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  #1  
September 3rd, 2015, 02:09 PM
Unregistered
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NEFT money transfer

my son has an account in the State Bank of India (SBI). he wants to send some money to her sister. so for this he wants to use the service of National Electronic Funds Transfer (NEFT). so provide me the procedure to use the National Electronic Funds Transfer (NEFT) service of State Bank of India (SBI)?
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  #2  
December 11th, 2019, 11:50 AM
Unregistered
Guest User
 
Re: NEFT money transfer

Can you tell me about the money transfer method - National Electronic Funds Transfer (NEFT) – as it is new to me, please help me with this?
  #3  
December 11th, 2019, 11:51 AM
Super Moderator
 
Join Date: Oct 2019
Re: NEFT money transfer

National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology (IDRBT).

It enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages. Contrasting real-time gross settlement (RTGS), fund transfers through the NEFT system do not occur in real-time basis.

It settles fund transfers in half-hourly batches with 23 settlements occurring between 8:00 am and 7:00 pm on week days and the first, third and fifth Saturday of the calendar month.


Transfers initiated outside this time period are settled at the next available window. No settlements are made on the second and fourth Saturday of the month, or on Sundays, or on public holidays.


Benefits of NEFT:

Eliminates the need to send physical cheque or demand draft to the beneficiary

No need to worry about loss/theft of physical instrument or likelihood of fraudulent encashment

Reduced paperwork

Highly cost effective

One gets a confirmation of the remittance via SMS or email within two hours

Comfort to transact from anywhere (provided you choose internet banking or mobile banking as the mode)

Facilitates near-to real-time fund transfer securely

Aids better control over finances


One can initiate a NEFT transaction using either of the following modes:
Internet banking (Corporate and Retail)
Mobile banking
Visit the bank branch


NEFT Cut-off Timings for Popular Banks

Name of the Bank From Monday to Friday on Saturday


State Bank of India 8:00 am to 7:00 pm 8:00 am to 1:00 pm
HDFC Bank 8:00 am to 6:30 pm 8:00 am to 6:30 pm
ICICI Bank 8:00 am to 6:30 pm 8:00 am to 6:30 pm
CitiBank 8:00 am to 7:00 pm 8:00 am to 1:00 pm
Kotak Mahindra Bank 8:00 am to 6:00 pm 8:00 am to 12:00 pm
Bank of Baroda 9:00 am to 6:45 pm 9:00 am to 6:45 pm
Yes Bank 8:00 am to 7:00 pm 8:00 am to 1:00 pm
Union Bank 8:00 am to 6:30 pm 8:00 am to 6:30 pm
Punjab National Bank 8:00 am to 7:00 pm 8:00 am to 1:00 pm


NEFT Charges
NEFT Amount NEFT Charges

Up to Rs.10,000 Not more than Rs.2.50
Above Rs.10,000 to Rs.1 lakh Not more than Rs.5
Above Rs.1 lakh to Rs.2 lakh Not more than Rs.15
Above Rs.2 lakh Not more than Rs.25


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