NEFT is an electronic funds transfer system maintained by the Reserve Bank of India. It enables bank customers to transfer funds between any two NEFT -enabled bank accounts on a one-to-one basis via electronic messages. NEFT full form is National Electronic Funds Transfer. It is an RBI-regulated digital payment system that enables safe transfer of funds between bank accounts across India. NEFT in banking works on a deferred settlement model where transactions are processed in half-hourly batches. It is widely used for its 24x7 availability and ease of access through net banking, mobile apps, and bank branches. Overview of NEFT The full form of NEFT is National Electronic Funds Transfer. This system is used for transferring funds electronically between banks. NEFT processes transactions in a batch mode rather than in real-time, meaning transfers are not instant but are settled periodically throughout the day. NEFT stands for National Electronic Funds Transfer, an electronic payment system that allows you to transfer funds from one bank to another. Learn how NEFT works, what information you need, and how to pay credit card bills using NEFT .
