Reserve Bank of India has introduced a system called National Electronic Funds Transfer System (NEFT) through which fund transfer operation would take place among member Banks and financial institutions. Our bank is one of the participants in the above system.
The objectives of the NEFT System are
To establish an Electronic Funds Transfer System to facilitate an efficient, Secure, economical, reliable and expeditious system of funds transfer and Clearing in the banking sector throughout India, and To relieve the stress on the existing paper based funds transfer and clearing system.
1) Credit to Beneficiary’s Account on the same day/next day if remittance done late in the evening.
2) Safest and Secure Mode of Fund Transfer.
3) No charges for inward Remittance.
4) Money can be put to use by beneficiary on the same day or next day.
WORKING OF THE SCHEME
Collect NEFT slip from the Branch.
Mention beneficiary Bank and Branch name with IFSC code (Indian Financial System Code) and beneficiary’s Name, Account Type, Account Number and Amount to be remitted.
Message will be sent in electronic form in a highly secured manner through NEFT System to Beneficiary Bank’s Branch.