NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any NEFT enabled bank branch to any other NEFT enabled bank branch. Funds transferred under NEFT will be credited to the beneficiary?s account on the same day.
customer has to furnish the following information to a bank for RTGS or NEFT
Amount to be remitted
Remitting customers account number which is to be debited
Name of the beneficiary bank
Name of the beneficiary customer
Account number of the beneficiary customer
Sender to receiver information, if any
The IFSC Number of the receiving branch