The National Electronic Funds Transfer (NEFT) system is an electronic funds transfer system used to transfer funds between banks in India. It is operated by the Reserve Bank of India (RBI) and allows individuals and businesses to transfer funds from one bank account to another. To transfer funds using NEFT, you will need to provide the IFSC code of the recipient bank, as well as the account number and name of the recipient.
Below, you can check out, status of NEFT transaction (can do or not) in any particular branch by bank name, branch name or city.
NEFT transfers are processed in batches, with settlements occurring at regular intervals throughout the day. This means that the funds may not be transferred instantly, but typically take a few hours to be credited to the recipient’s bank account. NEFT is typically used for small to medium value transactions, such as below the 2 lakh rupees.