NEFT Full Form What is the full form of NEFT?

NEFT Full Form

What is the full form of NEFT?

NEFT full form is National Electronic Funds Transfer. 

            It is basically an electronic money transfer system that was introduced by the RBI (Reserve Bank of India). It is one of the most secure and fastest mediums used by individuals to transfer money and mainly it is a paperless facility. With this medium, you can send money within just a few minutes. There is no time limitation to using this mode to send cash as it is available 24*7 and 365 days. 

        Anyone who may be an individual, corporation or firm having a current or savings account is eligible to transfer money through NEFT. By this one can transfer funds from one account to another within the same bank, as well as between accounts from other banks.  

What are the details required for NEFT?

        In order to transfer money through NEFT banking, you must first add the person or organization to whom you want to send money as a beneficiary. And for that, you must have some details regarding to the account as follows. 

Name of the account holder to whom you want to send funds

1. Bank Account number of beneficiary 
2. Bank name
3. Branch name of the bank 
4. Branch IFSC code of the bank
5. Amount details 

        After adding a beneficiary, you are required to wait for a few minutes/hours to get it activated by the bank. Once it gets activated, you can perform transactions.