Learn About Bank's Neft transfers. It's Timings & Transaction Limits

Internet banking - Where the world comes for financial transfers

Banking has become a huge factor and a basic necessity in terms of fund management a bank provides to its users today. It feels like a power that simplifies you!

After all, banking with technology-equipped together what we know today - online banking. And commonly referred to as internet banking or even mobile banking is a fresh approach to banking as to what we have seen in the past. This is opening a new window to your banking future that is within our hands.

In this blog, let us understand what is the NEFT service that helps transfer money via internet banking.

What is NEFT transfer?

The National Electronic Fund Transfer (NEFT) is a payment platform which is used nationwide by many banks. Completely regulated by the Reserve Bank of India (RBI) across various private and public banks. NEFT enables an individual/company to transfer amounts from one account to another in a different bank.

One must know what NEFT transfer is because all NEFT payments initiated by customers are processed and settled in half-hourly batches.

To perform an NEFT transaction, a user needs to add the recipient as a beneficiary by entering the IFSC code, name and email address. The IFSC is an 11-digit alphanumeric code allotted to each bank branch which is a part of the NEFT network.

NEFT – Transaction Timings

Earlier, any NEFT transaction would be processed only between 8:00 am and 6:30 pm between Monday to Friday, and 8:00 am to 12:00 pm on Saturdays. However, as acceptance becomes more, and usage becomes higher, banks and the governing bodies changed the rule of NEFT and from the year 2020 onwards, NEFT transactions can now be performed 24*7. Money can be transferred via NEFT on holidays and weekends as well. It must be noted that while the general NEFT cut-off time remains the same as per banking hours, all banks have different NEFT cut-off times in general for physical banking.

Do you know why this step was taken and initiated?

To promote more digital transactions and global integration of the financial markets. NEFT uses a very simple mechanism to perform the transfer of funds from one bank account to another.

Get to know the NEFT Transfer Charges and Fees for using this banking module

On receiving money, no charges are levied on the receiver. However, if you are sending money, the bank will levy a small charge depending on the bank, the charges that are levied vary.

The last agenda on this, is the question of the number - what is the transaction limit of an NEFT transaction?

There is no maximum amount assigned by the Reserve Bank of India (RBI) for NEFT transactions in general. However, a limit may be specified by the bank that you hold your account with and this again varies from bank to bank, so it is always advised to check these limits and keep it handy in case you wish to do a certain transaction even in the non-banking hours! 

Apart from NEFT, one can use IMPS or RTGS to transfer money from one account to another.

FINAL THOUGHTS BEFORE YOU LEAVE… 

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