How to transfer funds through NEFT
Finance

How to transfer funds through NEFT I Step by step guide

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How to transfer funds through NEFT

NEFT Means “National Electronic Fund Transfer” Nowadays, many people transfer money through NEFT but very few people have complete information about it. It is very important to be aware of this important subject related to banking. How to transfer funds through NEFT is not a very tough task. if you know to operate the Facebook and WhatsApp, you can transfer your funds definitely. First, important thing is that you should have an internet banking account.

Basic Information about NEFT in detail

Before we go to our main topic How to transfer funds through NEFT, we should know its basic information.NEFT is a system of online fund transfer which many people adopt the following are the means of transferring online funds.

  • NEFT (National Electronic Funds Transfer)
  • RTGS (Real Time Gross Settlement)
  • IMPS (Immediate Payment Service )

Internet Banking is started in 2005, The Long form or full form of NEFT is “National Electronic Fund Transfer”
That means through this system we can transfer money to the whole country, but this is very important that the bank in which we are sending our money should be NEFT enabled bank.

This system is operated by RBI (Reserve bank of India).

The timing of Internet banking to send Money

The fund cannot be transferred on the second and fourth Saturday of the month on Sunday by this system
Also, we can not transfer fund through NEFT even on public holidays. Money can be transferred by this system only from 8:00 a.m. to 7:00 p.m. on the third and fifth Saturday of the month.

In case of RTGS and IMPS, the money is immediately reached in the account of the front but NEFT is sent only in the schedule set by the bank.

Money can be transferred from NEFT through online banking. If you don’t have internet banking go to the bank and transfer your fund through NEFT.

How to transfer fund through NEFT (Online process for sending money through NEFT)

Now we are starting our main topic How to transfer funds through NEFT. Here, we will discuss the process of transfer of funds through NEFT from State Bank’s online banking.

 

1. Insert  “Online SBI” in Browser

Go to your smartphone or computer.

open your favorite browser.

Search “onlinesbi” in the search bar.

Note- Friends In this process, pictures are taken from my original banking account. So for security reasons images are uploaded in low quality which are not perfectly visible. So try to understand what I am telling. see the arrow and follow the instructions to learn How to transfer funds through NEFT.

 

2. Open the State Bank Internet Banking

Now enter your Internet banking username and password.click login. Never share your username and password with anyone.i will also suggest you never save your passwords in browsers.it may be risky.

you will reach your internet banking dashboard.

 

3. Click on the transfer

 

4. Click on the fund transfer in your dashboard the State Bank

 

5. Select NEFT option

Here you will see three options to transfer your fund. Proceed with NEFT option.


6. Select Beneficiary

7. Fill in the required information.
8. Click on the Proceed.
9. Click Confirm.
Your money will be transferred to the NEFT timetable of the bank.

The Offline process to send money through NEFT

If you do not have internet banking then do not worry, this work can also be done offline.
You have to go to your nearest bank branch for this.
The NEFT / RTGS form will be filled in the bank.
The following information will be provided in this form.

  • Name
  • Account number
  • Branch name
  • Account type
  • IFSC code
  • Amount

After filling the entire information, submit the form to the bank. Your money will be transferred.

Fund transfer charge

  • Up to 10,000  –                         Rupees 2.5 + GST
  • 10,000 to one lakh –                Rupees 5 + GST
  • From one lakh to two lakh –  Rupees 15 + GST
  • From 2 lakh to 5 million –      Rupees 25 + GST
  • 5 lakhs to 10 lakhs-               Rupees25 + GST

Benefits of NEFT

1. No need to go to the bank.
2. Fund transfer fee is low.
3. For some reason, if the transaction fails then the money comes back quickly.

Top NEFT facility Providing Banks

  • ICICI Bank
  • SBI
  • The central bank of India
  • Bank of Baroda
  • HDFC Bank
  • Axis Bank
  • Punjab National Bank
  • Union Bank of India
  • Syndicate Bank

NEFT is a very good option to transfer our fund but this is not working for 24 X 7. This facility is only available Monday to Saturday from 8.00 AM to 7 PM. Due to lime limitation NEFT is not a very good facility.

I recommend you to transfer money through IMPS.IMPS is available for 24X7X365.It charge bit more amount as compare to NEFT which is negligible.

Thanks

I hope you found this article useful.  I have tried my best to tell you everything related to How to transfer funds through NEFT.if you have any problem or suggestions about this post please feel free to contact us on mail id how2earn.co@gmail.com

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Vinod Ahirwar
I am Vinod Ahirwar, founder of www.how2earn.co website, belonging to Tikamgarh, Madhya Pradesh India. I have done Graduation (B.Sc.- 2013) in Science Stream (Zoology Botany and Chemistry) from Dr.Hari Singh Gour Central University and M.Sc.- 2015 in the field of Botany. After M.Sc. I started PhD in the field of Ecology, but fortunately, I got selected for a Government Job, so I closed my PhD.
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