NEFT

NEFT is a widely used digital payment system that enables secure and convenient money transfers between bank accounts. It works on a batch-wise settlement system, where transactions are processed at regular intervals.

NEFT is regulated by the Reserve Bank of India and is available 24×7, including holidays.

Key Features of NEFT

• No minimum or maximum transfer limit (bank-dependent)
• Available 24×7
• Works on batch processing system
• Safe and reliable transactions

How NEFT Works

1. Enter beneficiary details (account number, IFSC)
2. Initiate transfer via bank app or branch
3. Transaction is processed in batches
4. Amount is credited to receiver’s account

Benefits of NEFT

• Convenient online transfer
• Low transaction cost
• Widely accepted across banks

NEFT vs RTGS vs IMPS

[Image comparing NEFT vs RTGS vs IMPS settlement time and limits]

• NEFT: Batch processing, slower than IMPS
• RTGS: Real-time, high-value transfers
• IMPS: Instant, 24×7 real-time transfers

"You transfer ₹10,000 from your bank account to a friend’s account using NEFT via mobile banking"