NEFT Stands for National Electronic Fund Transfer System that is a primary method of fund transfer used by many. NEFT is a very useful payment transfer system that enables the account holder to transfer funds both online as well as offline. NEFT is regulated by the Reserve Bank of India which is a centralized banking authority that controls all the banks by providing the Guidelines and regulations for banking operation throughout the country. In this article, we will discuss How NEFT works, NEFT Timings and how to transfer fund online as well as offline.
How to Transfer Funds using NEFT?
Transferring processing is controlled by the Central Clearing House of the Reserve Bank of India which acts as a middle man in transferring the funds for the sender account to the receiver account. Transferring funds using the NEFT method is very easy and can be done both online as well as offline-
Online NEFT Transfer
For online fund transfer you need to follow these steps-
Open the mobile or Net Banking portal to access your account
Login to the portal using the ID and Password
Now navigate to the Add Beneficiary tab
Fill the details like bank Account Number, IFSC Code, name etc.
Click on the Add Beneficiary button
Now navigate to the fund transfer tab followed by clicking on the button
Select the beneficiary form the list and enter the amount and remarks (if any)
Now click on the transfer fund option
Your NEFT Transaction is in process and may take 30 min-2 hours
Offline NEFT Transfer
For Offline Fund transfer you need to visit the bank branch and fill the NEFT Form with the account details. The filled form is required to submit along with the money mentioned in the form.
NEFT Timings
NEFT Batches timings consist of 23 batches between 8 AM to 7 PM every day except Sunday, 2nd / 4th Saturday of the month and bank holidays. Some banks have custom timings for the transaction and is mentioned in the official website of the banks.
Source- Bank IFSC Code