What is the full form 0f NEFT?
NEFT full form: NEFT stands for National Electronic Funds Transfer in its entire form. NEFT (National Electronic Funds Transfer) is an Indian mechanism for sending money electronically from one bank to another. NEFT allows bank clients in India to make one-to-one transfers between any two NEFT-enabled bank accounts. Unlike RTGS, the NEFT technology does not allow for real-time fund transfers.
In Hindi, NEFT stands for National Electronic Fund Transfer. NEFT (National Electronic Funds Transfer) is an Indian mechanism for sending money electronically from one bank to another. To engage in NEFT fund transfers, a bank branch must be NEFT enabled. Transferring funds from one account to the beneficiary’s account normally takes a day.
Time for NEFT Settlement
- From Monday through Saturday, NEFT transfers are made in half-hourly batches from 8 a.m. to 7 p.m. (except the 2nd and 4th Saturday of every month).
- On Sundays and holidays, no transactions are processed.
- For the whole calendar year, the second and fourth Saturdays of each month are declared bank holidays.
- Any transaction started after the stated settlement time will be completed at the next settlement time available.
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