NEFT FULL FORM

NEFT stands for National Electronic Funds Transfer. It is an electronic payment system in India that enables individuals and businesses to transfer funds from one bank account to another bank account across the country.

NEFT transactions are processed in batches, and the transfers are settled in hourly time slots. NEFT is a secure and reliable payment system that is widely used by individuals, businesses, and government agencies for various purposes, such as salary payments, bill payments, loan repayments, and more.

Term	Description
Full Form	National Electronic Funds Transfer
Origin	India
Introduced	2005
Payment Type	Electronic Fund Transfer
Transaction Limits	Minimum - Rs. 1 Maximum - No Limit
Transaction Charges	Depends on the bank and transaction amount
Transaction Time	Settled in hourly time slots from 8:00 am to 7:00 pm on weekdays and 8:00 am to 1:00 pm on Saturdays (except second and fourth Saturdays and bank holidays)
Security Features	Uses two-factor authentication, encryption, and digital signatures to ensure secure transactions
Uses	Used for various purposes, such as salary payments, bill payments, loan repayments, and more

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