NEFT System
What is the NEFT System?
National Electronic Funds Transfer (NEFT) lets individuals, firms and corporates electronically transfer funds from any bank branch to any account at any other bank branch in the country.
Is there a limit on the amount that can be transferred?
No minimum or maximum for regular customers. Walk-in customers (including those using the Indo-Nepal Remittance Facility) are capped at ₹49,999.
What are the operating hours of NEFT?
NEFT operates in hourly batches, eleven settlements from 9 am to 7 pm on weekdays, and five from 9 am to 1 pm on Saturdays.
What is IFSC?
The Indian Financial System Code, an 11-character alphanumeric code identifying a bank branch, with the first 4 characters for the bank and the last 6 for the branch (5th character is always 0).
What are the NEFT processing/service charges?
Inward transactions are free. Outward: up to ₹1 lakh. Not exceeding ₹5 (+GST); above ₹1 lakh to ₹2 lakh. Not exceeding ₹15 (+GST); above ₹2 lakh. Not exceeding ₹25 (+GST).
When will the beneficiary get credit?
Same day for the first nine weekday batches (9 am–5 pm) or first four Saturday batches (9 am–12 noon); transactions in the last batches may credit the same day or the next working morning.
What happens if credit cannot be given to the beneficiary?
The destination bank must return the transaction to the originating branch within two hours of the batch, and the originating branch typically re-credits the remitter within about 3–4 hours in total.
Can NEFT be used for NRE/NRO accounts?
Yes, subject to FEMA, 2000 provisions.
Can NEFT send or receive remittances abroad?
No, except for outward remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.
Will the remitter get an acknowledgement?
Yes, on successful credit, the originating bank sends confirmation (SMS/e-mail) with the date and time, provided the remitter's mobile number/e-mail was given at origination.
Whom do I contact for non-credit or delay?
Your bank's NEFT Customer Facilitation Centre first. If unresolved, the NEFT Help Desk, National Clearing Cell, Reserve Bank of India, First Floor, Free Press House, Nariman Point, Mumbai – 400 021.