An electronic fund transfer system in India that enables bank-to-bank transfers in batches, available 24/7 with near-instant settlement.
NEFT is one of India's most widely used electronic payment systems, operated by the Reserve Bank of India. Since December 2019, NEFT operates 24/7/365 with half-hourly settlement batches. There is no minimum or maximum transaction limit. NEFT requires the beneficiary's bank account number, IFSC code, and name. It's preferred for large business-to-business payments where instant settlement isn't critical.
A business transfers ₹5,00,000 to a supplier's bank account via NEFT at 10 AM. The transfer is processed in the next settlement batch and the supplier receives the funds within 30 minutes.
Ensures accurate financial reporting and record-keeping
Helps maintain regulatory and tax compliance
Enables better-informed business decisions
Improves operational efficiency and cash flow management
NEFT processes in batches (every 30 minutes) and has no minimum limit. RTGS processes individually in real-time and requires a minimum of ₹2 lakh. RTGS is for urgent, large-value transfers.
Yes, since December 2019 NEFT operates 24/7/365 including weekends and bank holidays. However, processing may take slightly longer during off-hours.
A continuous, real-time payment system operated by RBI for large-value interbank transfers with a minimum transaction amount of ₹2,00,000, available 24/7.
An instant real-time payment system developed by NPCI that enables peer-to-peer and merchant payments through a single mobile interface across all Indian banks.
An instant interbank electronic fund transfer service in India available 24/7, enabling real-time money transfers up to ₹5 lakh through mobile, internet banking, or ATMs.
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