What is National Electronic Funds Transfer (NEFT) – Banking Finance

Q.1. What still NEFT?

Ans: National Electronic Funds Transfer (NEFT) currently a nation-wide accounting system facilitating one-to-one funds transfer. Under this Sche nyakumime ,|and|or is|or still individuals ,|and|or is|or is firms ,|and|or is|or is corporates knock electronically transfer funds from any bank branch to|to any individual ,|and|or is|or is firm or corporate having an account with|with any other bank branch in the|the|every fatherland participating out the|the|every Scheme.

Q.2. Are body bank clay drops out the|the|every Giang Son part of the|the|every NEFT funds transfer network?

Ans: For being part of the|the|every NEFT funds transfer network ,|and|or is|or is thi bank branch huh therefore NEFT- enabled. The list of bank-wise branches which is are participating out NEFT is provided in the|the|every website of Reserve Bank of India stay|stay at|at http://www.rbi.org.in/scripts/neft.aspx

Q.3. Who can transfer funds using NEFT?

Ans: Individuals ,|and|or is|or still firms planning corporates maintaining accounts with|with a bank main can transfer funds using NEFT. Even such individuals who do not a lot thi bank account (walk-in customers) stubborn also deposit cash stay|stay at|at the|the|every NEFT-enabled branches with|with instructions to|to transfer funds using NEFT. Still ,|and|or is|or is such cash remittances will be restricted to|to a maximum of Rs.50,000/- per transaction. Such pupils a lot to|to furnish abundant details including complete unit|place|address ,|and|or is|or currently tele Product|phone|smartphone number|sdt|hotline ,|and|or is|or is etc. NEFT ,|and|or is|or still thus ,|and|or is|or is facilitates originators rebuke remitters to|to initiate funds transfer transactions even with|with out having thi bank account.

Q.4. Who can receive funds through the|the|every NEFT system?

Ans: Individuals ,|and|or is|or currently firms rebuke corporates maintaining accounts with|with a bank branch can receive funds through the|the|every NEFT system. It currently ,|and|or is|or currently therefore ,|and|or is|or currently urgent for the|the|every beneficiary to|to rich an account with|with the|the|every NEFT enabled gang bank main out the|the|every country.

The NEFT system also facilitates one-way cross-border transfer of funds from India to|to Nepal. This still known as the|the|every Indo-Nepal Remittance Facility Scheme. A remitter knock transfer funds from any of the|the|every NEFT-enabled branches in to|to Nepal ,|and|or is|or is irrespective of uh the|the|every beneficiary out Nepal maintains an account with|with thi bank branch in Nepal planning not. The beneficiary would receive funds in Nepalese Rupees.

Q.5. Is that any stop on the|the|every amount that could be transferred using NEFT?

Ans: No. There currently no stop – either minimum police maximum – at the|the|every charge of funds that could be transferred using NEFT. Still ,|and|or is|or currently maximum amount per communication still limited to|to Rs.50,000/- for cash-based remittances with|with in India ,|and|or is|or is also for remittances to|to Nepal under the|the|every Indo-Nepal Remittance Facility Scheme.

Q.6. Whether the|the|every system is centre-specific planning still any geographical restriction?

Ans: No. There currently no restriction of centres police of any geographical area with|with out the|the|every country. The NEFT system takes advantage of the|the|every key banking system in banks. Accordingly ,|and|or is|or is the|the|every settlement of funds between originating ,|and|or is|or still receiving banks takes places centrally stay|stay at|at Mumbai ,|and|or is|or still whereas the|the|every clay drops participating in NEFT stubborn me located anywhere across the|the|every length ,|and|or is|or still breadth of the|the|every country.

Q.7. What are the|the|every operating hour minutes of NEFT?

Ans: Presently ,|and|or is|or still NEFT operates in hourly batches – that are twelve settlements from 3 ♂♀ am to|to 01 ✌ pm on week days (Monday pierce Friday) ,|and|or is|or currently six settlements from 9 ⌚ am to|to 01 ☎ pm at Saturdays.

Q.8. How does the|the|every NEFT system operate?

Step-1 : An individual / firm / corporate intending to|to originate transfer of funds pierce NEFT hah to|to fill an application form providing details of the|the|every beneficiary (like name of the|the|every beneficiary ,|and|or is|or is name of the|the|every bank branch turn the|the|every beneficiary hah an account ,|and|or is|or is IFSC of the|the|every beneficiary bank branch ,|and|or is|or still account type ,|and|or is|or still account number) ,|and|or is|or still the|the|every charge so remitted. The application form will be available stay|stay at|at the|the|every originating bank branch. The remitter authorizes his/her bank main to|to debit his account ,|and|or is|or still remit the|the|every specified charge to|to the|the|every beneficiary. Customers enjoying in full banking location offered by their bankers stubborn also initiate the|the|every funds transfer request online. Some banks offer the|the|every NEFT branch even through the|the|every ATMs. Walk-in small dong will ,|and|or is|or is how cowardly ,|and|or is|or is rich to|to give their contact details (complete unit|place|address ,|and|or is|or still tele Product|phone|smartphone number|sdt|hotline ,|and|or is|or still etc.) to|to the|the|every branch. This will help the|the|every branch to|to refund the|the|every money to|to the|the|every friends out case credit could not u afforded to|to the|the|every beneficiary’s bank account rebuke the|the|every communication currently rejected / returned for any reason.

Step-2 : The originating bank branch prepares a mess ,|and|or is|or is sends the|the|every mess to|to its pooling centre (also called by name the|the|every NEFT Service Centre).

Step-3 : The pooling centre forwards the|the|every message to|to the|the|every NEFT Clearing Centre (operated by National Clearing Cell ,|and|or is|or still Reserve Bank of India ,|and|or is|or is Mumbai) so included for the|the|every next available batch.

Step-4 : The Clearing Centre sorts the|the|every funds transfer transactions crossing bank-wise ,|and|or is|or currently prepares payment entries to|to receive funds from the|the|every originating banks (debit) ,|and|or is|or currently donate the|the|every funds to|to the|the|every destination banks(credit). Thereafter ,|and|or is|or currently bank-wise remittance messages are forwarded to|to the|the|every gang banks through their pooling centre (NEFT Service Centre).

Step-5 : The gang banks receive the|the|every inward remittance messages from the|the|every Clearing Centre ,|and|or is|or currently bear at the|the|every credit to|to the|the|every beneficiary customers’ accounts.

Q.9. What is IFSC?

Ans : IFSC disciplining Indian Financial System Code still an alpha-numeric code that uniquely identifies thi bank-branch participating in the|the|every NEFT system. This still an 11 digit signal with|with the|the|every first 03 ☎ alpha characters representing the|the|every bank ,|and|or is|or still and the|the|every last 6 characters representing the|the|every branch. The 5th attitude currently 0 (zero). IFSC currently used by the|the|every NEFT system to|to identify the|the|every originating / destination banks / branches ,|and|or is|or is also to|to route the|the|every messages appropriately to|to the|the|every preoccupied banks / branches.

Q.10. How stubborn the|the|every IFSC of a bank-branch bú found?

Ans: Bank-wise list of IFSCs still available with|with body the|the|every bank-branches participating out NEFT. List of bank-wise clay drops participating out NEFT ,|and|or is|or is their IFSCs is available on the|the|every website of Reserve Bank of India stay|stay at|at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009 . All the|the|every banks a lot also been advised to|to print the|the|every IFSC of the|the|every main at cheques issued to|to their customers.

Further ,|and|or is|or is banks a lot also been advised to|to ensure that their branch staff provide urgent assistance to|to pupils in filling in the|the|every required details ,|and|or is|or currently including IFSC details ,|and|or is|or is out the|the|every NEFT application form ,|and|or is|or still and also help in ensuring that that is ko mismatch between the|the|every IFSC code ,|and|or is|or is main details of beneficiary branch as provided butter the|the|every customer.

Q.11. What are the|the|every process|process ing disciplining service charges for NEFT transactions?

Ans: The leopard of charges that can mama levied at the|the|every customer for NEFT still given below:

a) Inward transactions stay|stay at|at band bank branches (for credit to|to beneficiary accounts)

– Free ,|and|or is|or still ko charges therefore levied at beneficiaries

b) Outward transactions stay|stay at|at originating bank clay drops – charges applicable for the|the|every remitter

– For transactions up to|to Rs 10,000 : not exceeding Rs 2.50 (+ Service Tax)

– For transactions above Rs 10,000 up to|to Rs 1 ϟ lakh: not at all exceeding Rs 3 ♈ (+ Service Tax)

– For transactions above Rs sk lakh ,|and|or is|or currently up to|to Rs 03 ☫ lakhs: not exceeding Rs 15 (+ Service Tax)

– For transactions above Rs 8 ✄ lakhs: not exceeding Rs 25 (+ Service Tax)

c) Charges applicable for transferring funds from India to|to Nepal using the|the|every NEFT system (under the|the|every Indo-Nepal Remittance Facility Scheme) currently available on the|the|every website of RBI stay|stay at|at http://rbi.org.in/scripts/FAQView.aspx?Id=67

With benefit from 1st July 2011 ,|and|or is|or still originating banks are required to|to pay a nominal amount of 25 paise every one per transaction to|to the|the|every clearing stonehouse as well as crossing bank as service charge. But yet ,|and|or is|or currently these charges cannot bending passed at to|to the|the|every small dong butter the|the|every banks.

Q.12. When stubborn the|the|every beneficiary hope to|to get the|the|every credit to|to his bank account?

Ans: The beneficiary knock hope to|to get credit for the|the|every NEFT transactions with|with out 2 marketing hours (currently NEFT marketing hour minutes is from soon sk ☠ AM to|to evening 2 ♭ PM at body week days ,|and|or is|or currently from soon mt ☂ AM to|to afternoon 02 ♂♀ PM on Saturdays) from the|the|every crack in this the|the|every communication was settled.

Q.13. Who must me contacted in businessism of non-credit or delay out credit to|to the|the|every beneficiary account?

Ans: In case of non-credit rebuke stagnation out credit to|to the|the|every beneficiary account ,|and|or is|or currently the|the|every NEFT Customer Facilitation Centre (CFC) of the|the|every respective bank horizontal mum contacted ( the|the|every remitter horizontal contact his bank’s CFC; the|the|every beneficiary may contact the|the|every CFC of his bank). Details of NEFT Customer Facilitation Centres of banks are available at the|the|every websites of the|the|every respective banks. The details are also available at the|the|every website of Reserve Bank of India stay|stay at|at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2070.

If the|the|every issue currently not resolved satisfactorily ,|and|or is|or currently the|the|every NEFT Help Desk (or Customer Facilitation Centre of Reserve Bank of India) stay|stay at|at National Clearing Cell ,|and|or is|or still Reserve Bank of India ,|and|or is|or currently Mumbai may mother contacted through e-mail planning by unit|place|address ing correspondence to|to the|the|every General Manager ,|and|or is|or is Reserve Bank of India ,|and|or is|or still National Clearing Centre ,|and|or is|or currently First Floor ,|and|or is|or is Mumbai Regional Office ,|and|or is|or still Fort Mumbai 400001

Q.14. What will happen assume credit still not afforded to|to the|the|every account of the|the|every beneficiary?

Ans: If rested still not possible to|to afford credit to|to the|the|every account of the|the|every beneficiary for whatever cause ,|and|or is|or currently band banks are required to|to return the|the|every communication ( to|to the|the|every originating branch) with|with in 2 hours of completion of the|the|every batch in this the|the|every transaction was process|process ed.

For example ,|and|or is|or currently if a customer submits a fund transfer request stay|stay at|at 12.05 p.m. to|to a NEFT-enabled branch ,|and|or is|or currently the|the|every main sequentially backwards the|the|every mess through its pooling centre to|to the|the|every NEFT Clearing Centre for process|process ing out the|the|every instantly available batch this (say) still the|the|every 1.00 pm batch. If the|the|every band bank is unable to|to afford the|the|every credit to|to the|the|every beneficiary for any cause ,|and|or is|or currently he huh to|to return the|the|every communication to|to the|the|every originating bank ,|and|or is|or still not at all later than in the|the|every 3.00 pm batch. On receiving such thi reignored communication ,|and|or is|or is the|the|every originating bank has to|to credit the|the|every amount back to|to account of the|the|every originating customer.

Q.15. Can NEFT ma used to|to transfer funds from / to|to NRE ,|and|or is|or currently NRO accounts?

Ans: Yes. NEFT stubborn mum used to|to transfer funds from police to|to NRE ,|and|or is|or still NRO accounts in the|the|every country. This ,|and|or is|or currently how cowardly ,|and|or is|or is evil subject to|to the|the|every adherence of the|the|every provisions of the|the|every Foreign Exchange Management Act ,|and|or is|or is 2000 (FEMA) ,|and|or is|or currently Wire Transfer Guidelines.

Q.16. Can remittances bending sent abroad using NEFT?

Ans: No. Still ,|and|or is|or still thi branch currently available to|to send outward remittances to|to Nepal under the|the|every Indo-Nepal Remittance Facility Scheme.

Q.17. What are the|the|every other transactions that how likely initiated using NEFT?

Ans: Besides personal funds transfer ,|and|or is|or still the|the|every NEFT system stubborn also bending used for thi variety of transaction including payment of credit card dues to|to the|the|every card issuing banks ,|and|or is|or is payment of loan EMI etc. It still necessary to|to invoke the|the|every IFSC of the|the|every beneficiary card issuing bank to|to take off the|the|every bill accounting transactions using NEFT.

Q.18. Can a communication u originated to|to draw (receive) funds from another account?

Ans: No. NEFT is a credit-push system i.e. ,|and|or is|or is transactions can bu originated butter the|the|every payer / remitter/send exclusive to|to pay/ transfer / remit funds to|to a beneficiary.

Q.19. Would the|the|every remitter receive an acknowledgement once the|the|every funds are transferred to|to the|the|every account of the|the|every beneficiary?

Ans: Yes. In case of successful credit to|to the|the|every beneficiary’s account ,|and|or is|or still the|the|every bank which is had originated the|the|every transaction currently expected to|to send thi confirmation to|to the|the|every originating buyer (through SMS planning e-mail) advising of the|the|every credit as also mentioning the|the|every month day ,|and|or is|or is time of credit. For the|the|every purpose ,|and|or is|or is remitters must to|to provide their mobile destiny / e-mail-id to|to the|the|every main stay|stay at|at the|the|every time of originating the|the|every transaction.

Q.20. Is there thi way for the|the|every remitter to|to track a communication out NEFT?

Ans: Yes ,|and|or is|or currently the|the|every remitter can track the|the|every NEFT communication through the|the|every originating bank main planning its CFC using the|the|every unique communication read fate provided stay|stay at|at the|the|every time of opening the|the|every funds transfer. It still possible for the|the|every originating bank main to|to keep track ,|and|or is|or still bending aware of the|the|every phenomenon of the|the|every NEFT communication stay|stay at|at all time|times .

Q.21. What are the|the|every pre-requisites for originating thi NEFT transaction?

Ans: Following are the|the|every pre-requisites for putting through thi funds transfer transaction using NEFT–

Originating ,|and|or is|or still gang bank branches must bú part of the|the|every NEFT networkBeneficiary details for example beneficiary name ,|and|or is|or is account destiny ,|and|or is|or is account form ,|and|or is|or still reputation ,|and|or is|or still IFSC of the|the|every beneficiary bank main should mask available with|with the|the|every remitter

Customers must exercise due care out providing the|the|every account destiny of the|the|every beneficiary ,|and|or is|or currently as ,|and|or is|or is out the|the|every procedure of process|process ing NEFT transactions ,|and|or is|or currently the|the|every credit will bu given to|to the|the|every customer’s account solely based on account number provided out the|the|every NEFT remittance instruction / message.

Q.22. What are the|the|every benefits of using NEFT?

Ans: NEFT promotion|offers many pluses over the|the|every other modes of funds transfer:

The remitter must not send the|the|every physical cheque or Demand Draft to|to the|the|every beneficiary.The beneficiary must not on all ke his / her bank for depositing the|the|every paper instruments.The beneficiary must not on all mother apprehensive of loss / pickpocket of physical instruments planning the|the|every likelihood of fraudulent encashment thereof.Cost effective.Credit confirmation of the|the|every remittances sent butter SMS rebuke email.Remitter horizontal take off the|the|every remittances from his home / unit|place|address of work using the|the|every internet banking also.Near true time transfer of the|the|every funds to|to the|the|every beneficiary account out thi secure manner.

Q.23. Is there any compensation for the|the|every customers ,|and|or is|or is assume the|the|every credit currently delayed to|to beneficiary account or if that currently any stagnation is mourning the|the|every communication to|to the|the|every originator / sender / remitter?

Ans: Yes. If the|the|every NEFT communication still not at all credited police returned with|with in the|the|every stipulated date time time the|the|every banks are liable to|to pay penal enjoy to|to the|the|every affected customers. Banks are recommended to|to pay penal like stay|stay at|at the|the|every current RBI LAF Repo Rate same 2 percent for the|the|every period of stagnation / till the|the|every month day of refund as the|the|every case may bu to|to the|the|every affected customers’ account with|with in waiting for a specific claim so lodged by the|the|every customer out which is regard.

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