Advantages of Using NEFT Transactions
- CONVENIENCE: As through NEFT, transactions can be done at any time and even on holidays, it is so convenient and can be done at any time without tension
- SAFE AND SECURE: NEFT transactions are processed using a very secure and encrypted channel. As they were regulated by RBI they were safe and no information can be leaked.
- WIDE COVERAGE: NEFT was present in over 150000 bank branches across India which is a wide network and so people from any area can easily access the network.
- LOW TRANSACTION CHARGES: The charges taken by NEFT during a fund transfer are very low when compared to the remaining electronic fund transfer methods which are very beneficial to the customers.
- FAST PROCESSING: In NEFT, transactions are processed in batches at specific intervals throughout the day which enabled fast processing of transactions.
- GOOD FOR SMALL TRANSACTIONS: As NEFT enabled the transaction of small amounts of money, it is very beneficial to the retail customers
Charges applied over an NEFT transaction always depend on the amount of money transferred.
NEFT Full Form
NEFT stands for National Electronic Funds Transfer. We often hear the word NEFT in the financial world but many have doubts about what is NEFT and how it works. NEFT is a country-wide electronic fund transfer system for sending money from one bank account to another account in a safe and hassle-free manner. NEFT allows the electronic transfer of funds or money from one bank account to another bank account. NEFT transactions are processed online. Reserve Bank of India and its customers are involved in NEFT transactions. All Indian Banks can participate in NEFT transactions.