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Table of Contents
NEFT Full Form is National Electronic Funds Transfer
NEFT meaning is National Electronic Funds Transfer. Institute for Development and Research in Banking Technology is the main founder of this technology. NEFT system is used for the transfer of funds electronically. This system is maintained by the Reserve Bank of India and it started its operation in 2005. It is not a real-time fund transfer system where it settles the funds on an hourly basis and this system is based on the net settlement of the amount. It is used for a smaller amount of money less than two lac. When we want to transfer money online from any bank branch then make sure that the respective branch must be NEFT enabled.
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