An established and centralized electronic payment system (maintained by RBI) that facilitates an efficient, secure, cost-effective, reliable, and expeditious system of direct one-to-one funds transfer and clearing in the banking sector across India.
NEFT enables you to electronically transfer funds from any bank branch to any individual with an account with any other bank branch in the country. The objective is to relieve the stress on the existing paper-based fund’s transfer and clearing system.