What is NEFT? National Electronics Fund Transfer Charges, Timings, Procedure

The full form of NEFT is National Electronic Funds Transfer. The NEFT service is launched on November 2005 by the Reserve Bank of India (RBI). Through this bank holders can transfer the funds through online mode between banks throughout India. Today, NEFT has become the one of the demanding methods of transferring funds. Today we will discuss the NEFT in detail, we have provided the Charges, Timings, Procedure and other important information on this page. Let’s discuss them.

NEFT- Benefits

  • National Electronic Funds Transfer (NEFT) is the secure platform 
  • It is the easy and fastest way of transferring the funds.
  • Time saving process, person can transfer the fund anytime anywhere.
  • No need of physical documents like cheque or demand draft one can check all the transaction digitally.
  • Quick and easy funds transfer online. Anyone can do NEFT within few minutes with less or nil formality. 
  • You will get the receipt on your mail only.
  • Hand to hand transactions provide assurance to both sender and reciever.

NEFT Timings

NEFT services is now available 24×7 stated by all banks from December 16. Now customer can transfer the funds 365 days through NEFT. The government have given the suggestion to make the service available 24*7 from December 2019. 

Limit For NEFT Transactions

There is no minimum limit to perform the transaction, person can transfer Rs. 1 also. There is no maximum limit too. But person can only transfer Rs.50,000 per transaction.

NEFT Transfer Charges 

There are no charges for the Inward transactions whereas person have to pay the charges for the Outward transactions. Here is the list of the charges.

Transaction AmountNEFT Charges
Amounts up to Rs 10,000Rs 2.50 + Applicable GST
Amounts above Rs 10,000 and up to Rs 1 lakhRs 5 + Applicable GST
Amounts above Rs 1 lakh and up to Rs 2 lakhRs 15 + Applicable GST
Amounts above Rs 2 lakh and up to Rs 5 lakhRs 25 + Applicable GST
Amounts above Rs 5 lakh and up to Rs 10 lakhRs 25 + Applicable GST

Process To Transfer Money through NEFT

  • First of all, you have to login to your net banking account with your login account 
  • After successful login you have to select the ‘Fund Transfer’ option.
  • Now you have to choose the beneficiary from the list if you want to add new beneficiary then you have to press the ‘Add Beneficiary’ button.
  • Thereafter enter the bank details of the beneficiary that is account number, name, IFSC, bank branch, and type of account.
  • Recheck the details.
  • Select the account from which you transfer the account. 
  • Now from the next step you have to enter the appropriate amount you want to transfer. 
  • At last, hit on the submit button and your transaction ahs been completed.