NEFT (National Electronic Funds Transfer)
Definition
An RBI electronic transfer system that settles transactions and now operates 24x7.NEFT is a nationwide electronic funds-transfer system operated by the RBI. It processes transfers and, since December 2019, operates round the clock, every day. It has no RBI-mandated minimum or maximum amount, which makes it suitable for everyday transfers of any size.
Related guides
Related terms
- RTGS (Real Time Gross Settlement) — An RBI system for high-value transfers settled individually in real time; 24x7.
- IMPS (Immediate Payment Service) — An instant interbank transfer service available 24x7, run by NPCI.
- IFSC Code — An 11-character code identifying a specific bank branch in India's payment systems.
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