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.
Following are the service charges for the NEFT transactions:
If you like this question & answer and want to contribute, then write your question & answer and email to freewebmentor[@]gmail.com. Your question and answer will appear on FreeWebMentor.com and help other developers.