Saturday, April 4, 2009

NEFT transaction

What is a NEFT ?

NEFT is National Electronic Funds Transfer system which is used to transfer funds online from any bank to any other bank. Not all the banks has this facility.

How does this operate ?

The requests are settled in batches. You have to submit the NEFT request to bank and this will be submitted by the bank to its Service center. The service center then forwards the same to the local RBI, and will be included for next settlement. In weekdays the batches are at 0900, 1100, 1200, 1300, 1500 and 1700 hours and on Saturdays it is at 0900, 1100 and 1200 hours. So remember you have to submit the NEFT request quite earlier to this time so that the bank process it and sent.

Charges

After the Reserve Bank of India (RBI) asked the bank not to charge anything from the customers for withdrawing cash from other bank ATM, there is this NEFT charge comes into effect. It is the processing charge for transferring fund online using NEFT. This charge was waived till 31 March 2009 by the RBI. The charges are as follows,
Upto Rs 1 lakh - not exceeding Rs 5 per transaction.
Rs 1 lakh and above – not exceeding Rs 25 per transaction.

Advantages

Quick transfer of funds. Your fund will be processed on the same day itself, if submitted before the last settlement time.
No hassles of visiting the bank and getting DD or sending cheque. Assume if your parent lives far away from you and you need to send money to them, you may need to send Demand draft or cheque, which will again has postage/courier charges and collection charges. This NEFT way is too comfortable.

Whom to Contact if the money is not credited ?

First you need to contact your bank / branch. If the issue is not resolved satisfactorily, then you may need to contact the Customer Service Department of RBI on nefthelpdeskncc@rbi.org.in or write to -
The General Manager,
Reserve Bank of India,
National Clearing Centre
First Floor, Free Press House
Nariman Point
Mumbai – 400 027

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I am a Software Engineer based in Chennai, India. My hobbies are blogging, driving. You can contact me here, http://sameerbloggs.blogspot.com/2009/03/contact-me.html

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Disclaimer

Disclaimer: All the information given in this blog is only my ideas and knowledge what I got from internet or other sources. For any interest rate, charges etc check the particular service as the charge might have changed. Regarding the intraday trading tips, this is applicable for that day only and also shouldn't be taken as advice. All the actions taken by you is responsible by you only. Thanks.

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