NEFT
Business & Finance abbreviation · Banking
| Stands for | National Electronic Funds Transfer |
|---|---|
| Categories | Business & Finance |
NEFT stands for National Electronic Funds Transfer, a banking abbreviation.
Indian electronic payment system, operated by the Reserve Bank of India, for transferring money between bank accounts, settled in half-hourly batches. It has no minimum or maximum amount and runs 24 hours a day.
Example: The supplier was paid by NEFT, using the IFSC printed on its cancelled cheque.
Usage notes
NEFT has operated round the clock since December 2019, and the RBI told banks to stop charging savings account customers for online NEFT transfers in 2020. Large urgent payments may use RTGS, while IMPS and UPI provide instant transfers. Payments need the beneficiary's account number and IFSC.
Related abbreviations
More banking abbreviations
- LCR – Liquidity coverage ratio
- LDR – Loan-to-deposit ratio
- LLP – Loan loss provision
- LOC – Line of credit
- MT103 – SWIFT MT103 message (single customer credit transfer)
- NACHA – Nacha (formerly National Automated Clearing House Association)
- NII – Net interest income
- NIM – Net interest margin
- NPA – Non-performing asset
- NPL – Non-performing loan
- NSF – Non-sufficient funds
- NSFR – Net stable funding ratio