Definition : National Electronic Fund Transfer
Category : Business » Banking
Country/Region : India India
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What does NEFT mean?

National Electronic Fund Transfer (NEFT) is a nation-wide payment system that facilitates the electronic transfer of 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.