NEFT Online Payment Methods:How Much Do You Know About NEFT?

NEFT Is Widely Used To Transfer Money Through Online.

National Electronic Funds Transfer is nation-wide payment system facilitating to funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any person having an account with the other bank branch within the country participating within the Scheme.

How To Do NEFT?

1. Internet Banking
2. Mobile Banking
3. Wallets
4. Money Transfer Applications ( Bank App, Paytm, Phone Pay etc)

What is IFSC code?

• IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the online money transfer system.
• It’s a 11-digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero).
• IFSC is used to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.

What are the advantages?

• Availability on all days of the year.
• Real-time funds transfer to the beneficiary account and settlement in a secure manner.
• Whole India coverage through large network of branches of all types of banks.
• Positive confirmation as UTR number to the remitter by SMS / e-mail on credit to beneficiary account.
• No levy of charges by RBI from banks.
• Nil charges to savings bank account customers for online transactions.
• It is used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc.
• Available for single-way funds transfers from India to Nepal.

National Electronic Funds Transfer

Read Also: What is RTGS?