Asked Questions (FAQ) on National Electronic Funds Transfer (NEFT) System
Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates
individuals to electronically transfer funds from any bank branch to any other
bank branch in the country. The objective of the NEFT
system is to establish an Electronic Fund Transfer System to facilitate an
efficient, secure, economical, reliable and expeditious system of fund transfer
between Banks in the Banking Sector using Structured Financial Messaging
Solution (SFMS) backbone.
being part of the NEFT funds transfer network a bank branch has to be NEFT-enabled.
As at end-November 2009 as many as 62,000 branches / offices of 94 banks in the
country (out of around 75,000 bank branches) are NEFT-enabled. Steps are being
taken to further widen the coverage both in terms of banks and branches.
beneficiary can ask at his/her branch where the account is held or he/she may
get the list of bank branches participating in the NEFT system by visiting the
website of RBI.
or Indian Financial System Code is an alpha-numeric code that uniquely
identifies a bank-branch participating in the NEFT system. This is a 11 digit
code with the first 4 characters representing the bank, and the last 6
characters representing the branch. The 5th character is a 0 (zero). IFSC is
used by the NEFT system to route the messages to the destination banks /
banks have been advised to print the IFSC of the branch on cheques issued by
branches to their customers. Bank-wise list of IFSCs is available with all the
bank-branches participating in NEFT. List of bank-branches participating in NEFT
and their IFSCs is available on the website of RBI.
once the payment instruction has been given to the bank, the Distributor will
get SMS to their Mobile Number, which has been registered with the company and
also a payment advice will be sent.
who enrols for the NEFT System is termed as the Beneficiary. In case of
non-credit or delay in credit, kindly contact your bank branch. If the issue is
not resolved satisfactorily, you may contact nearest RMP outlet or by sending
mail to email@example.com
in October 2005 by RBI, NEFT is an electronic payment system that uses a secure
mode of transferring funds from one bank branch to another bank branch. NEFT
uses the innovative technology to ensure end-to-end security. The bank
participation, branch coverage and transaction volume has been continuously
increasing, which is reflective of the acceptance and popularity of the NEFT
facilitates paperless credit / debit transaction
directly linked to your account and also provides for a faster method of
effecting periodic and repetitive payments. The advantage of NEFT over
electronic clearing systems is that its coverage will not be restricted to those
places where RBI has an office.
Benefits to the Distributors:
Transfer time should be generally 0-1day, from the date of receipt of
information, provided Name, Bank Name, Branch and Account No. and IFS Code is
properly mentioned in the Fund Transfer request form and depends on RBI and the
receiver Bank processing time. Company does not hold any responsibility, in case
of delay or the wrong account credit. Beneficiary is responsible for the
accuracy and authenticity of the instructions provided to RMP Infotec Private
Limited and the same shall be considered to be sufficient to operate the NEFT
System. For more details on NEFT, the beneficiary is advised to visit bank
branch or visit RBI website.