There used to be a time when we used to have only a few select options to transfer money. But now there are many options available to transfer money in India. NEFT is also one of the most used options to transfer money these days.
Today we will tell you some important things about NEFT here, after which you will be clear whether NEFT is good for money transfer or not. NEFT i.e. National Electronic Fund Transfer is an electronic payment system, which provides the facility to transfer money from any bank account to any other bank account. Through NEFT payment system, you can transfer money by visiting the bank branch along with net banking and mobile banking.
NEFT facility is available 24x7x365 through net banking and mobile banking whereas through bank branch you can use NEFT as long as your bank branch remains open. If you transfer money from NEFT through net banking and mobile banking, then you do not have to pay any fees, whereas you may have to pay service charges for transferring money from NEFT by visiting a bank branch. An ordinary customer can transfer from a minimum of Re 1 to a maximum of Rs 10 lakh through NEFT.
Apart from this, the maximum amount can also go up according to different customer segments. However, the amount transferred through NEFT is not credited to another account in real time. Through this, it takes a maximum of half an hour to transfer money from one account to another. Actually, the NEFT system transfers money in every half hour slot. Suppose you have sent money through NEFT from a bank branch at 12.14 pm. In such a situation, all the NEFTs that have happened there from 12.00 to 12.30, they are simultaneously transferred to another account by 12.30.
