NEFT

National Electronic Funds Transfer

NEFT is India's national electronic funds transfer system for account-to-account payments. It processes transactions in batches at regular intervals rather than in real time, unlike IMPS.

NEFT operates 24/7 and is commonly used for routine retail and business payments. Transfers require IFSC codes to route funds to the correct bank branch.

Related Terms

IMPS

Immediate Payment Service

IMPS is India's real-time payments service that enables instant bank-to-bank transfers. It supports ...

RTGS

Real-Time Gross Settlement

RTGS is a funds transfer system where money moves from one bank to another on a real-time and gross ...

IFSC

Indian Financial System Code

IFSC is an 11-character alphanumeric code used to identify bank branches in India for electronic pay...

UPI

Unified Payments Interface

UPI is India's real-time payments system that enables instant transfers between bank accounts using ...

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