Wednesday, December 8, 2010

NEFT


National Electronic Funds Transfer (NEFT) is a nation-wide system to electronically transfer funds from any bank branch to any other account with any other bank branch in the country as per RBI 80,000 bank branches are currently part of this network

Office hours
NEFT operates in hourly batches - there are eleven settlements from 9 am to 7 pm on week days and five settlements from 9 am to 1 pm on Saturdays .

Transactions from 9 am to 5 pm and on Saturdays transactions from 9 am to 12 noon get credited on the same day. Transactions between 6 and 7 pm and on Saturdays transactions after 1 pm batch would get credited either on the same day or on the next working day

How does this work
All NEFT request which is presented to our respective banks are forwarded by the bank to National Clearing Cell of the RBI ,which is focal agency for forwarding this request to the bank at the receiving end of the request .

IFSC
Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is a 11 digit code with the first 4 alpha characters representing the bank, and the last 6 numeric characters representing the branch.
Find IFSC Code

Answer to all your NEFT questions
Image : FreeDigitalPhotos.net,Photographer: renjith krishnan

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