NEFT is another electronic payment system in which payment instructions between banks are settled at fixed intervals. At the time of funds transfer, customer should furnish details of payees name, bank account number and type, receiver bank name, branch name and IFSC code of the receiver Bank branch. Address and IFSC Codes of NEFT enabled branches can be had from the Branch Locator available on the Home page of this site, or click on the following link.

For redressal of NEFT related complaints, click on the following link for directory of Customer Facilitation Centres of Member Banks:

• Q.1: What is NEFT System?

  Ans: National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.

• Q.2: Whether the system is centre specific or has any geographical restriction?

  Ans: No, there is no restriction of centres or of any geographical area inside the country. The system uses the concept of centralised accounting system and the bank's account, that are sending or receiving the funds transfer instructions, gets operated at one centre, viz, Mumbai only. The individual branches participating in NEFT could be located anywhere across the country, as detailed in the list provided on our website.

• Q.3: What is the funds availability schedule for the beneficiary?

  Ans: The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

• Q.4: How does the NEFT system operate?
  Ans:
  Step-1:
  

  The remitter fills in the NEFT Application form giving the particulars of the beneficiary (bank-branch, beneficiary's name, account type and account number) and authorizes the branch to remit the specified amount to the beneficiary by raising a debit to the remitter's account. (This can also be done by using net banking services offered by some of the banks.)

  Step-2:
  

  The remitting branch prepares a Structured Financial Messaging Solution (SFMS) message and sends it to its Service Centre for NEFT.

  Step-3:
  

  The Service Centre forwards the same to the local RBI (National Clearing Cell, Mumbai) to be included for the next available settlement. Presently, NEFT is settled in six batches at 0930, 1030, 1200, 1300, 1500 and 1600 hours on weekdays and 0930, 1030 and 1200 hours on Saturdays

  Step-4:
  

  The RBI at the clearing centre sorts the transactions bank-wise and prepares accounting entries of net debit or credit for passing on to the banks participating in the system. Thereafter, bank-wise remittance messages are transmitted to banks.

  Step-5:
  

  The receiving banks process the remittance messages received from RBI and affect the credit to the beneficiaries' accounts.

• Q.5: How is it different from RTGS and EFT?

  Ans: NEFT is an electronic payment system to transfer funds from any part of country to any other part of the country and works on Net settlement, unlike RTGS that works on gross settlement and EFT which is restricted to the fifteen centers only where RBI offices are located.

• Q.6: Any limit on the amount of individual transaction?

  Ans: There is no value limit for individual transactions.

• Q.7: What is IFS Code (IFSC)? How it is different from MICR code?

  Ans: Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11-digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch. The MICR code has 9 digits to identify the bank-branch.

• Q.8: Whom I can contact, in case of non-credit or delay in credit to the beneficiary account?

  Ans: Contact your bank / branch.
  
  

• Q.9: Is it necessary to have a bank account to originate the NEFT transaction?

  Ans: Yes, NEFT is an account-to-account funds transfer system.
  
  

• Q.10: Is it necessary that the beneficiary should have an account at the destination bank-branch?

  Ans: Yes, NEFT is an account-to-account funds transfer system.
  
  

• Q.11: Can I receive foreign remittances through NEFT?

  Ans: This system can be used only for remitting Indian Rupee among the participating banks within the country.
  
  

• Q.12: Can I send remittances abroad using the NEFT?

  Ans: No.
  
  

• Q.13: Can I originate a transaction to receive funds from another account?

  Ans: No.
  
  

• Q.13: Can I originate a transaction to receive funds from another account?

  Ans: No.
  
  

• Q.14: Can I send/receive funds from/to NRI accounts?

  Ans: Yes, subject to applicability of provisions of FEMA

• Q.15: Would the customer receives an acknowledgement of money credited to the beneficiary?

  Ans: No, however electronic acknowledgement is generated for the customer that his money is received by the beneficiary at the sender branch.

• Q.16: Would the remitting customer gets back the money if it is not credited to the beneficiary's account?

  Ans: Yes, the remitting customer gets back the money if it is not credited to the beneficiary account.

• Q.17: Till what time NEFT service window is available?

  Ans: There are six settlements at 0930, 1030, 1200, 1300, 1500 and 1600 hours on weekdays and 0930, 1030 and 1200 hours on Saturdays.

• Q.18: What is the essential information that the remitting customer would have to furnish for the remittance to be affected?

  Ans: The essential information that the remitting customer has to furnish is: Beneficiary details such as beneficiary name and account number Name and IFSC of the beneficiary bank branch.

• Q.19: Is there any way a remitting customer can track the remittance transaction?

  Ans: The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.