National Electronic Funds Transfer (NEFT)

Features & Benefits

Need to transfer funds from your bank branch to any other bank branch? Federal Bank provides NEFT Services to make fund transfer easy, secure and convenient. National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. 
Facilitates transfer of funds from any Federal Bank branch to any other bank branch
NEFT facility is available 24 x 7, 365 days
This works on the secure INFINET platform provided by IDRBT, an initiative of Reserve Bank of India.
There is no limit  on the amount of funds that could be transferred using NEFT.
Maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances.
Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT.

How to apply ?

Individuals, firms or corporates maintaining accounts with us can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc. 
The remitter needs to fill in the NEFT Application form by giving the particulars of the
  • Beneficiary Bank-branch
  • Beneficiary's name
  • Account type
  • Account number
  • The branch will remit the specified amount to the beneficiary by raising a debit to the remitter's account.
  • NEFT fund transfer can be also done through our Internet Banking Facily-FedNet as well as Mobile Banking - FedMobile
Presently, NEFT is settled in eleven hourly settlements and there is no value limit for individual transactions. The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

Customer Facilitation Centres (CFC)

For getting any assistance on NEFT transactions, please refer the contact details of Customer Facilitation Centres of the banks.

IFS Codes

IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
Frequently Asked Questions- NEFT

Frequently Asked Questions- NEFT

What is NEFT?
NEFT stands for National Electronic Fund Transfer. It is an electronic payment system in India that facilitates one-to-one funds transfers between bank accounts.

How does NEFT work?
NEFT works by electronically transferring funds from the account of the sender to the account of the recipient. The process involves batch-wise settlements and is settled in hourly batches throughout the day.

What are the benefits of using NEFT for fund transfers?
NEFT offers benefits such as convenience, cost-effectiveness, and accessibility. It allows individuals and businesses to transfer funds securely and reliably to any bank account across India.

Is NEFT available 24x7?
Yes, NEFT is available 24x7. The Reserve Bank of India (RBI) made NEFT available round the clock in December 2019, enabling users to initiate transfers at any time, including weekends and holidays.

Is there a limit on the amount that can be transferred using NEFT?
No, there is no maximum or minimum limit set by the RBI for NEFT transactions. However, individual banks may impose their own limits for security and operational purposes.

Can I transfer funds internationally using NEFT?
No, NEFT is a domestic fund transfer system within India. For international transfers, you would need to use other mechanisms such as SWIFT transfers or international wire transfers.

How long does it take for a NEFT transfer to be completed?
NEFT transfers are settled in hourly batches throughout the day. Generally, the funds are credited to the beneficiary's account within a few hours, although it can vary depending on the bank's processing time.

Are there any transaction charges for using NEFT?
Yes, there may be nominal transaction charges levied by the bank for NEFT transfers. The charges vary from bank to bank and can depend on factors such as the transfer amount and the type of account.

Can I schedule future-dated payments through NEFT?
Yes, you can schedule future-dated NEFT payments using Internet Banking or Mobile Banking. You can specify the date and time for the transfer, and the funds will be transferred accordingly.

Can I initiate NEFT transfers through mobile banking app?
Yes, you can avail NEFT services through FedMobile, our mobile banking app. You can initiate and track NEFT transfers conveniently using your mobile device.

Are NEFT transactions safe and secure?
Yes, NEFT transactions are generally considered safe and secure. Banks and financial institutions use encryption and other security measures to protect the transfer of funds and customer information.

Can I use NEFT to transfer funds to another bank account holder's account?
Yes, you can use NEFT to transfer funds to any bank account holder's account, as long as you have the necessary details such as the recipient's bank account number, bank name, and branch.

Is there a cutoff time for NEFT transactions?
Yes, each bank may have its own cutoff time for initiating NEFT transactions. If a transfer is initiated after the cutoff time, it may be processed in the next batch.

Can I track the status of my NEFT transfer?
Yes, you can track the status of your NEFT transfer through your Internet Banking / Mobile Banking facility. You may also get in touch with your branch. 

What information do I need to provide to initiate a NEFT transfer?
To initiate a NEFT transfer, you typically need to provide details such as the recipient's bank account number, bank name, branch, and the IFSC (Indian Financial System Code) of the recipient's bank branch.

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