Who can use NEFT?
1. Individuals: NEFT can be used to send money to anyone with a bank account at a bank that is part of the NEFT network. NEFT makes it easy and safe for people to send and receive money for personal transactions, bill payments, and other financial needs.
2. Business, Corporates, and Companies: Businesses ranging from small firms to Large corporations, multinational companies, and organizations of all sizes can use NEFT to make payments to vendors, suppliers, and employees. NEFT makes it easy to manage business transactions, ensuring timely and efficient fund transfers.
3. Government Entities: Government departments and agencies can also utilize NEFT for making payments, disbursing benefits, and collecting taxes. Because NEFT is safe and quick, it is the chosen method for government transactions, which helps make financial operations run more smoothly.
4. Non-profit Organisations: NEFT can be used by charities, NGOs, and other non-profit entities to accept donations, send money to welfare programs, and keep track of their operational expenses. NEFT makes financial transactions clear and accountable, which is in line with the principles of non-profit governance.
5. Financial Institutions: Banks, financial institutions, and cooperative societies that are part of the NEFT network can facilitate fund transfers for their customers. These institutions play a crucial role in enabling individuals and businesses to access NEFT services seamlessly.