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National Electronic Fund Transfer(NEFT)
There’s a paradigm shift in the way we transact today and transferring money isn’t complicated as it used to be. Digital advancement has made life simpler. Technology backed by high-speed internet has certainly been an enabler.
With National Electronics Fund Transfer or NEFT transferring money is quick and easy. NEFT has paved the way for big fund transfers online.
Benefits of NEFT
No physical instruments
Eliminates the need to send physical cheque. or demand draft to the beneficiary
24x7 transfer available
Facility available 24x7 on Internet (Retail & Corporate) and Mobile Banking Channels w.e.f. 16th December 2019
No risk of loss/theft
No need to worry about loss/theft of physical instrument or likelihood of fraudulent encashment
Economical
Highly cost effective
Confirmation timelines
You get a confirmation of the remittance via SMS or email within two hours
Convenience
Comfort to transact from anywhere (provided you choose internet banking or mobile banking as the mode)
Funds transfer
Facilitates near-to real-time fund transfer securely
You can initiate a NEFT transaction using either of the following modes:
- Internet Banking (Corporate and Retail)
- Mobile Banking
- Visit the Axis Bank Branch
Key Features of NEFT
- Batch Processing Settlement
The settlement of fund transfer requests in the NEFT system is processed in batches on a half-hourly basis and not on a real-time basis like Real-Time Gross Settlement (RTGS).
NEFT is now available 24x7 with 48 half hourly batches. Bank will be processing all inwards transactions 24x7. - Settlements are cleared through a Central Clearing Centre
The settlement of funds between two bank accounts situated in any geographical area within the country takes places centrally at Mumbai through the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai). - No Transactional Limits and Nominal Fees Charged
Although there is no minimum or maximum limit on the amount of funds that could be transferred using NEFT, there is a limit of Rs 50,000/- per transaction for cash-based remittances within India and for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.
There are no charges for NEFT Transactions.
Availability
NEFT is available 24x7x365 with effect from December 16, 2019 subject to below mentioned limits on transaction amount and timings. However, transactions initiated between 11:30 PM to 01:00 AM will be settled at 02:00 AM due to End of Day and Start of Day Process.
| Channel | Day | Timings | Transaction Limits |
|---|---|---|---|
| Corporate Internet Banking / Retail Internet Banking/ Mobile Banking | Business days | 7AM to 7PM | No Limit on transaction amount and transaction gets processed in real time. Customer can initiate payments as per the amount limit set to the account. |
| Business days | 7PM to 7AM (Next Day) | Up to ₹1 crore per transaction (Funds above ₹1 crore will get processed on next banking day/hour) | |
| On 2nd & 4th Saturdays, Sundays and Bank holidays – Entire day | Round the clock | Up to ₹1 crore per transaction (Funds above ₹1 crore will get processed on next banking day/hour) |
How to transfer money through NEFT?
To execute a NEFT transaction, the process followed is:
- 01
If you are the remitter, you need to fill a NEFT application form providing the beneficiary details such as name, bank and branch name, Indian Financial System Code (an alphanumeric code used to identify a particular bank), account type, account number, and the amount to be remitted. By doing so, you, the remitter, authorise your bank branch to debit the account and transfer the amount to the beneficiary.
- 02
The originating bank branch prepares and sends a message to its pooling centre, also known as the NEFT Service Centre.
- 03
The pooling centre then forwards the message to the NEFT clearing centre to be included in the available batch.
- 04
The NEFT clearing centre sorts fund transfer destination-wise and prepare to account entries to receive funds from the originating banks (debit) and give (credit) the funds to the designated bank. And after that, bank-wise remittance messages are forwarded to the destination bank through their pooling centre (NEFT Service Centre).
- 05
The destination banks receive the inward remittances messages from the Clearing Centre and pass on the credit intimation to the beneficiary customers’ accounts. The beneficiary is intimated about the credited amount to his account within two business hours from the batch in which the transaction was settled. However, for whatever reason, if the transaction wasn’t credited into the beneficiary’s account, the destination bank will return the transaction (to the origination bank branch) within two hours of completion of the batch in which the transaction was processed.
Frequently Asked Questions
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, customers can transfer funds from their bank to any individual having an account with any other bank in the country participating in the Scheme. Your banks need to be a part of the NEFT funds transfer network and the system must be NEFT enabled for the designated bank branch. The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India. Please contact Axis Bank CFC on 022-71315766, Email ID - cfc@axisbank.com for queries related to NEFT and RTGS transactions.
National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). The set of procedures to be followed by various stakeholders participating in the system is available on the RBI website under the following link: https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2346
No, there is no limit imposed by the RBI for funds transfer through NEFT system. However, a member bank may place amount limits based on its own risk perception with the approval of its Board.
Considering that the funds settlement takes place in the books of the Reserve Bank of India (RBI), the payments are final and irrevocable.
The following should be ensured while putting through a funds transfer transaction using NEFT –
- Originating and destination bank branches are part of the NEFT network.
- Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter.
- Extreme care should be exercised in providing the account number of the beneficiary, as, during processing NEFT transactions, the credit will be given to the customer’s account solely based on the account number provided in the NEFT remittance instruction / message.
- Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter / originator.
The credit is given to the account number written / given by remitter in his / her application / instruction. Credit to beneficiary account is released solely based on account number. It is the responsibility of remitting customer to write correct account number. The originator / sender should exercise due care in providing the correct account number of the beneficiary, in the NEFT remittance instruction / application.
Transactions in NEFT happen in near real time and it is not possible to match name and account number before affording credit to the beneficiary. Since name in the Indian context is spelt differently and would not really match with that available with the beneficiary bank, the process of affording credit solely based on the account number of the beneficiary has been enabled.
The FAQs on “Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems” on the RBI website at https://www.rbi.org.in/Scripts/FAQView.aspx?Id=140 can be referred to.
All single payment transactions of ₹50 crore and above undertaken by entities (non-individuals) should include remitter and beneficiary LEI information. Governments or their departments / ministries and individual accounts are exempted from this requirement.
NEFT is available 24x7x365 with effect from December 16, 2019 subject to below mentioned limits on transaction amount and timings. However, transactions initiated between 11:30 PM to 01:00 AM will be settled at 02:00 AM due to End of Day and Start of Day Process.
| Channel | Day | Timings | Transaction Limits |
|---|---|---|---|
| Corporate Internet Banking / Retail Internet banking/ Mobile Banking | Business days | 7AM to 7PM | No Limit on transaction amount and transaction gets processed in real time. Customer can initiate payments as per the amount limit set to the account. |
| Business days | 7PM to 7AM (Next Day) | Up to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour) | |
| On 2nd & 4th Saturdays, Sundays and Bank holidays – Entire day | Round the clock | Up to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour) |
The customer can contact his / her branch if there is an issue of delay / non-credit to the beneficiary account.
The details of Customer Facilitation Centre of member banks are also available on the website of RBI at https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2070. Axis Bank CFC contact number. 022-71315766, Email ID: cfc@axisbank.com.
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