National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.How is NEFT different from RTGS and EFT?
NEFT is an electronic payment system to transfer funds from any part of country to any other part of the country and works on net settlement basis, unlike RTGS that works on gross settlement basis. While EFT is restricted to the fifteen centers (only where RBI offices are located), NEFT is a nation-wide electronic fund transfer system. National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) allow individuals, companies and firms to transfer funds from one bank to another. You can check the RBI website for a list of NEFT and RTGS-enabled branches of your bank. These facilities can only be used for transferring money within the country.To opt for these, there are two options
[A] For one time NEFT transaction you need to fill a form providing the beneficiary details — Beneficiary Name: Account number: Bank Name: Bank branch Address: Indian Financial System Code [IFSC] (11 Digit): Unique Code to identify the Bank Branch You have to submit a cheque while opting for this facility at your bank branch.
[B] You can also transfer funds through net banking. These are third-party transfers and the option is available under the same header on your net banking home page. Sample online page of one of the bank is as below. Your Bank page may be different from below.