What is the full form of NEFT?
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What is the full form of NEFT?
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The full form of NEFT is National Electronic Funds Transfer.
NEFT is started by RBI November 2005, it is an electronic transfer system of funds from one bank to another bank. NEFT was established and maintained by the Institute for Development and Research in Banking Technology.
There is no limit for the transfer of funds by NEFT.
NEFT facility is available at 1,48,477 branches of 216 banks over the country.
No charges for NEFT Transaction.
Process of NEFT
Firstly your bank branch should be enabled NEFT services.
create a user name & password for net banking services, and complete the registration process of Net banking.
After that, you need to add beneficiary to whom you want to transfer the money, by using these details. beneficiary name, account number, IFSC code of bank branch.
Once the beneficiary added successfully, there might be some waiting time to transfer the money, every bank has different waiting time.
Logged in to net banking account, Select Transfer fund option, Select beneficiary name, add the amount you want to transfer, after that you will get OTP on your register mobile number, enter the OTP and fund will transfer to the beneficiary account.
