NEFT Full Form | What is the Full Form of NEFT?

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NEFT: National Electronic Funds Transfer

NEFT stands for National electronic funds transfer. National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology (IDRBT).

NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages.

Service charges for NEFT transactions

Following are the service charges for the NEFT transactions:

  • For transactions up to ₹10,000 (not exceeding) : ₹2.50 (+ GST)
  • For transactions above ₹10,000 up to ₹1 lakh (not exceeding) : ₹5.00 (+ GST)
  • For transactions above ₹1 lakh and up to ₹2 lakhs (not exceeding) : ₹15.00 (+ GST)
  • For transactions above ₹2 lakhs : ₹25.00 (+ GST)

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