- It is an efficient, secure, economical, reliable and expeditious system of funds transfer between Banks.
- There is no minimum or maximum limit for remittance through NEFT.
What is Indian Financial System Code (IFSC)?
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT 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 by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
Can the NEFT system be used for remitting funds even by those who do not have a bank account?
Yes, the person having no bank account can remit funds through NEFT to a beneficiary having a bank account, with another NEFT member bank. It can be done by depositing cash at any branch of the bank, by furnishing additional details such as complete address, telephone number, etc. Such cash remittances will, however, be restricted to a maximum of Rs. 50,000/- per transaction.
Can I send funds to my relative / friend residing abroad through NEFT system?
The outbound remittances through NEFT system are permitted only to Nepal under Indo-Nepal Remittance Scheme. Under this scheme, the remitter can transfer funds from any branch of the bank in India to Nepal, irrespective of whether the beneficiary in Nepal maintains an account with a bank branch in Nepal or not. The beneficiary would receive funds in Nepalese Rupees.
What are the operating hours of NEFT?
The NEFT system is available round the clock throughout the year on all days, i.e., on 24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the day.
Charges
| Payment System | Revised Charges | |
|---|---|---|
| NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT) | ||
| Inward Transactions | Free | |
| Outward Transactions | ||
| Transaction Value | From Branch | From IBS/ MBS |
| Up to Rs. 10,000/- | Rs. 2.25 + GST | Rs. 1.75 + GST |
| Above Rs. 10,000/- and up to Rs. 1 Lakh | Rs. 4.75 + GST | Rs. 4.25 + GST |
| Above Rs. 1 Lakh and up to Rs. 2 Lakh | Rs. 14.75 + GST | Rs. 14.25 + GST |
| Above Rs. 2 Lakh | Rs. 24.75 + GST | Rs. 24.25 + GST |