Frequently Asked Questions (FAQ) on National Electronic Funds Transfer (NEFT) System

                                                                                                       

 
  •  What is NEFT?

National 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.

  •  Are all bank branches in the country part of the NEFT funds transfer network?

For 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.

  •  How can one know which bank branches are part of the NEFT network?

The 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.

  •  What is IFSC?

IFSC 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 / branches.

  •  How can the IFSC of a bank-branch be found?

All 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.

  •  Would I get any information of money credited to my account or when do I come to know?

Normally 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 should be contacted in case of non-credit or delay in credit to the beneficiary account?

Distributor 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 ftransfer@rmpadmin.com

  •  What are the other features of NEFT?

Launched 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 system.

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:

  •   One-time simple documentation process and there on keep receiving your eligible amount direct to your bank account.

  •   No cheque payment system, if NEFT system got activated and hence no need of going to branch by the Distributors for the purpose of depositing the cheque         

  •   Receive faster credit in NEFT System than Cheque system

  •   Transfer of funds on the same day*.

  •   No physical loss or material changes while in transit

  •   Fully secured & Better cash management

*P.S-Fund 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.