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National electronic fund transfer (NEFT) is regulated by the reserve Bank of india, NEFT is an electronic method of transferring money online .most Indian Bank provide the NEFT feature on internet bank and mobile bank . NEFT enables bank customer in India transfer fund between any two NEFT enable bank account on a one to one basis.It is done via electronic message.unlike rest time gross settlement fund transfer through the NEFT system do not accur on real time basis . There is no limit on minimum amount of NEFT.
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NEFT stands for National Electronic Funds Transfer. It is a payment system used in India that enables the transfer of funds between bank accounts electronically. NEFT operates on a deferred net settlement basis, which means that transactions are processed in batches at specific intervals throughout the day rather than in real time.
To make an NEFT payment, the sender must have the necessary funds available in their bank account and provide the recipient's bank account details, including the account number and the name of the bank and branch. The sender's bank then initiates the transaction, and the funds are credited to the recipient's account after the transaction is processed in the next available batch.
Also read - What is the RTGS Payment?
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NEFT stands for National Electronic Funds Transfer, which is a payment system that enables individuals, businesses, and organizations to transfer funds electronically from one bank account to another bank account in India.
NEFT transfers are processed in batches throughout the day, and the settlement of funds between banks takes place on a deferred net basis. This means that the transactions are settled in batches at specified times during the day, rather than in real-time.
NEFT transactions can be initiated through various channels such as internet banking, mobile banking, or by visiting a bank branch. The process of initiating an NEFT payment involves providing details such as the beneficiary's bank account number, name, and IFSC code, along with the amount to be transferred.
NEFT is a safe and convenient payment option that allows individuals and businesses to transfer funds quickly and securely between bank accounts across India.
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