NEFT (National Electronic Funds Transfer)
1) NEFT stands for National Electronic Funds Transfer. It is an electronic payment system in India that enables individuals, companies, and organizations to transfer funds from one bank account to another. NEFT transactions are processed in batches and settled in hourly intervals throughout the day. It is a secure and convenient method for transferring money, widely used for various purposes such as salary payments, bill payments, and online purchases.
2)National Electronic Funds Transfer (NEFT) is a mode of online funds transfer that is introduced by the Reserve Bank of India (RBI). It quickly transfers money between banks throughout India. A bank branch must be NEFT-enabled for a customer to be able to transfer the funds to another party.
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