Home

Payment Services

National Electronic Funds Transfer (NEFT)

Overview
  • National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is an application developed by RBI to facilitate customers to transfer funds from one bank account to another bank account in India. It is an efficient, secure, economical, reliable and expeditious system of funds transfer between Banks. There is no minimum or maximum limit for remittance through NEFT
Objectives/Benefits

Objective:

  • To provide an Electronic Funds Transfer System that facilitates an efficient, secure, economical, reliable and expeditious system of funds transfer and clearing in the banking sector throughout India, It replaces the existing paper based funds transfer and clearing system effectively.

NEFT offers the following advantages for funds transfer or receipt:

  • Round the clock availability on all days of the year.
  • Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.
  • Pan-India coverage through a large network of branches of all types of banks.
  • Positive confirmation to the remitter by SMS on credit to the beneficiary account.
  • Minimal Charges
  • Besides funds transfer, NEFT system can be used for a variety of transactions including the payment of credit card dues to the card issuing banks, payment of loan EMI, GST payment,etc.,
  • Credit to Beneficiary’s Account on the same day.
  • No charges for inward Remittance.
  • Money can be put to use by the beneficiary on the same day.
Eligibility
  • Customers of TNGB can send/receive remittances under NEFT Scheme to/ from any destination Bank/ Branch which is registered with RBI’s NEFT System.
The Essential Details required for remitting funds through NEFT system
  • Beneficiary`s Name
  • Beneficiary`s Branch Name
  • Beneficiary`s Bank Name
  • Beneficiary`s Account Type
  • Beneficiary`s Account No.
  • Beneficiary`s Branch IFSC
Amount of Remittance
  • There is no ceiling on minimum and maximum amount of remittance/ transaction.
Timings
  • 10.00 AM to 04.00 PM on all working days.
Rates & Charges
  • Inward Transactions: No Charges
  • Outward Transactions: Please refer to Service Charges link provided in the Home Page