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National Electronic Funds Transfer (NEFT)

National Electronic Funds Transfer (NEFT)

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. 

Savings Accounts
  • Features & Benefits
  • Transaction Limits
  • How to apply ?
  • Timings for NEFT
  • Get Assistance - Customer Facilitation Centres
  • IFS Codes
  • Rates & Charges
  • Facilitates transfer of funds from any bank branch to any other bank branch
  • This works on the secure INFINET platform provided by IDRBT, an initiative of Reserve Bank of India.
  • There is no restriction of centres or of any geographical area within the country.
  • Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT
  • Besides personal funds transfer, the NEFT can also be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI etc.

 

There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances.
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.
Day Through Branch Through FedNet
Monday to Saturday During business hours 8.a.m to 6.30 p.m
 
NEFT facility will not be available on 2nd and 4th Saturdays of the month.

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

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.
 
Please refer to Rates & Charges page.