NEFT

Digital advancement has made life simpler. Technology backed by high-speed internet has certainly been an enabler. There’s a paradigm shift in the way we transact today and transferring money isn’t complicated as it used to be.

With National Electronics Fund Transfer or NEFT transferring money is quick and easy. NEFT has paved the way for big fund transfers online. So, let’s know more about NEFT.

What is NEFT?
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, customers can transfer funds from their bank to any individual having an account with any other bank in the country participating in the Scheme. Your banks need to be a part of the NEFT funds transfer network and the system must be NEFT enabled for the designated bank branch. The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India. Please contact Axis Bank CFC on 022-71315766, Email ID - cfc@axisbank.com for queries related to NEFT and RTGS transactions.

NEFT is available 24x7x365 with effect from December 16, 2019 subject to below mentioned limits on transaction amount and timings. However, transactions initiated between 11:30 PM to 01:00 AM will be settled at 02:00 AM due to End of Day and Start of Day Process.

ChannelDayTimingsTransaction Limits
Corporate Internet Banking / Retail Internet banking/ Mobile Banking
On Working Day7AM to 7PMNo Limit on transaction amount and transaction gets processed in real time. Customer can initiate payments as per the amount limit set to the account.
On Working Day7PM to 7AM (Next Day)Up to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour)
On 2nd & 4th Saturdays, Sundays and Bank holidays – Entire dayRound the clockUp to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour)

The key features of NEFT and the process:

How to transfer money through NEFT?

To execute a NEFT transaction, the process followed is:

Benefits of NEFT:

It is for these reasons that NEFT is a popular medium to transfer funds today.

You can initiate a NEFT transaction using either of the following modes: