NEFT full form
NEFT full form- National Electronic Fund transfer.
What is NEFT?
NEFT is one method by which one can transfer fund to another party within the country.it was introduced by Reserve Bank of India. it is an electronic fund transfer system that based on a deferred net settlement that settles transactions in batches. a bank branch must be NEFT enabled to take part in NEFT fund transfer, it takes usually one day to transfer the fund from one account to the beneficiary account. settlement and clearance of the fund take place in batches according to the guidelines of the RBI.
you can transfer funds to anyone in any part of the country within a matter of few minutes. unlike some other forms of transfer where sending a larger sum of money make sense, you can use NEFT for transfer for the much smaller transaction.NEFT allows any individual, organization, companies as well as corporates to transfer money electronically to another party having a bank account in India. the reserve bank of India handles the NEFT payments getaway after initiating it in the year 2005.
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