{"id":4534,"date":"2023-05-09T19:50:45","date_gmt":"2023-05-09T14:20:45","guid":{"rendered":"https:\/\/fatakpay.com\/blog\/?p=4534"},"modified":"2026-01-23T15:15:29","modified_gmt":"2026-01-23T09:45:29","slug":"what-is-neft","status":"publish","type":"post","link":"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-neft\/","title":{"rendered":"What is NEFT?"},"content":{"rendered":"\n<p>We can now complete the majority of our banking requirements from the comfort of our homes thanks to advancements in banking technology. With the development of technology, it is also crucial that you have a foundational understanding of internet banking. Therefore, we will talk about <strong>NEFT<\/strong> today, one of the most popular ways to transfer money in India.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-neft\/#What_is_NEFT\" >What is NEFT:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-neft\/#Transaction_timings\" >Transaction timings:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-neft\/#The_limit_on_fund_transfers\" >The limit on fund transfers:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-neft\/#Charges_for_NEFT_transactions\" >Charges for NEFT transactions:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-neft\/#How_NEFT_works\" >How NEFT works?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-neft\/#Advantages_of_NEFT\" >Advantages of NEFT:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_NEFT\"><\/span>What is NEFT:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>National Electronic Funds Transfer<\/strong> is known as NEFT. It&#8217;s a form of money transfer that makes it possible to make individual payments within India. You can transfer money between accounts through the <strong>NEFT service<\/strong>, which is owned and run by the Reserve Bank of India.<\/p>\n\n\n\n<p>You are able to start transfers between your own two bank accounts or from your account to the accounts of other people at various banks. However, you can only do this kind of transaction if your bank supports NEFT.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Transaction_timings\"><\/span>Transaction timings:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There were specific times for clearance back when the <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">RBI first introduced NEFT<\/mark>. The RBI modified the regulations in December 2019, allowing money transfers using NEFT to take place around-the-clock, throughout the year, even on bank and public holidays.<\/p>\n\n\n\n<p>The recipient will get the funds after a half-hour from the moment you start the transaction because banks clear NEFT transfers on a half-hourly basis.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_limit_on_fund_transfers\"><\/span>The limit on fund transfers:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Banks may, however, impose their own maximum daily transaction thresholds. Therefore, you should inquire about <strong>NEFT fund transfer restrictions<\/strong> with your bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Charges_for_NEFT_transactions\"><\/span>Charges for NEFT transactions:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NEFT transactions made through <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">online banking<\/mark> or mobile banking applications are free of charge. However, your bank may impose a small fee dependent on the transfer amount if you decide to carry out NEFT transactions through bank branches. The list of fees assessed for online transactions is provided below.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Max Transaction amount in INR<\/td><td>Charges in INR<\/td><\/tr><tr><td>10,000<\/td><td>2.5 + GST<\/td><\/tr><tr><td>10,000 to 1,00,000<\/td><td>5 + GST<\/td><\/tr><tr><td>1,00,000 to 2,00,000<\/td><td>15 + GST<\/td><\/tr><tr><td>2,00,000 and above<\/td><td>25 + GST<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_NEFT_works\"><\/span>How NEFT works?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The NEFT system makes it easy and convenient to <strong>transfer money<\/strong>. What you must do is as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Access your online banking account by logging in.<\/li>\n\n\n\n<li>Click &#8216;Fund transfer&#8217; on the home page.<\/li>\n\n\n\n<li>Pick &#8216;NEFT&#8217; from the drop-down option that appears.<\/li>\n\n\n\n<li>If you haven&#8217;t previously, please take note that you must &#8216;Add beneficiary&#8217; to the beneficiaries list in your account.<\/li>\n\n\n\n<li>You must select the &#8216;Add beneficiary&#8217; option on the page in order to add a new beneficiary.<\/li>\n\n\n\n<li>Enter the necessary information about the beneficiary, including his or her name, bank account number, IFSC, etc.<\/li>\n\n\n\n<li>&#8216;Confirm&#8217; or &#8216;Add&#8217; buttons should be clicked.<\/li>\n\n\n\n<li>You will be required to enter the OTP issued to your registered mobile number in order to verify this step.<\/li>\n\n\n\n<li>Your action would then be processed after that. About 24 hours will pass before a beneficiary can be added.<\/li>\n\n\n\n<li>You must choose the beneficiary&#8217;s information (to whom you need to send the money) from your list of beneficiaries after the beneficiary has been added to your account.<\/li>\n\n\n\n<li>Enter the necessary transfer amount, then confirm the transaction.<\/li>\n\n\n\n<li>The sum will be sent from your bank account to the other&#8217;s when you click &#8220;Confirm.&#8221;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_NEFT\"><\/span>Advantages of NEFT:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Let&#8217;s examine some of NEFT&#8217;s benefits now that its definition is apparent.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Within India, money can be transferred from one account to another account at any bank that supports NEFT.<\/li>\n\n\n\n<li>This facility is open every day of the year, including holidays, at all times.<\/li>\n\n\n\n<li>A secure method of money transmission takes 30 minutes.<\/li>\n\n\n\n<li>SMS and email are used to notify the sender of the transaction&#8217;s confirmation.<\/li>\n\n\n\n<li>For online NEFT transfers, there are no fees to be paid.<\/li>\n\n\n\n<li>Demand draughts or checks are not required for these transactions.<\/li>\n\n\n\n<li>To transmit money with NEFT, you do not need to go to your bank&#8217;s branch.<\/li>\n\n\n\n<li>Additionally, you can use NEFT to pay your energy bills, <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">credit card payments<\/mark>, <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">loans<\/mark>, and <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">EMIs<\/mark>.<\/li>\n<\/ul>\n\n\n\n<p>To understand other popular fund transfer methods in India, you can also read about <strong><a href=\"https:\/\/fatakpay.com\/blog\/what-is-imps\/\" target=\"_blank\" rel=\"noopener\">what is imps<\/a><\/strong>, <strong><a href=\"https:\/\/fatakpay.com\/blog\/what-is-upi\/\" target=\"_blank\" rel=\"noopener\">what is upi<\/a><\/strong>, and <strong><a href=\"https:\/\/fatakpay.com\/blog\/what-is-rtgs\/\" target=\"_blank\" rel=\"noopener\">what is rtgs<\/a><\/strong> and compare how each works.<\/p>\n\n\n\n<p><strong>About FatakPay:&nbsp;<\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/fatakpay.com\/\" target=\"_blank\" rel=\"noopener\">FatakPay<\/a><\/strong> provides virtual credit facilities for all. It&#8217;s available on your phone and caters to your everyday needs in both online and offline formats. The solution provides an almost zero cost, free, quick, transparent and secure way to transact in a multilingual format with a Scan Now, Pay Later facility and easy repayment options.<\/p>\n\n\n\n<p>Link to FatakPay App: <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/link.ftkp.in\/2uSI\/dkasgvnf\" target=\"_blank\" rel=\"noopener\">https:\/\/link.ftkp.in\/2uSI\/dkasgvnf<\/a><\/mark><\/p>\n\n\n\n<p>Link to the Website: <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/fatakpay.com\/\" target=\"_blank\" rel=\"noopener\">https:\/\/fatakpay.com\/<\/a><\/mark><\/p>\n\n\n\n<p><\/p>\n\n\n<p><\/p>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"BlogPosting\",\n  \"headline\": \"What is NEFT?\",\n  \"description\": \"Understand NEFT (National Electronic Funds Transfer) and how it enables secure, real-time money transfers between bank accounts in India.\",\n  \"image\": \"https:\/\/fatakpay.com\/blog\/wp-content\/uploads\/2025\/11\/blog-125.jpg\",\n  \"datePublished\": \"2023-05-09\",\n  \"dateModified\": \"2023-05-09\",\n  \"mainEntityOfPage\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/fatakpay.com\/blog\/what-is-neft\/\"\n  },\n  \"author\": {\n    \"@type\": \"Organization\",\n    \"name\": \"FatakPay Digital Pvt. 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Therefore, we will talk about NEFT today, one of the most popular ways to transfer<\/p>\n","protected":false},"author":1,"featured_media":4538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260],"tags":[97,135,134],"class_list":{"0":"post-4534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-learn-finance","8":"tag-fatakpay","9":"tag-fund-transfer","10":"tag-neft"},"_links":{"self":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/comments?post=4534"}],"version-history":[{"count":10,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4534\/revisions"}],"predecessor-version":[{"id":7445,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4534\/revisions\/7445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/media\/4538"}],"wp:attachment":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/media?parent=4534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/categories?post=4534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/tags?post=4534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}