Hello friends, welcome to StudyDev. Today we are going to give you information about NEFT Full Form in Banking. You would know that there are many such platforms in India. Through which we can easily transfer money from one bank account to another bank account.
The online payment system in India has many other online payment methods like Google Pay, Phone Pay, Paypal, and Paytm. With this, we can easily make payments. But first in the banking sector NEFT was used to do this work. An NEFT, RTGS, both of these are different platforms. Which we are going to see next. In this article, we will tell you NEFT Full Form in Banking, what it means, how it works. So let’s start this post
What Is NEFT Full Form in Banking –
NEFT Full Form – National Electronic Fund Transfer
NEFT Full Form In Hindi – राष्ट्रीय इलेक्ट्रॉनिक निधि अन्तरण
NEFT Full Form In Tamil – தேசிய மின்னணு நிதி பரிமாற்றம்
NEFT Full Form In Punjabi – ਨੈਸ਼ਨਲ ਇਲੈਕਟ੍ਰੌਨਿਕ ਫੰਡ ਟ੍ਰਾਂਸਫਰ
What Is NEFT Full Form in Banking Sector
So, friends, we tell you what is NEFT and how it works. We call NEFT as National Electronic Funds Transfer System. This is also called National Electronic Fund Transfer in the Hindi language. It works both online and offline.
To use NEFT, you must have a bank account and the IFSC code of the person to whom you want to send money and the name of the owner of the account should be known. We can send money from one bank account to another through the scheme. It has been started in the year 2005 and is operated by the Reserve Bank of India (Rbi). With this method, we can transfer money to another NEFT-enabled bank account very easily in one bank so that the customer of the bank can very easily.
Let us tell you that in order to transfer money from it, you have to follow some rules. With NEFT you can send your money on 1st, 3rd and 5th Saturdays of the week from 8.00 am to 7.30 pm. This scheme does not work on the second and fourth Saturdays of the month, on Sundays, or on public holidays.
Let us tell you that we can send money through NEFT in two ways. One way is online and the other is offline. To receive money offline you have to visit the branch of the bank. And if you want to give your money to someone online, then you do not have to go to the bank. We call this online banking. This saves a lot of time for the people, due to which people like it very much. With this, we can send money online very easily. Let us tell you that RTGS and IMPS are slightly different from NEFT. Just like the money given from NEFT goes to the bank account at a certain time. On the contrary, the money sent through RTGS and IMPS gets credited immediately to the bank account of the person in front.
Full-Form Of NEFT, RTGS, and IMPS
- Full-Form Of NEFT – National Electronic Fund Transfer
- Full-Form Of RTGS – Real-Time Gross Settlement
- Full-Form Of IMPS – Immediate Payment Service
Read More: Full Form of MSME – MSME Ka Full Form
Ways To Transfer Money From NEFT
It has two methods, one online and the other offline. We are going to tell you about both.
- Online Method –
- You must have a net banking account to send money online. If you do not have it, you can register it on your bank’s website.
- After doing this, you will add the person to whom you want to send money in the name of the payee. For this, you should have some details of the person whom you are going to use in the ‘Add New Payee’ section.
1. Bank Account Number
2. Account Holder Name
3. Bank Account Type
4. Bank IFSC Code
- When you have added the payee, then you have to choose NEFT according to the fund transfer mode.
After doing this, you have to select that account, here you have to pay money. After this, you have to select the payee and after that, you have to fill that amount. as many as you want to send. After this add remarks. After doing this your money will be sent.
2. Offline Method –
We have told you how to send money online through NEFT above. Now we are going to tell you the way to send money offline.
- For this you have to first go to your bank.
- After this, you have to fill in all the information of the payee online like their bank name, payee name, account number, branch, IFSC Code, Account Type, and the amount you want to transfer.
Finally, you have to fill and submit this form, so that the bank employee can take further action, to send your money.
Read More: UPSC Full Form – UPSC Full Form In Hindi
Top Banks That Provide NEFT Facility
- Axis Bank NEFT
- Punjab National Bank (PNB) NEFT
- Union Bank of India NEFT
- Indian Overseas Bank (IOB) NEFT
- Syndicate Bank NEFT
- Central Bank of India NEFT
- Bank of Baroda NEFT
- HDFC NEFT
- ICICI NEFT
- SBI NEFT
So, friends, we end this post on this. Today we have given you information about NEFT Full Form in Banking. We hope that you will like our information very much. I request you to share this NEFT Full Form post with your friends. so that he can get information about it.