Transfer Money Through NEFT

Transfer money through NEFT easily with our step-by-step guide. Secure, fast, and reliable.
Transfer Money Through NEFT
SET UP UPI
4 mins
02 September 2024

How to transfer money through NEFT?

Transferring money through NEFT (National Electronic Funds Transfer) is a convenient and secure way to move funds between bank accounts in India. To initiate an NEFT transfer, follow these simple steps. First, log in to your internet banking account. Then, select the 'FUND TRANSFER' option and choose 'NEFT.' Next, enter the recipient's bank account details, such as account number, IFSC code, and name. Once you have entered this information, input the amount you wish to transfer. Finally, authenticate the transaction using the OTP (One-Time Password) sent to your registered mobile number. NEFT transactions are processed in hourly batches, ensuring efficient fund transfers. This method is widely used for its reliability and ease of use, making it suitable for both personal and business transactions. For those looking to explore other payment methods, UPI provides a seamless alternative.

Why transfer money through NEFT?

Transferring money through NEFT is a popular choice due to its reliability and wide accessibility. NEFT allows seamless fund transfers between different banks across India, making it a preferred method for individuals and businesses. One key advantage is its security. Transactions are authenticated using OTP (One-Time Password), ensuring that only authorised users can execute transfers. Additionally, NEFT transactions are processed in secure batches, adding an extra layer of protection. This method also supports a vast network of banks, allowing users to transfer money to almost any bank account in India. NEFT is suitable for various purposes, including paying bills, sending money to family and friends, or settling business payments. Its widespread acceptance and ease of use make it a go-to choice for secure money transfers.

When can you transfer money through NEFT?

NEFT transactions can be conducted throughout the day, providing flexibility for users to transfer money conveniently. While NEFT used to be limited to banking hours, it is now available 24/7, including weekends and holidays, thanks to recent advancements in banking technology. Transactions are processed in half-hourly batches, ensuring timely fund transfers. This continuous availability allows users to initiate transfers at their convenience, without worrying about banking hours. NEFT is ideal for personal and business transactions, offering a reliable way to move funds across bank accounts. Whether you are paying bills, sending money to family, or managing business finances, NEFT provides a seamless and efficient solution. It caters to the evolving needs of consumers who require flexibility and accessibility in financial transactions.

Is there any transaction limit to transfer money through NEFT?
NEFT transactions offer flexibility in transferring funds, but there are certain limits to be aware of. While NEFT generally does not impose a minimum or maximum transaction limit, individual banks might set their limits based on customer profiles and account types. For instance, personal accounts might have different limits compared to corporate accounts. These limits ensure the security of transactions and manage potential risks. However, NEFT is often preferred for transferring larger sums due to its secure and reliable processing. It is important to check with your bank for specific NEFT transaction limits that might apply to your account. This ensures compliance with bank policies and helps you plan transfers effectively. NEFT's flexibility and lack of stringent limits make it suitable for various financial activities, from paying bills to business transactions, catering to diverse financial needs with ease and security.

Conclusion
In conclusion, transferring money through NEFT is a secure and straightforward process. By following the outlined steps, you can easily transfer funds to any NEFT-enabled bank account across India. Ensure you have the correct beneficiary details and sufficient funds in your account. With NEFT, you can enjoy the convenience of transferring money without any geographical constraints. It is a reliable method for both personal and business transactions, ensuring your funds reach their destination safely and efficiently.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

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Frequently asked questions

How long does a NEFT transfer take?
NEFT transfers are processed in batches and typically take a few hours to complete. Transactions initiated during the day are settled in specific intervals, and funds are credited to the recipient's account on the same day if initiated before the bank's cut-off time. If initiated after the cut-off, the transfer will be processed on the next working day.

How much money can I transfer through NEFT?
There isno maximum limiton the amount that can be transferred through NEFT in a single transaction. You can transfer any amount, subject to the policies of the originating bank.

Which is better, NEFT or RTGS?
The choice between NEFT and RTGS depends on the urgency and amount of the transaction. NEFT is suitable for smaller, non-urgent transactions as it processes payments in batches, while RTGS is ideal for large, urgent transactions as it offers real-time processing with immediate fund transfers.

What is the disadvantage of NEFT?
A key disadvantage of NEFT is that it does not provide real-time processing; transactions are settled in batches, which can lead to delays, especially if initiated after the cut-off time. Additionally, NEFT is not suitable for urgent payments that require immediate transfer.

Can we transfer 10 lakhs through NEFT?
Yes, you can transfer Rs. 10 lakhs through NEFT, as there is no limit on the amount that can be transferred in a single transaction. However, it's important to check with your bank for any specific policies or charges that may apply.

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