National Electronic Funds Transfer (NEFT)

1
National Electronic Funds Transfer (NEFT)

• Best Payment Solution for Online Payments India

2
What is NEFT?

• NEFT stands for National Electronic Funds
  Transfer, and it was launched in the year 2005.
  neft allows two parties to transfer funds easily,
  irrespective of the banks they hold accounts
  with, as long as both their accounts are NEFT
  enabled.

Individual parties, small and medium-sized
companies, and big corporates make use of NEFT
over and over because of the fact that its one
of the simplest ways money transfer can be
carried out. 
3
Who can avail NEFT system for a fund transfer?

• Any Individual, firm, or corporate maintaining
  accounts with any member bank, participating in
  the NEFT system, can electronically transfer
  funds to any individual, firm, or corporate
  having an account with any other bank in the
  country participating in the NEFT system.
• Furthermore, individuals who do not have a bank
  account can also make an NEFT transaction by
  visiting the bank branch and providing the
  required details.

4
Details Required for NEFT Fund Transfer

• The details that are needed for an NEFT fund
  transfer are
• The beneficiarys name
• The bank account branch
• The bank account name
• The bank account number
• The IFSC Code
• The amount to be remitted

5
How to transfer money using NEFT?

• Weve talked about the steps to transfer money
  using NEFT in a simple way earlier. Lets
  understand in detail, how NEFT transactions work.
• Add/select a beneficiary 
• Enter the amount
• Authenticate your transaction
• Weve talked about how you can make a transaction
  via NEFT in a much more detailed way.

6

• Thank you!