NEFT Abbreviation
Looking for NEFT abbreviation? We have got you covered in this guide. We have listed down different possible abbreviations of NEFT in various groups like Banking, and Country Specific.
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Popular abbreviations of NEFT:
Searching for NEFT abbreviation / NEFT full form leads to different results in different categories. The below table illustrates the popular acronyms among them.
| Term | Abbreviation | category |
|---|---|---|
| NEFT | National Electronic Funds Transfer | Banking |
| NEFT | North Eastern Frontier Tract | Country Specific |
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What does NEFT mean?
NEFT refers to National Electronic Funds Transfer. It is a form of electronic money transfer system accepted nationwide. The system allows money transfers from one bank account to another account. The payment method was introduced in 2005 and with the increased focus on the internet and online banking, NEFT has gained more prominence.
The funds’ transfer system is maintained by the Reserve Bank of India. The biggest reason behind its success has been the transfer of money from any bank to any other bank without even visiting the bank branch. This has led to increased ease and efficiency for the customers.
The primary difference between real-time settlements and NEFT is that NEFT transactions are cleared in regular batches. From 2019, these transactions are cleared in 48 half-yearly batches across the span of the day, irrespective of a working day or a holiday.
Process of NEFT
The process of NEFT transactions is quite simple and can be done anytime anywhere. The online process for NEFT is:
- Log in to your internet banking account using the ID and password.
- Visit the NEFT section.
- Enter the details of the receiver such as the name, bank account number and IFSC code (a code specific for every bank branch). Add the receiver as your beneficiary.
- After successful addition, complete the transaction by entering the amount.
Some things must be kept in mind regarding NEFT transfers. Both the sender and receiver must have an NEFT-enabled bank account. Additionally, the branch of the receiver should have NEFT transactions enabled.
Other important things regarding NEFT
Previously, NEFT was allowed only from Monday to Friday between 8 am to 6:30 pm. But, as NEFT gained more prominence RBI decided to regularise NEFT transactions on a round-the-clock basis. Additionally, there are no upper or lower limits on transactions by NEFT but through the cash mode, at one time only Rs 50000 can be transacted. Confirmation regarding NEFT transactions is easily received through email or SMS.
All Abbreviations of NEFT in 2 categories:
If you are looking for NEFT meaning in a specific category, check out the detailed sections below. We have segregated the acronyms based on their category and grouped them in each section.
NEFT abbreviation in Banking:
What does NEFT mean in Banking category? We have listed down 1 abbreviations. Here are the details:
| Term | Abbreviation |
|---|---|
| NEFT | National Electronic Funds Transfer |
NEFT abbreviation in Country Specific:
What does NEFT mean in Country Specific category? We have listed down 1 abbreviations. Here are the details:
| Term | Abbreviation |
|---|---|
| NEFT | North Eastern Frontier Tract |
Frequently Asked Questions (FAQ)
Q. What is the abbreviation of NEFT in Banking?
The full form of NEFT is National Electronic Funds Transfer in Banking category.
Q. What does NEFT stands for in Country Specific?
NEFT stands for North Eastern Frontier Tract in Country Specific category.