What is NEFT transfer
NEFT full form is (national electronic funds transfer). Now a day’s many people are using online payment methods for transferring funds. There are many app available for online payment like google pay, phone pay and many more. Now in this article we will provide information about what is NEFT transfer. Many people do not have any idea about what is NEFT transfer. NEFT means National Electronic Fund Transfer. NEFT is the nation-wide payment system which is to transfer funds from one bank account to another account. It is the best and convenient way for transferring funds. NEFT transfer is the best and safe for transferring large amount funds. In this article we will also provide information about what is NEFT process, how to transfer funds through NEFT and Benefit of using NEFT.
What is NEFT process
NEFT process means if a person want to transfer funds to his own account or the other persons account then he or she can easily do transaction from any location. There is no time limit you can do NEFT transfer 24 by 7 days and including holidays. Earlier there was time limit but now you can do NEFT transfer anytime. There is no need to withdraw money or fill the checkbook check. Here we are mentioning some point that you need to keep in mind when you do NEFT transfer.
• You can do NEFT transfer from one bank account to another bank account but both banks should have NEFT enabled.
• You can transfer funds from any location.
• There is one more important facility provided by NEFT that is NEFT system allow the one-way cross-border transfer of funds from India to Nepal under the Indo-Nepal Remittance Facility Scheme.
Some important points regarding NEFT transfer
Many people have listened about the what is NEFT transfer but many of them do not have any idea about how to transfer funds through what is NEFT transfer. Here we will also provide you the steps for how to transfer funds through NEFT.
Steps for how to transfer funds through NEFT
Step 1 – Open any web browser.
Step 2 – Do login to your online banking account. For login you need to fill your user is and password.
Step 3 – Now go to NEFT fund transfer section.
Step 4 – After this you need to add beneficiary by entering the name, bank account number, IFSC code and other details of the person to whom you want to transfer funds.
Step 5 – Now enter the amount and initiate an NEFT transfer.
If you follow the above mention steps correctly then you can successfully transfer the funds.
We are also providing some points that will tell about benefits of using NEFT.
Benefits of using NEFT
• As you can do it online there is no need to go to the bank.
• It require less time.
• It is very simple and convenient process.
• Sender as well as receiver can easily get notification of debited and credited through SMS.
• There is no need to be present at specific location for doing transaction.
• It secure and safe transaction process.
• It hardly requires 5 to 10 minutes for NEFT fund transferring process. This all are the benefits of using what is NEFT transfer.
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What is the NEFT limit per day
No Minimum, 25 Lakh per day per customer ID through online what is NEFT Transfer. If you are thing about the minimum and maximum limit for fund transfer then let me clear that there is no specific minimum and maximum limit. It completely depends on bank. However there are some banks like HDFC who have maximum limit up to Rs. 1 lakh for fund transfer.
For inward transaction there are no charges. Fund transfer charges are for remitter but in that charges GST is excluded. This charge depends on the amount that you transfer.
• If you transfer amount up to Rs. 10000 then you need to pay Rs. 2.50 as charges.
• If your transfer amount is in between Rs. 10000 to Rs. 1 lakh then you need to pay Rs. 5 as charges.
• If your transfer amount is in between Rs. 1 lakh to Rs. 2 lakh then you need to pay Rs. 15 as charges.
• And if your transfer amount is more than 2 lakh then you need to pay Rs. 25 as charges.
NEFT is most popular for fund transfer. As it does not require going to bank and it also provides you the legal record when you do transaction using NEFT. That means you transaction is safe and secured. And that legal record can be accessed at any time. And it is very easy process. Anyone can easily use it after knowing what is NEFT transfer.
In this article we have provided the information about
1. What is NEFT transfer
2. What is NEFT limit per day
3. How to transfer funds through NEFT
4. Benefits of using NEFT
5. NEFT charges