Full Form NEFT bank

Hello, I want the full form of the NEFT bank and also the details related to it, what does it mean?

[Shaleen]

Hello, here I am providing you the details of the NEFT bank and the full form opf it as under:

NEFT full form:
National Electronics Fund Transfer

Meaning of the NEFT:
“NEFT System” means the National Electronic Funds Transfer System established by these guidelines for carrying out inter-bank funds transfers within India (and from India to Nepal), and providing for settlement of payment obligations arising out of such funds transfers, among the participating banks.

What is a NEFT code?
The Indian Financial System Code (IFSC Code) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems.

Difference between NEFT and RTGS:
Minimum/Maximum amount for RTGS/NEFT transactions under Retail Internet Banking
Type Minimum Maximum
RTGS Rs. 2 Lakh No limit
NEFT No Limit No limit