National Electronic Fund Transfer (NEFT) is a practice followed to transfer money from one bank account to the other online. Until now, This used to be a bit time-consuming process.
To enhance the customer experience, Reserve Bank of India (RBI) decided to speed-up the process. In NEFT, Money gets transferred in batches (12 Settlements between 8 AM to 7 PM on Weekdays & 6 Settlements between 8 AM to 1 PM on Saturdays). From now onwards, As many as 11 Additional Settlements would be introduced at 8:30 AM so that the total number goes up to 23 on Weekdays. This move would certainly speeden up the entire process.
Though RBI declared that there is no cap on the amount that can be transferred online, Banks have set a limit for their own convenience. SBI limited NEFT transfer limit to Rs 10 lakh.
How NEFT works?
i) Obtain Net Banking Login ID and Password if your bank branch is NEFT-enabled.
ii) Customer should also register his/mobile with that particular bank.
iii) After Login, Add the details of the Beneficiary (Account Number &11-Digit IFSC Code).
iv) Money can be transferred using the one-time password customer receives on his mobile phone.
v) Waiting time for carrying out the first transaction to a newly-added account varies from bank to bank. In case of ICICI, Customer can transfer funds half-an-hour after adding the details. For SBI, You need to wait for four hours to transfer funds to a newly added account.
To enhance the customer experience, Reserve Bank of India (RBI) decided to speed-up the process. In NEFT, Money gets transferred in batches (12 Settlements between 8 AM to 7 PM on Weekdays & 6 Settlements between 8 AM to 1 PM on Saturdays). From now onwards, As many as 11 Additional Settlements would be introduced at 8:30 AM so that the total number goes up to 23 on Weekdays. This move would certainly speeden up the entire process.
Though RBI declared that there is no cap on the amount that can be transferred online, Banks have set a limit for their own convenience. SBI limited NEFT transfer limit to Rs 10 lakh.
How NEFT works?
i) Obtain Net Banking Login ID and Password if your bank branch is NEFT-enabled.
ii) Customer should also register his/mobile with that particular bank.
iii) After Login, Add the details of the Beneficiary (Account Number &11-Digit IFSC Code).
iv) Money can be transferred using the one-time password customer receives on his mobile phone.
v) Waiting time for carrying out the first transaction to a newly-added account varies from bank to bank. In case of ICICI, Customer can transfer funds half-an-hour after adding the details. For SBI, You need to wait for four hours to transfer funds to a newly added account.