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FAQ's - NEFT
1. What is NEFT System ?
National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. The system uses the concept of centralised accounting system and the bank's account, that are sending or receiving the funds transfer instructions, gets operated at one centre
2. When will the beneficiary receive the money ?
The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.
3. What id the information required ?
The essential information that the remitting customer has to furnish is:
- 1. Beneficiary details such as beneficiary name and account number.
- 2. Name and IFSC of the beneficiary bank branch.
4. What is IFS code (IFSC code)?.How its 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.
5. Can I receive / Send foreign remittance through NEFT ?
This system can be used only for remitting Indian Rupee among the participating banks within the country. The funds from NRI Accounts can also be remitted subject to applicability of provisions of FEMA. However customers can remit funds to Nepal .For more information please visit any of our Branches.
6. Is there anyway 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.
7. Can a walk in customer remit cash through NEFT ?
Yes, walk in customers can remit cash through NEFT from any of the SVC Branches.
8. At what time during the day /week the NEFT service is available ?
NEFT transactions will be sent to RBI based on the following schedule:
|Day||Start Time||End Time|
|Monday to Saturday||09:00 hrs||17:30 hrs|
|Sunday(Chembur Branch)||09:00 hrs||12:45 hrs|
RBI NEFT transactions are settled in batches based on the following timings:
- 11 settlements on weekdays - at 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.
- 5 settlements on Saturdays - at 09:00, 10:00, 11:00, 12:00 and 13:00 hrs.
Please note that all the above timings are based on Indian Standard Time (IST) only.