NEFT
National Electronic Funds Transfer
NEFT is India's national electronic funds transfer system for account-to-account payments. It processes transactions in batches at regular intervals rather than in real time, unlike IMPS.
NEFT operates 24/7 and is commonly used for routine retail and business payments. Transfers require IFSC codes to route funds to the correct bank branch.
Related Terms
IMPS
Immediate Payment Service
IMPS is India's real-time payments service that enables instant bank-to-bank transfers. It supports ...
RTGS
Real-Time Gross Settlement
RTGS is a funds transfer system where money moves from one bank to another on a real-time and gross ...
IFSC
Indian Financial System Code
IFSC is an 11-character alphanumeric code used to identify bank branches in India for electronic pay...
UPI
Unified Payments Interface
UPI is India's real-time payments system that enables instant transfers between bank accounts using ...
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