What is NEFT? How National Electronic Funds Transfer works
Adapted from RBI's NEFT FAQ
NEFT (National Electronic Funds Transfer) is India's batch-based electronic payment system. Transfers submitted are grouped and settled in batches throughout the day, rather than instantly one at a time.
There is no minimum or maximum amount for a standard NEFT transfer between bank accounts.
NEFT processes payments in scheduled batches, while RTGS settles each transaction individually and continuously in real time. RTGS is generally used for larger-value transfers.
You need the beneficiary's account number, the receiving branch's IFSC code, and the beneficiary's name and bank details.