NEFT Full Form: National Electronic Funds Transfer
NEFT full form is National Electronic Funds Transfer — an RBI payment system that moves money between banks in half-hourly batches, 24x7.
What is NEFT?
National Electronic Funds Transfer (NEFT) is a nationwide RBI-operated system for one-to-one fund transfers between bank accounts. Transfers are settled in half-hourly batches and, since December 2019, NEFT runs 24x7x365 including holidays.
Why NEFT matters
NEFT has no minimum or maximum transfer limit set by RBI (individual banks may cap it), and RBI has waived NEFT charges for savings-account online transfers — making it the default choice for routine, non-urgent transfers.
Example
Sending ₹75,000 to a supplier's HDFC account from your SBI account via net-banking NEFT costs nothing and typically settles within one half-hourly batch.
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Frequently asked questions
What is NEFT full form?
NEFT stands for National Electronic Funds Transfer, an RBI-run system for transferring money between banks in half-hourly settlement batches, available 24x7.
How long does an NEFT transfer take?
NEFT is settled in half-hourly batches. Most transfers complete within 30 minutes to 2 hours, though the beneficiary bank must credit the account within 2 hours of batch settlement.
What is the NEFT transfer limit?
RBI sets no minimum or maximum NEFT limit. Individual banks impose their own per-transaction and daily caps — often ₹10 lakh–₹25 lakh per day for online transfers.