The National Electronic Fund Transfer (NEFT) is an electronic means of fund remittance and has today become the most popular means to send and receive money. In fact, it has now significantly replaced the cheque system for payments.
While earlier it was restricted from Mondays to Saturdays, now fund transfer through the NEFT is made available all the days of the week, including bank holidays and Sundays. This method of fund transfer is also very reliable.
The 6 essential details required for remitting funds through NEFT ?
The following six things that are needed for fund transfer are:
1) Beneficiary's name
2) His or her Bank account branch
3) His or her Bank Account name
4) His or her bank account number
5) His or her bank IFSC Code
6) The amount to be remitted
The process for NEFT Transfer?
You can either visit the branch of your bank to send the money or you need to add the beneficiary details yourself for the purpose of transfer.
You need to begin the process by first logging into your net banking. After doing so, you can go the place where it shows "funds transfer". After clicking on the same, you can go to add beneficiary, following which you can add all the details including the name of the beneficiary, bank details and most importantly the IFSC Code. Make sure the details entered are all correct and cross check the same.
After you have entered the same, the bank will take as many as 30 minutes to add the beneficiary, after which you can begin sending the money. It's important to remember that banks may differ in the time taken to add the beneficiary. Some banks may take as much as 24-hours to add the beneficiary.
We wish emphasize that you need to check the account number, name and the IFSC Code correctly before remitting money. In case the details are incorrect the money would in any case be returned back. However, it is better to get things right in the first instance.