How to Do NEFT?

To avail the NEFT service without any hassle, one needs to check whether their bank offers this facility or not. Further, the beneficiary needs to be added in the payees account, before the actual transfer of funds takes place.

Important details such as beneficiary account number, bank and branch name, IFSC Code and name as per bank records have to be maintained at the time of making the NEFT transaction request.

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• Log on to the bank’s official net banking website using user name and password
• Select ‘Add’ option and enter the beneficiary name, beneficiary account number, address and interbank transfer limit in the provided fields
• Later enter the IFSC code of the beneficiary bank branch by using the location option or using the drop-down menu provided
• Now click the ‘accept Terms of Service (Terms & Conditions)’ button followed by ‘confirm’
• Right after this, a security password will be sent to the mobile number offering an additional security measure. Use this password to validate the beneficiary.
• For remitting funds to the Inter-Bank Payee via NEFT select the ‘Inter-Bank Transfer’ link.
• Later select the transaction type, that is, NEFT. After this, select the beneficiaryfrom the list of beneficiary accounts
• Enter the amountto be transfered
• Click on ‘accept Terms of Service (Terms & Conditions)’ followed by‘confirm’

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NEFT fund transfer via online banking has acquired huge popularity in India. The availability of smart phones in today’s time has assisted in the active usage of online NEFT transfer. However, the availability of offline fund transfer through NEFT is easily provided by a number of banks across the nation.

For the offline NEFT process, the possession of an NEFT form from your bank branch is important. All the necessary details are filled in this form which is later handed over to the bank official.

The later procedure is similar to the NEFT online mode since the request is forwarded by the office through the internet.

Points to remember

• While aiming for a successful NEFT transaction, the remitter should maintain necessary information such as bank account number from which the fund has to be debited, beneficiary’s account number, IFSC code of the beneficiary’s bank and obviously the fund transfer amount.
• All of these details need to be filled in the offline NEFT form available at the bank branch.
• Always keep a check that the destination bank branch, as well as the remitting bank branch, is part of the NEFT network across India.
• For fund transfer amount over Rs. 2 lakh via offline route, the remitting customer needs to attach a cheque leaflet along with the filled NEFT form.

Settlements of fund transfer requests in the NEFT system is done on a half-hourly basis. There are twenty-three half-hourly settlement batches that run throughout the day for 24x7x365 basis.

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This online/offline banking scheme includes several benefits which are all focused at conserving ‘time’ for the customers. Further, the chances of cheating through cheque fraud are simply eliminated through the NEFT fund transfer system.

Moreover, with mobile banking, one can manage all the NEFT transactions with a single click anytime and anywhere.

The RBI being the chief governing body in India provides several crucial pointers that should be studied before availing NEFT, RTGS or IMPS services. This will ensure a smooth experience for you while trusting these modern fund transfer options.