NEFT – National Electronic Fund Transfer – This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently,
- Handle Credit card payments from home.
- Faster because no demand drafts, cheques or letters.
- What is NEFT Funds Transfer?
A nation- wide funds transfer system, supporting the transfer of funds from any bank branch to any other bank branch.