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FAQs National Electronic Funds Transfer (NEFT)

What is NEFT System?  

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

Are all bank branches in the system part of the funds transfer network? 

For being part of the NEFT funds transfer network, a bank branch has to be NEFT- enabled. The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India at http://www.rbi.org.in/scripts/neft.aspx

Who can transfer funds using NEFT?  

Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc. NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.

Who can receive funds through the NEFT system?  

Individuals, firms or corporates maintaining accounts with a bank branch can receive funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country.

What are the operating hours of NEFT?  

NEFT services are available 24*7. NEFT Settles fund transfers in half-hourly batches with 48 settlements occurring everyday regardless of a Holiday. (NEFT Batches start at 00:30 hours, 01:00 hours, 01:30 hours, 02:00 hours, 02:30 hours, 03:00 hours, 03:30 hours, 04:00 hours, 04:30 hours, 05:00 hours, 05:30 hours, 06:00 hours, 06:30 hours, 07:00 hours, 07:30 hours, 08:00 hours, 08:30 hours, 09:00 hours, 09:30 hours, 10:00 hours, 10:30 hours, 11:00 hours, 11:30 hours, 12:00 hours, 12:30 hours, 13:00 hours, 13:30 hours, 14:00 hours, 14:30 hours, 15:00 hours, 15:30 hours, 16:00 hours, 16:30 hours, 17:00 hours, 17:30 hours, 18:00 hours, 18:30 hours, 19:00 hours, 19:30 hours, 20:00 hours, 20:30 hours, 21:00 hours, 21:30 hours, 22:00 hours, 22:30 hours, 23:00 hours, 23:30 hours, 00:00 hours).

How does the NEFT system operate?  

The application form will be available at the originating branch. The remitter authorize his/her bank branch. The remitter authorize his/her bank branch to debit his account and remit the specified amount to the beneficiary. Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre(NEFT Service Centre).The NEFT services can also be availed via Internet Banking and Mobile Banking

What is IFSC? 

IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.

How can the IFSC of a bank-branch be found?  

Bank-wise list of IFSCs is available with all the bank-branches participating in NEFT. List of bank-wise branches participating in NEFT and their IFSCs is available on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009. All the banks have also been advised to print the IFSC of the branch on cheques issued to their customers

What are the processing or service charges for NEFT transactions?  

The structure of charges that can be levied on the customer for NEFT Click here

When can the beneficiary expect to get the credit to his bank account?  

The beneficiary can expect to get credit for the NEFT transactions within two business hours.

Who should be contacted in case of non-credit or delay in credit to the beneficiary account? 

In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer Facilitation Centre (CFC) of the respective bank can be contacted (the remitter can contact his bank’s CFC; the beneficiary may contact the CFC of his bank).

Contact your branch / bank

The Chief Manager,
Punjab & Sind Bank
II nd Floor , HO IT Department , Rajendra Place
New Delhi-110008
Ph: 011-25860657/25826216
or send an e-mail. : rtgs[at]psb[dot]co[dot]in


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