{"id":1821,"date":"2021-08-07T18:24:25","date_gmt":"2021-08-07T18:24:25","guid":{"rendered":"https:\/\/www.smarthacked.com\/?p=1821"},"modified":"2022-12-05T17:15:58","modified_gmt":"2022-12-05T17:15:58","slug":"neft-transfer-what-are-the-fees-and-charges","status":"publish","type":"post","link":"https:\/\/www.smarthacked.com\/neft-transfer-what-are-the-fees-and-charges\/","title":{"rendered":"NEFT Transfer: What Are the Fees and Charges?"},"content":{"rendered":"
For over a year and a half now, National Electronic Funds Transfers (or NEFTs) have been permissible to route on a 24\/7 basis i.e., users have the liberty to transfer funds from their account to a beneficiary\u2019s account at any point of time during the year. This change was imposed by the Reserve Bank of India (or RBI) in December 2019 and has been active since. It implies that NEFTs are also permissible on weekends and holidays.<\/span><\/p>\n What is an NEFT Transfer?<\/b><\/p>\n \u00a0<\/b>For the uninitiated, NEFTs allow holders of bank accounts to make fund transfers with a higher amount of efficiency.\u00a0<\/span><\/p>\n \u00a0<\/span>Online and offline transfers can be made under <\/span>NEFT<\/span><\/a>. Those seeking to transfer the same are required to provide specific details that hold true for the beneficiary. In addition to these details, they are also required to give the payee an IFSC code which is 11 digits long and a unique figure.<\/span><\/p>\n \u00a0<\/span>It is important to understand that NEFTs are processed and cleared in a sequential manner made up of batches. This implies that each time a request for an NEFT is made, it is added to a queue.\u00a0<\/span><\/p>\n Each of these NEFTs is then cleared once it reaches the front of this queue i.e., when it is to be settled in a batch of others requested at a similar point in time.<\/span><\/p>\n While funds can be transferred via a number of platforms including IMPS, RTGS, and UPI, NEFTs are most popular. This is owed to a number of reasons established below.<\/span><\/p>\n o \u00a0 NEFTs have a low processing charge.<\/span><\/p>\n o \u00a0 The RBI has not imposed any limit on the number of funds that can be transferred.<\/span><\/p>\n