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Old 3rd December 2015, 11:48 AM
Super Moderator
Join Date: May 2012
Default Re: Full Form NEFT bank

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
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