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Can I use NEFT to pay bills or make other types of transactions?

Curious about NEFT (National Electronic Funds Transfer)

Can I use NEFT to pay bills or make other types of transactions?

Yes, NEFT can be used to pay bills and make other types of transactions such as loan repayments, investments, and donations to charities, among others. Many banks and financial institutions provide NEFT as a payment option for their customers to transfer funds to pay their utility bills, credit card bills, and other bills. To use NEFT for bill payments, customers need to provide the beneficiary's account details, including the account number and the IFSC code of the bank where the account is held. The process for initiating an NEFT transaction for bill payments is similar to that of a regular NEFT transfer.

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