The world has enhanced in the most efficient way and now we have moved much ahead of paper currency in use. Now the concept of digital transfer has became very useful and reliable so in this article we will discuss one such digital money transfer service known as NEFT banking and its implementation.
What is NEFT Payment?
NEFT stands for National Electronic Fund Transfer, this service is very helpful for sending money electronically from one account to another within the stipulated time. This process is stress-free and the chances of mistakes in this service are very low which ultimately makes it reliable. It is introduced in the year 2005 to provide a safe and secure transfer of funds and money from one account to else. This service is backed by the RBI( Reserve Bank of India). The basis of NEFT Service is DNS(Deferred Net Settlement) service in which transactions are settled accordingly. By the DNS Service, the transactions are taken place at a particular time.
NEFT Payment can be done within the respective Bank branches or by Net banking also. Its one-to-one transaction service makes it unique and it doesn’t have any upper transfer limit on a single day. NEFT service is available 24*7 with no minimum and maximum transfer limit provided by the RBI.
How to do NEFT?
Doing Online NEFT
Doing NEFT via Mobile or net banking is a very easy process and the customers need to follow some basic steps to take benefit of NEFT transferring service smoothly.
- Firstly, You will have to log into your net banking id by using the password and respective user name.
- For transferring funds, you will add the Beneficiary details including Account number, and address. Also, enter the Limit of interbank transfer service and all these things will happen by clicking on the ADD option.
- IFSC Code of Beneficiary account number is mandatory and you can get that code by entering the location of the bank online, you can use the drop-down menu provided in your application.
- Now before going to get the security code, you need to click and accept the Terms & condition point.
- Security code will be provided to your registered mobile number where you need to confirm and there will be another measure of security added to safely doing the entire process.
- Select the service i.e NEFT and choose the beneficiary account for doing that NEFT.
- Filled the amount required.
- Click on the Terms & Conditions accordingly and proceed.
Doing offline NEFT
If someone is not equipped with Net banking and internet transactions then he or she will proceed with the bank. Following are the steps to do NEFT offline via. Bank
- Go to the respective bank where the NEFT scheme is facilitated.
- Get the NEFT form where you will have to fill in the beneficiary bank details along with your details.
- Enter the Beneficiary IFSC code and address correctly.Handed over the form to the bank officials.
The rest process is up to the bank and they will do the rest services online. If the amount of transfer exceeds the 2 lakh rupees while offline then the attachment of cheque is necessary for the perusal.
How to cancel NEFT transfer?
Canceling the NEFT transaction is not an easy process because before entering into this transaction bank as well as Internet banking provide you an ample opportunity to look into the account number, bank details, IFSC code correctly. The online transaction can’t be held or paused and it’s up to the receiver whether they want to return the money or not. If you wrongly entered the account details then firstly inform your bank official about that mistake then they will contact the concerned bank and receiver for the further process. Because we are paying all the details online that’s why the bank can’t do much about this transaction. You need to be very careful while adding the beneficiary bank details and check extra before submitting.
The typical situation where something like this happens is assuming the Account Holder’s Name is something very similar however there is a slight mix-up in Account Number. For example, Mr. Amit Bachhan with Account number 4209211 could wrongly get the installment for another Mr. Amit Bachhan with account number 4209212 wherein you might have entered one wrong digit in the record number.
Time Taken by the NEFT
However transaction requests can be put all through the NEFT administration season of 24 hours, the handling happens in different batches. The NEFT bunch timings are isolated into 30 minutes each; therefore, there are 48 half-hourly groups every day. The NEFT leeway time for the principal bunch of exchanges begins at 12:30 AM, while the last clump is handled at Noon.
NEFT via. Online platform – GooglePay
Yes, RBI had allowed these fintech companies to operate this NEFT, RTGS service online. The process of NEFT is the same as online banking where you need to add beneficiary accounts and details correctly. After that, you will examine the details correctly and proceed with the same steps that you have taken in Internet banking. However transaction requests can be put all through the NEFT administration season of 24 hours, the handling happens in different batches. The NEFT bunch timings are isolated into 30 minutes each; therefore, there are 48 half-hourly groups every day.
Advantages of NEFT and UPI
Advancement in development has simplified our life, unlike already. There has been an adjustment in the context in the way in which we complete portion and banking tasks. Concerning sending money to someone, Unified Payment Interface or UPI is a notable choice among a couple of customers as it helps you with sending or getting cash using the scanner, convenient number, or a UPI ID. On the other hand, NEFT or National Electronic Fund Transfer is similarly commonly used as a web-based money move strategy electronically beginning with one record then onto the following record.