{"id":21111,"date":"2024-03-02T02:08:26","date_gmt":"2024-03-01T20:38:26","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=21111"},"modified":"2025-04-06T09:56:04","modified_gmt":"2025-04-06T04:26:04","slug":"neft","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/neft\/","title":{"rendered":"What is National Electronic Fund Transfer (NEFT)?"},"content":{"rendered":"<h2>About National Electronic Fund Transfer (NEFT)<\/h2>\n<ul>\n<li>NEFT is a\u00a0nation-wide centralised payment system owned and\u00a0operated by the Reserve Bank of India (RBI).<\/li>\n<li>It is an\u00a0electronic method\u00a0of transferring money online.<\/li>\n<li>Most Indian banks provide the NEFT feature on internet banking and mobile banking.<\/li>\n<li>It enables\u00a0transferring funds\u00a0from\u00a0the account maintained\u00a0with any bank to any other bank branch,\u00a0provided the transaction is\u00a0attempted between the banks that participate in the NEFT payment system.<\/li>\n<li>Organisations, companies, and individuals can use it to transfer funds from one bank account to another.\u00a0<\/li>\n<li>As per Reserve Bank of India (RBI) guidelines, the payments made via NEFT are\u00a0processed and settled in half-hourly batches.<\/li>\n<li>Minimum Transfer Value: Rs. 1<\/li>\n<li>Maximum transfer value: No limit<\/li>\n<li>NEFT offers the\u00a0following advantages for funds transfer or receipt:\n<ul>\n<li>Round-the-clock availability on all days of the year.<\/li>\n<li>Near-real-time funds transfer to the beneficiary account and settlement in a\u00a0secure manner.<\/li>\n<li>Pan-India coverage through large network of branches of all types of banks.<\/li>\n<li>The\u00a0beneficiary need not visit a bank branch for depositing the paper instruments. Remitter can\u00a0initiate the remittances from his \/ her home \/ place of work\u00a0using internet banking, if his \/ her bank offers such a service.<\/li>\n<li>Positive confirmation to the remitter by SMS \/\u00a0e-mail on credit to beneficiary account.<\/li>\n<li>Penal interest provision for delay in credit or return of transactions.<\/li>\n<li>No levy of charges by RBI from banks.<\/li>\n<li>No charges to savings bank account customers for online NEFT transactions.<\/li>\n<li>The\u00a0transaction charges have been\u00a0capped by the RBI.<\/li>\n<li>Besides fund transfers, NEFT system can be\u00a0used for a variety of transactions, including the\u00a0payment of credit card dues to the card issuing banks,\u00a0payment of loan EMIs, inward foreign exchange remittances, etc.<\/li>\n<li>The transaction\u00a0has legal backing.<\/li>\n<li>Available for\u00a0one-way funds transfers from India to Nepal.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What is Real-time Gross Settlement (RTGS)?<\/h3>\n<p>It is a payment mode where the money is transferred from one bank account to the other in real-time, without any delay. It is mostly used for transactions of high value. When using the banking method, RTGS is the fastest possible way to transfer money. Transactions made through RTGS are processed on a one-to-one basis. RTGS transactions can be performed 24*7.<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/banks\/neft-transactions-report-highest-ever-daily-transactions-at-4-10-crore-says-rbi-12386101.html\" target=\"_blank\" rel=\"nofollow noopener\"><u>NEFT sees highest-ever daily transactions at 4.10 crore<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEFT is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI).<\/p>\n","protected":false},"author":5,"featured_media":21112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-21111","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/21111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=21111"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/21111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/21112"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=21111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=21111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=21111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}