Reserve Bank of India has introduced a system called ' National Electronic Funds Transfer System (NEFT)' through which funds transfer operation would take place among member banks and financial institutions. Our bank is one of the participants in the above system. Presently All branches are enabled to offer NEFT facilities to their customers.
The objectives of the NEFT System are: To establish an Electronic Funds Transfer System to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer and clearing in the banking sector throughout India, and to relieve the stress on the existing paper based funds transfer and clearing system.
Fund Transfer through NEFT can be availed by the customers who maintain their operative accounts viz., Savings Bank, Current Account. This facility can also be allowed to CC / OD account etc., subject to ensuring end use of funds.
Outward / Inward remittance facility under NEFT is offered to the customers of all the NEFT enabled branches.
This facility is now being extended to walk-in customers for cash transactions upto Rs.50000/-
Procedure for availing the facility :
Customers have to submit a request by filling up a form available in all NEFT .
Branches along with the Cheques/Debit instruction to the branch.
The customer has to inform the beneficiaries Account Number, Name and IFSC code to the Bank/ Branch where the funds are to be remitted.
NEFT transactions may be made for amounts inclusive of paisa component.
There is no value limit for putting through an individual NEFT transaction.
