NEFT is one of the most preferred modes of fund transfer from one bank account to another. This is because of the multiple benefits that it offers. The National Electronic Funds Transfer System allows its users to transfer funds online, from the comfort of their homes, along with the security promise of the Reserve Bank of India.
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This blog will further clarify how you can transfer money through NEFT.
How to Transfer Money through NEFT?
The below steps explain how you can transfer money through NEFT-
Step 1: Log in to your internet banking account.
Step 2: Find and click on the ‘Fund transfer’ option on the main page.
Step 3: Select ‘NEFT’ from the drop-down menu.
Step 4: If the beneficiary is not added already, click on ‘Add beneficiary’.
Step 5: Enter the beneficiary’s details like name, account number, IFSC code, etc.
Step 6: Click on ‘Confirm’ or ‘Add’.
Step 7: Verify your action by entering the OTP sent to your registered mobile number.
Step 8: Wait for around 24 hours for the beneficiary to be added.
Step 9: Once the beneficiary is added, choose their details from your list.
Step 10: Enter the amount to be transferred and confirm the transaction.
Step 11: Click on ‘Confirm’ and the money will be transferred from your account.
Note: The exact steps may vary slightly depending on your bank’s internet banking portal or mobile app. For specific instructions, it’s best to refer to your bank’s guidelines or reach out to their customer support.
Why Transfer Money Through NEFT?
The following reasons explain why you use NEFT as a mode of funds transfer-
- NEFT provides a simple way to transfer money from your bank account to any other bank account in India.
- Most banks in India offer NEFT services, so you can easily use it no matter which bank you have an account with.
- You can transfer any amount of money through NEFT, whether it’s a small or large sum.
- NEFT transactions are processed through secure systems, ensuring the safety of your funds during the transfer.
- NEFT transactions are usually free or have very low charges, making it a cost-effective way to transfer money.
- NEFT transactions are processed in batches throughout the day, so your money reaches the recipient’s account on time.
- NEFT can be used for one-time transfers as well as regular payments, giving you flexibility in managing your finances.
- You can initiate NEFT transfers through mobile banking apps or internet banking portals
Also Read: How to Check NEFT Transaction Status With Reference Number?
Conditions Applicable on NEFT Transactions
To transfer money through NEFT, the sender must meet certain requirements. Firstly, the sender’s bank must be a part of the NEFT network. Secondly, the sender must have an active internet banking status. Additionally, the sender should have access to the receiver’s bank account details, contact information, and the IFSC code to complete the NEFT transaction.
When Can You Transfer Money Through NEFT?
NEFT service is now available 24/7, meaning you can transfer money at any time, every day of the year. The transactions are processed in batches every 30 minutes throughout the day.
For example, if you initiate a transaction at 11:02 am, it will likely be processed by 11:30 am. This change allows for faster and more convenient money transfers through NEFT.
Is there Any Transaction Limit to Transfer Money Through NEFT?
The best thing about NEFT transactions is that there is no minimum or maximum limit to transfer money through NEFT. An individual can transfer as low as Re. 1 through NEFT. There is also no cap on the maximum amount that can be transferred through this mode of funds transfer.
Note: It is important to note that while RBI may not have any limitations on NEFT amount transfers, specific banks may have imposed certain restrictions.
