NATIONAL ELECTRONIC FUND TRANSFER.
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI).
NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages.
● Prelims points :-
💡 Transfer amount – upto 10 lakhs.
💡 Target customers – Ordinary retail customers.
💡Settlement mechanism – Settles net amount between banks at interval of 30 minutes.
💡 Charges = Fee + GST.
💡 Only Banks can provide this facility as it requires IFSC branch code.
