Cheques are not needed

National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. ICICI and HDFC bank customers can avail this service free. Online ICICI Bank customer should login to his A/c and have to choose Fund Transfer menu. Then he has to choose " Transfer Fund to Selected Non ICICI Bank A/c' menu. Intially he has to register the payee's name, A/c No., Branch Name and Bank Name. After SMS confirmation , he can freely transfer money to that A/c. HDFC Babnk online customers should choose 'Third Party Transfer" menu.The money will reach the A/c next day. NEFT is settled in six batches at 0930, 1030, 1200, 1300, 1500 and 1600 hours on weekdays and 0930, 1030 and 1200 hours on Saturdays.

The Previous RBI-EFT system is limited to the 15 RBI centres providing the facility, whereas there is no such restriction in NEFT as it is based on centralised concept. The detailed list of branches of various banks participating in NEFT system is available on RBI's website. The system also uses the state-of-the-art technology for the communication, security etc. and thereby offers means of providing better customer service.

The essential information that the remitting customer has to furnish is:Beneficiary details such as beneficiary name and account number Name and IFSC of the beneficiary bank branch(available at ICICI and HDFC banks website) . This system can be used only for remitting Indian Rupee among the participating banks within the country.


Post a Comment

All comments are moderated. Please post no spam

Disclaimer & Privacy Policies

(c) Mrs. Ruby Christy. This site and contents are owned by Mrs. Ruby Christy;
Use of this website and/or services offered by us indicates your acceptance of our Disclaimer& Privacy Policies.

Information and opinions provided on this website ( has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. and its affiliates, information providers or content providers and R.John Christy and his Family shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this website or feeds, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information.,its affiliates, information providers ,content providers and R. John Christy and his Family shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this website. Any action you choose to take in the markets is totally your own responsibility. and R. John Christy and his Family will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. Opinions expressed by R. John Christy are his own and not of his past, present and future employers.
The DoubleClick DART cookie is used by Google in the ads served on this websites displaying AdSense for content ads. When users visit this website and either view or click on an ad, a cookie may be dropped on that end user's browser.
  • Google, as a third party vendor, uses cookies to serve ads on this site.
  • Google's use of the DART cookie enables it to serve ads to your users based on their visit to this site and other sites on the Internet.
  • Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy.
  • never collects any personal information of visitors.