#1
September 3rd, 2015, 02:09 PM
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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
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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?
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#3
December 11th, 2019, 11:51 AM
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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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