficiary details.
3. Enter your credit card details in the field provided. You must know the IFSC code of your credit card.
4. Enter the credit card number in the field provided for account number and other details as required.
5. After your credit card is registered as a payee, you can then choose NEFT fund transfer mode, choose the billing amount, and proceed with payment.
Once the payment is completed, you will receive an SMS and e-mail update for payment receipt.
Earlier, the NEFT fund transfer method was available during a specified duration on weekdays. The timings were –
Now, NEFT is available round-the-clock on weekdays as well as weekends. In December 2019, The Reserve Bank of India introduced the all-new NEFT fund transfer which remains active 24*7, 365 days, including bank and public holidays. This continuous accessibility greatly enhances the flexibility and usability of the NEFT system for the public.
By offering non-stop NEFT services, the RBI not only aligns with global banking practices but also ensures that individuals and businesses can manage their finances without time constraints. Whether it's a pressing financial obligation at an odd hour or a business transaction on a national holiday, the extended NEFT service caters to all such needs.
The RBI has not declared an upper limit on the amount you can transfer using NEFT. However, the upper limit can vary from bank to bank. You can send a minimum of Re 1 through NEFT. For cash transactions, the bank transfers a maximum of Rs. 50,000 per transaction.
If you wish for higher daily transactions, opt for an IDFC FIRST Bank account as it offers fund transfer limits starting from a minimum of Re. 1 to a maximum limit of Rs. 20 lakhs. Additionally, NEFT transfers are completely free of charge at the bank branch or through online banking, irrespective of the amount being transferred.
An NEFT fund transfer is available round the clock on all days including public and bank holidays. You can transfer funds anytime anywhere using the electronic fund transfer method. Prior to December 2019, NEFT was available only during weekdays from 8 AM to 7 PM (Monday to Friday) and 8 AM to 12 noon (Saturdays).
Yes, the sender needs to enter the bank account details of the beneficiary such as the account name, number, IFSC code, bank name and branch name. If you are sending money through NEFT transfer mode, you must enter the IFSC code of the beneficiary.
Before sending money, the bank verifies the account details to ensure it is correct. If the account number doesn’t coincide with the IFSC code and bank branch, the amount is not credited to the bank account. Any deducted amount from your bank account gets credited back to your bank account in case of wrong details.
Yes, you can use NEFT without a bank account, however, it is inconvenient as you need to visit the bank and the maximum account that you can send or receive is limited to Rs 50,000.
No, the NEFT fund transfer facility is only available within India, and you can transfer money to different bank accounts in Indian banks only.
NEFT is a fast and secure electronic money transfer method. It takes about 1 hour for the banks to process the transfer required through the NEFT facility.
In case of failed transactions, the money is sent back to the sender’s account with a receipt of a failed transaction.
You can reach out to your bank to get your query addressed. IDFC FIRST Bank offers a quick query resolution via its dedicated support team over chat, call, and video. You can reach out to the support team anywhere anytime to get your query addressed.
Furthermore, if the dispute persists or isn't addressed satisfactorily, you have the option to approach the Banking Ombudsman, a grievance resolution entity set up by the RBI, to mediate and resolve such disputes.
No, you cannot cancel an NEFT fund transfer once the payment is initiated. You receive the payment receipt at the end of the successful money transfer.
If you are using net banking or mobile banking, you use NEFT to send money on Sundays too. However, non-accountholders can only send money during the banking hours.
Yes, you can use NEFT fund transfers to pay credit card bills. Follow the below steps, to do so –
1. Sign into your net banking using your username and password.
2. Choose the add beneficiary details option. You will get a form to enter beneficiary details.
3. Enter your credit card details in the field provided. You must know the IFSC code of your credit card.
4. Enter the credit card number in the field provided for account number and other details as required.
5. After your credit card is registered as a payee, you can then choose NEFT fund transfer mode, choose the billing amount, and proceed with payment.
Using NEFT for credit card payments can provide an alternative to traditional payment methods, giving cardholders an additional layer of flexibility and convenience. Moreover, the integration of NEFT in credit card bill payments exemplifies the growing synergy between traditional banking systems and modern digital conveniences. By opting for NEFT, you're choosing a payment method that is both robust and in tune with today's fast-moving financial ecosystem.
*Disclaimer: The zero fee banking service is applicable on Rs 10,000 AMB Savings Accounts and higher account variants, subject to AMB maintenance. These services are being offered free in good faith. In case of abuse, the bank reserves the right to charge fees as per market norms.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.