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What is NEFT and how to send money?
Many of you may have used NEFT earlier to send money, but do you have the correct information about what is NEFT? Because bank rules are changing day by day, it is very important to have updated information in all these subjects.
Ever since online banking or internet banking has come, since then people have gone to the banks in a way, they now do all their work sitting at home.
This does not waste much of their time and they also work easily.
There are mainly 3 ways of transferring online funds which are NEFT, RTGS, or IMPS. Of these, today we will give detailed information about NEFT.
If we talk about NEFT, then it is a medium of online money transfer through which we can easily send or receive online money from one account to another.
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So today I thought, I should tell you what is NEFT? how does NEFT work? and what benefits do we have from NEFT?
You will get complete information about what is NEFT? Then without delay let’s start and know about NEFT.
What is the full form of NEFT || NEFT full form
National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money from one bank to another. It was introduced by the Reserve Bank of India, which started in 2005.
It is an electronic fund transfer system, based on Deferred Net Settlement (DNS), which deals with transactions in batches.
Step To Transfer Fund Through NEFT
I will provide you information about two different procedures of NEFT.
Online Procedure for NEFT:
To transfer money online, follow the steps given below:
Step 1: First login to your Internet banking account, if you have Internet banking ac. If not, then you can register through your bank’s website.
Step 2: After that, you will have to add the beneficiary according to the payee, here the beneficiary means that to whom you want to transfer money, and to do this you will also have to fill in some details of Beneficiary ‘Add New Payee‘ section. In which, are:
- Account Number
- IFSC Code
- Account Type
Step 3: Once the payee is added, then you have to choose NEFT according to the fund transfer mode.
Step 4: Now you have to select an account where you have to transfer funds, here you have to select payee, after that enter amount, transfer as much as you want, and then add comments (optional).
Step 5: Then click on submit.
Offline Procedure for NEFT:
Step 1: Go to the bank first.
Step 2: Fill the NEFT / RTGS form there, then fill the following details in that form about your beneficiary:
- Account Number
- Bank Name
- IFSC Code
- Account Type
Step 3: After that submit your filled form, which they can further verify to transfer the money.
NEFT Transfer’s Fees and Charges
The thing to note here is that the recipient bank does not charge you any fees for the NEFT transaction, but for a sender, the sending bank charges them for the NEFT transaction.
You will get the following information about how much you charge.
|Transaction Amount||NEFT Charges|
|Amounts Rs 10000 तक||₹ 2.50 + Applicable GST|
|Amounts Rs 10000 से ऊपर और up to Rs 1 lakh तक||₹ 5 + Applicable GST|
|Amounts Rs 1 lakh से ऊपर और up to Rs 2 lakh तक||₹ 15 + Applicable GST|
|Amounts Rs 2 lakh से ऊपर और up to Rs 5 lakh तक||₹ 25 + Applicable GST|
|Amounts Rs 5 lakh से ऊपर और up to Rs 10 lakh तक||₹ 25 + Applicable GST|
Note:- These charges change from time to time, so before sending NEFT, take information from your bank.
Who can transfer funds through NEFT?
Any Firm, Individual, Corporation can use NEFT to transfer funds from one Bank Account to another Bank Account, but the thing to be noted is that they should have a Bank Account in that Bank’s Branch and that Bank NEFT facility should also be available.
Apart from this, also know that you do not have a compulsory to have a bank account if someone does not have a bank account in the bank branch and even then if he wants to transfer funds through NEFT, then fill the fund transfer by filling the NEFT Instruction Slip. can be done.
But to transfer funds in this manner through NEFT, only Amount up to Rs 50,0000 can be transferred in a Transaction.
Who can receive funds through NEFT?
These individuals, firms, corporations who have a Bank Account in the Bank Branch, then they can all receive the funds sent by NEFT.
But for this, it is mandatory for the Beneficiary Customer to have a Bank Account in the Bank Branch where NEFT Facility is enabled / available.
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Benefits of NEFT
• Through NEFT, any Firm, Individual, Corporation etc. can easily send money from one account to another.
• Here Beneficiary customer (to whom money is sent) does not need to go to the Bank Branch to receive the funds nor do any paper formalities.
• Fees in NEFT are very low.
• Money transfer can be done from anywhere, and anytime using Internet Banking.
• They are very safe and secure, and if for some reason your Transaction is not complete, then you do not need to panic, because in such a situation your money is not lost anywhere, but also on the account sent. Returns come.
• It is more useful for low-value transactions.
• Receiver does not have to pay any extra cost here.
• Each Batch is of 1 hour here.
I hope that I have given you complete information about what is NEFT and I hope that you all have understood about NEFT, I request all of you readers that you guys Also, share this information in your neighborhood, relatives, your friends, so that there will be awareness among us and it will be very beneficial for everyone. I need the support of you guys so that I can reach more new information to you.
It has always been my endeavor that I always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me freely. I will definitely try to solve those Doubts.
What does this article NEFT give you? And how does it work? Tell us how you felt by writing a comment so that we too have a chance to learn from your ideas and improve something.