NEFT in india

NEFT in India is very good system for transferring money from one bank to another bank's branch. NEFT means national electronic fund transfer. This system uses CAS for recording the transfer.

Head office of NEFT is in Mumbai. NEFT is connected all the branches of all the banks. For using NEFT, bank uses IFS-Code or IFC Code which is a 11 digit code. Today, more than 74,680 branches / offices of 101 banks in the country (out of around 82,400 bank branches) are NEFT-enabled. Every bank opens his Service center in NEFT office.

Process of Transfer through NEFT in India

Process of fund transfer through NEFT in India is very systematical.

1. First of all remitter requests his bank to transfer his money to beneficiary. Both remitter and beneficiary are the customers of two banks. So, for your understanding, we are saying one as remitter and second as customer.

2. Now Remitter's Bank will generate a financial message (SFMS message) and will send it to his service center for NEFT.

3. Same message is sent by service center of remitter bank to clearing cell of RBI, mumbai.

4. Now, both accounts's will settle by showing remitter's bank account Debit and customer's bank account credit. Now, customer can use his credited fund for any purpose. If fund will not be transferred to beneficiary, it will again be credited to remitter's bank account.


Important :

a) If you will transfer your fund to other bank, you will see NEFT option in your online banking account. You just follow it and transfer, next procedure is taken by by your remitter bank, service center and national clearing cell of RBI.
b) You can study the detail of process more deeply from RBI's Official website at here

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