NEFT is an abbreviation that stands for “National Electronic Funds Transfer.” It is a system for electronically transferring funds from one bank account to another within India.

NEFT is operated by the Reserve Bank of India (RBI) and is used by banks and other financial institutions in India to facilitate the transfer of funds between accounts. It allows individuals and businesses to transfer funds to other accounts within the same bank or to accounts at other banks within India.

NEFT transfers are typically completed within a few hours and can be initiated through online banking, mobile banking apps, or by visiting a bank branch. In order to initiate a NEFT transfer, you will need to have the account number and IFSC (Indian Financial System Code) of the recipient’s bank account.

NEFT is a popular choice for transferring funds within India because it is a safe, secure, and convenient way to transfer money electronically. It is also relatively inexpensive, with banks typically charging a small fee for each NEFT transaction.

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