What is NEFT (National Electronic Funds Transfer)? — Meaning, Definition & Example
Definition
NEFT is a nationwide electronic payment system that enables fund transfer between bank accounts in half-hourly batches. Available 24×7 since December 2019. No minimum transfer limit; maximum varies by bank. NEFT is free for online transactions at most banks.
Transferring ₹5 lakh from SBI to HDFC Bank via NEFT at 3 PM would be processed in the next settlement batch, typically reaching the beneficiary within 30-60 minutes.
🇮🇳 NEFT (National Electronic Funds Transfer) in Hindi / हिंदी में
NEFT (नेशनल इलेक्ट्रॉनिक फंड्स ट्रांसफर) — NEFT एक राष्ट्रव्यापी इलेक्ट्रॉनिक भुगतान प्रणाली है जो आधे घंटे के बैच में बैंक खातों के बीच फंड ट्रांसफर करती है। दिसंबर 2019 से 24×7 उपलब्ध है।
NEFT (Hinglish) — NEFT ek nationwide electronic payment system hai jo bank accounts ke beech half-hourly batches mein fund transfer karta hai. December 2019 se 24×7 available hai. Online transactions pe free hai.