National Electronic Fund Transfer

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can

electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

NEFT

Benifits

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

What is the mandatory information required to make an NEFT payment?

For affecting an NEFT remittance the remitter has to furnish the following information:

1] Amount to be remitted.
2] Remitting customer’s account number which is to be debited.
3] Name of the beneficiary bank.
4] Name of the beneficiary.
5] Account number of the beneficiary.
6] Sender to receiver information.
7] IFSC code of the destination bank branch.