NEFT Full Form Name: NEFT Meaning
Full
Form of NEFT :
National
Electronic Funds Transfer
NEFT
Full Form refers to National Electronic
Funds Transfer. NEFT is a national payment system which enables individuals
and companies to transfer funds electronically from one bank to the other. In
simple words, NEFT is an electronic system of fund transfer between two banks.
Anyone with an internet banking account can transfer funds to the beneficiary
using NEFT.
Information
to be furnished for NEFT :
Customers
who wish to use NEFT for fund transfer have to provide information including
(1) Beneficiary Name, (2) Beneficiary’s Account Number, (3) IFSC (Indian
Financial System Code) of the bank’s branch in which the beneficiary has his or
her bank account.
How
does NEFT system work?
Whenever
you make a transaction the same will not be processed and settled immediately.
It will be done later in the day. NEFT system waits for the number of requests
to be accumulated and then process them in one go. Which means lots of
transactions are made in one go.
NEFT
Timings :
Presently,
NEFT transactions and settlements take place in hourly batches. NEFT makes 12
settlements between 8:00 hrs and 19:00 hrs during weekdays. On Saturdays, it
makes 6 settlements between 8:00 hrs and 13:00 hrs. No settlements are made on
Sundays and on Public Holidays.
Is
there any transaction charge for using NEFT?
Yes.
You have to pay a minimal charge for using NEFT system.
- If the amount to be transferred
is up to Rs.10000, then the transaction charge is Rs 2.5 (service taxes
extra).
- If the amount to be transferred
is between Rs.10000 and 1 lakh, then the transaction charge is Rs 5
(service taxes extra).
- If the amount to be transferred
is between 1lakh and 2 lakh, then the transaction charge is Rs 15 (service
taxes extra).
- If the amount to be transferred
is between 2 lakh and 5 lakh, then the transaction charge is Rs 25
(service taxes extra).
- If the amount to be transferred
is between 5lakh and 10 lakh, then the transaction charge is Rs 25
(service taxes extra).
What
is the minimum amount that can be remitted using NEFT?
There
isn’t any minimum limit set for NEFT. You can transfer as little as you may
want to transfer. However, you may not want to use it for small amounts.
What
is the maximum amount that can be remitted using NEFT?
There
is no ceiling for the maximum amount that can be remitted using NEFT.
Advantages
of using NEFT System :
NEFT
is one of the safest, fastest and most cost-effective methods for retail
remittances. Unlike the RTGS system which is based on real-time settlement, in
NEFT transactions are done through electronic messages on ‘one-to-one’ basis.
NEFT was introduced in India in the year 2005. Ever since November 2005, NEFT
has been the most used method for fund transactions in India. Using NEFT
individuals, small business units, and corporates can transfer funds from any
bank to any individuals, small business units, and corporates having an account
in any other bank in India.
NEFT
Full Form: New England Fly Tyers
Full
Form of NEFT refers to New England Fly Tyers.
It is a non-profit establishment of fly tyers and fly fishers. The
objective of New England Fly Tyers is to promote challenges of fly fishing in
order to motivate sportsmanship and conservation. The organization was
established in 1972 in Worcester, MA. Currently, it has members from more than
50 cities as well as the towns of Worcester Country. It is most active among
its kind. It holds 36 meetings across 9 months every year.
Before
the 1980s, NEFT never offered any formal fly tying instructions, as the members
of the club were willingly explaining to any interested observer, about what
exactly they were doing and instructions required for a beginner. Later, a
group of member discussed the possibility of having a formal and organized
course for fly typing. This lead to the skill-building course, which taught the
basics of fly tying like adjusting, setting up, starting the thread on a hook,
etc. Currently, the courses have evolved according to the requirement of the
learners and enthusiasts.
Full
Form of NEFT: North Eastern Frontier Tract
NEFT
Full Form stands for North Eastern
Frontier Tract. Formerly known as North-East Frontier Tracts, the North-East
Frontier Agency was one of the political departments in the British Empire in
India followed by the Republic of India up to 1972. In 1972, NEFT became the
Union Territory, Arunachal Pradesh. Shillong was the administrative
headquarters until 1974 after which it was shifted to Itanagar.
NEFT
entirely comprised of the princely Indian states, which were ruled by the
Indian princes and native rulers. It was mainly managed by a political
agent/resident of India, who was officially a diplomat who was in charge of
ensuring it was maintained in association with British administration.
Initially,
NEFT was divided into two – The Western Section and Central & Eastern
Section. The Central and Eastern Section comprised of Dibrugarh Frontier Tract
and other areas in the south. Both the sections were placed under individual
political officers. In 1967, to enhance administration, Agency Council was
constituted, which was an essential part of Assam State up to 1972. President
of India directly administered it whereas; Governor of Assam was its agent.
NEFT
Full Form: NIBSS Electronic Fund Transfer
Full
Form of NEFT refers to NIBSS Electronic Fund
Transfer. It is irreversible fund transfer instruction in which the bank
processes the request of fund transfers from their customers through electronic
means. Nevertheless, to be on the safer side, during every NIBSS Electronic
Fund Transfer, the bank always debits customer’s account before the transaction
in the order set aside the required fund. After debiting, the bank sends instructions
of customers (the creditor’s and beneficiary’s end) to NIBSS in the form of an
electronic file to process further.
NIBSS
simultaneously processes every electronic file from the bank to make sure the
beneficiary’s account is credited within few hours. NEFT is highly secure and
eliminates incidents of lost or stole cheques, unsafe transactions, and
fraudulent alterations of the payment amounts. It also allows customers to have
simple account reconciliation. NIBSS Electronic Fund Transfer has gained huge
popularity because of its time saving and safety features. NEFT does have a
very small percentage of service charges on outward transactions. However,
beneficiaries are not charged anything.