|Definition||:||National Electronic Fund Transfer|
What does NEFT mean?
National Electronic Fund Transfer (NEFT) is a nation-wide payment system that facilitates individuals, firms and corporates to electronically transfer funds from one bank account to another within India. NEFT is not a real-time fund transfer system, it settles fund transfers in half-hourly batches. NEFT facility is available only on bank working days between 8:00 AM to 6:30 PM.