NEFT System :- National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. The system uses the concept of centralized accounting system and the bank’s account that is sending or receiving the funds transfer instructions, gets operated at one centre.
Beneficiary receives the money :-The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.
The information required :- The essential information that the remitting customer has to furnish is: Beneficiary details such as beneficiary name and account number. Name and IFSC of the beneficiary bank branch. IFS Code (IFSC);
Different from MICR code :- Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.
Receive/send remittances through NEFT :-
This system can be used only for remitting Indian Rupee among the participating banks within the country.
Way of remitting customer can track the remittance transaction :-
The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.
Walk in customer remit can cash through NEFT :-
Walk in customers can remit cash through NEFT from any of the JJSBank Branch