Understanding NEFT: The National Electronic Funds Transfer System - Chennai

The National Electronic Funds Transfer (NEFT) system is an Indian electronic payment system that facilitates the transfer of funds between bank accounts on a one-to-one basis. For those wondering what is neft, it is a system operated by the Reserve Bank of India that enables individuals, businesses, and corporates to electronically transfer funds from any bank branch to any other bank branch in the country. Transactions are processed in batches and settled in half-hourly intervals, ensuring timely transfers. NEFT operates on a deferred net settlement basis, providing a secure, efficient, and cost-effective means of transferring funds, making it a vital component of India's banking infrastructure.