Periyar Maniammai Institute of Science and

Technology

Name : CATHERINE ANUSHA L

Reg no. : 121011153519
Class : III B.COM ( General ) - “A”
Seminar Topic: NEFT
Course : Banking Insurance
Course code : XCG504A
 NEFT
NATIONAL ELECTRONIC FUND TRANSFER
• It is developed by RBI in November 2005. To facilitate transfer
of funds by customers from one bank to another bank.
• It is a nation wide payment system.
• Able to use for 24/7.
• Transaction time within 1-2 hours. Transfers take place in
batches that are scheduled every half hour.
• Maximum limit varu across bank. For example, In HDFC bank
₹ 50 Lakh is maximum.
 Beneficiary Info:
1. Name of the Beneficiary
2. Account Number
3. Account Type
4. Name of the Bank
5. Name of the Bank Branch
6. IFSC Code
At the time of processing NEFT transfer through offline mode the
remitter needs to mention his details along with the beneficiary’s
details at the time of filling the form.
Ø No charges levied on Receiver/Beneficiary account.
Ø As on 1st January 2020 , RBI advised not to levy any charges from
customer’s savings bank account as well as no charge on online NEFT
transaction.
Ø Charges are levied on other bank accounts like current account

» Upto ₹10,000 - ₹ 2.50

» 10,000 to 1 Lakh -₹5 § These charges varies
» 1 Lakh to 2 Lakh - ₹ 15 from bank to bank
» Above 2 Lakh - ₹ 25
• NEFT is an electronic payment system that uses a secure mode of
transferring funds from one bank branch to another bank branch.
• There is no minimum or maximum limit of amount of funds that
could be transferred using NEFT.
• The remitter can track the NEFT transaction through the originating
branch.
• NEFT offers round the clock availability on all days of the year.
• NEFT transactions are not real-time and may take a few days to
complete.
• NEFT transactions can only be processed between banks that offer
NEFT-enabled services.
• Cross-border Transfer: Through the Indo-Nepal Remittance Facility
Scheme, NEFT allows one-way cross-border fund transfers from
India to Nepal.
• Interbank Transfer: No matter which bank branch is involved,
interbank transfers make it simple to move money between any
two bank accounts.
• Paperless Transfer: NEFT does away with the requirement for
tangible items like checks to transfer money.
• No Physical Presence Required: To begin the transfer, neither of the
parties involved in the transaction must be physically present at the
bank.
• Convenience: NEFT is a quick and effective way to transfer money.
• Availability: Weekends and holidays are also acceptable days for NEFT
money transfers.
• Location-independent: For NEFT transactions, Internet banking can be
started from any location.
• Confirmation: Email and SMS alerts are used to notify users when a
transaction has been confirmed.
• Real-time Transactions: NEFT guarantees real-time transactions,
giving both parties to the transaction assurance.