National Electronic Funds Transfer (NEFT)

NEFT (National Electronic Funds Transfer) is an Indian payment system operated by the Reserve Bank of India (RBI) that enables bank-to-bank transfers in hourly batches, available 24 hours a day, 7 days a week. Unlike real-time systems such as UPI or IMPS, NEFT processes transactions in batches — typically settling them within the next hourly cycle. To make an NEFT transfer, you need the recipient’s bank name, account number, and IFSC code. NEFT has no minimum or maximum amount limit, though individual banks may impose internal caps. It is widely used for salary credits, vendor payments, and credit card bill payments. Charges are nominal — usually ₹1 to ₹25 per transaction depending on the amount — and many banks offer NEPS transfers free of charge for retail customers.