NEFT Full Form: National Electronic Funds Transfer – Complete Guide
BankingNational Electronic Funds Transfer
National Electronic Funds Transfer (NEFT) is a nation-wide payment system that enables individuals, firms, and corporates to transfer funds electronically from one bank account to another across India. It's one of the most popular methods of digital payments.
Availability
24x7 Service
Transaction Limit
No Upper Limit
Processing
Batch Processing
Key Features
- One-to-One Funds Transfer
- Pan-India Coverage
- Secure Transactions
- Multiple Channels (Mobile/Internet Banking)
- Cost-Effective
- No Minimum Amount Limit
Transaction Process
Step 1
Initiate Transfer
Step 2
Enter Beneficiary Details
Step 3
Amount & Purpose
Step 4
Verification
Step 5
Confirmation
Related Terms
More Banking Full Forms
PAN
Permanent Account Number
A Permanent Account Number (PAN) is a unique ten-character alphanumeric identifier issued by the Income Tax Department of India. It serves as a crucial document for financial transactions and tax purposes.
FD
Fixed Deposit
A Fixed Deposit (FD) is a financial instrument provided by banks that provides investors with a higher rate of interest than a regular savings account, until the given maturity date.
INR
Indian Rupee
Indian Rupee (INR) is the official currency of India, issued and regulated by the Reserve Bank of India (RBI). It is widely used for all domestic transactions and is an important currency in international trade.