NEFT

Overview

NEFT (National Electronic Funds Transfer) is an RBI-operated electronic payment system that enables customers to transfer funds from one bank account to another across India. It provides a secure, dependable and convenient channel for electronic fund transfers between participating banks.

Objectives/Benefits

Designed to modernize the banking sector, this electronic framework serves as a secure, cost-effective, and highly efficient replacement for legacy paper-based clearing systems. It guarantees reliable, high-speed, and encrypted funds routing to any bank account across India.

Round the clock availability on all days of the year.

Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.

Pan-India coverage through a large network of branches of all types of banks.

Positive confirmation to the remitter by SMS on credit to the beneficiary account.

Minimal Charges.

Credit to Beneficiary’s Account on the same day.

No charges for inward Remittance.

Money can be put to use by the beneficiary on the same day.

Eligibility

Customers of PyGB can send/receive remittances under NEFT Scheme to/from any destination Bank/Branch which is registered with RBI’s NEFT System.

Essential Details Required

Beneficiary's Name

Beneficiary's Branch Name

Beneficiary's Bank Name

Beneficiary's Account Type

Beneficiary's Account No.

Beneficiary's Branch IFSC

Amount of Remittance

There is no ceiling on minimum and maximum amount of remittance/transaction.

Rates & Charges

NEFT - Commission Amount	Service Charge
Up to Rs.10000	Rs. 3 /- per transaction
Rs.10000 to Rs. 1 lakh	Rs. 6 /- per transaction
Above Rs. 1 lakh to Rs. 2 lakh	Rs. 14/- per transaction
Above Rs. 2 lakh	Rs. 29/- per transaction

Other Conditions

Contact branch or use Online options(Net banking/Mobile banking)