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What is the process for initiating an NEFT transfer?

Curious about NEFT (National Electronic Funds Transfer)

What is the process for initiating an NEFT transfer?

To initiate an NEFT transfer, you need to follow the below steps:

1. First, you need to have access to net banking or mobile banking facility provided by your bank.

2. Log in to your bank's net banking or mobile banking portal.

3. Select the option to transfer funds via NEFT.

4. Enter the beneficiary's bank account number, name, and IFSC code.

5. Enter the amount you want to transfer.

6. Verify the details and confirm the transaction.

7. You will receive a transaction confirmation message with a unique transaction reference number (UTR) for future reference.

Note that some banks may charge a nominal fee for NEFT transactions. Also, the cutoff time for initiating an NEFT transaction varies by bank, and transactions initiated after the cutoff time may be processed on the next business day.

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