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.

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