Glossary:


Term - N : National Electronic Funds Transfer (NEFT)

National Electronic Funds Transfer (NEFT)


National Electronic Funds Transfer (NEFT)

An electronic payment system provided by the RBI which enables customers to send funds from a branch of one bank to a branch of another bank. Transactions are settled in batches at fixed times during the day unlike the high value RTGS (which see) that provides near instantaneous payment.
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