NEFT (National Electronic Funds Transfer) is India's most widely used electronic fund transfer system. It allows you to transfer any amount of money from one bank account to another across the country. There is no minimum or maximum limit.
NEFT operates on a deferred net settlement basis — transactions are processed in half-hourly batches throughout the day. Since December 2019, NEFT operates 24/7. However, transactions initiated outside banking hours may be processed in the next available batch.
To initiate a NEFT transfer, you need the beneficiary's name, account number, IFSC code, and bank name. The RBI has waived NEFT charges for savings account customers. NEFT handles billions of transactions annually and is the backbone of India's electronic payment infrastructure alongside RTGS and IMPS.