What Is The Information Required For NEFT Transfer?

The National Electronic Fund Transfer (NEFT) is an easy mechanism of fund transfer and in fact, is the most popular fund transfer electronically.

It takes a maximum of 1 hour, by which time amounts are transferred to the beneficiary.

Here is a list of information required to send money through NEFT:

1) Name of the beneficiary bank

One of the most important things is to be the beneficiary bank account correct. For this you need the IFSC Codes of the bank and its branches.

For example, if you are remitting to Union Bank of India, Vile Parle (East) branch in Mumbai, you need to get the IFSC Code and the account number of the beneficiary correct. Otherwise, the transaction would not go through.

2) Amount to be remitted

Please write the amount to be remitted correctly in words and in figures. Cross check once again before you send the amounts.

3) Name of the beneficiary

This may not be as important as the proper IFSC code and the bank account number. Nonetheless, it would always serve as a record, if you have the correct name and account number.

4) Information to be received

These days if you are sending online, banks like HDFC Bank will ask you how you would like to receive an intimation of the amounts credited. You can opt for various methods like SMS and email. This will enable you know when the amounts have been credited to the beneficiary accounts.

5) Mobile number of the remitter

This has now become important given that there is a need to notify the customer, if there is a failed NEFT Transaction. In fact, it would also help you know when the amounts have been remitted.

It is therefore imperative that a remitter, leaves behind his mobile number.

What are the charges that are applicable on the NEFT?

The charges that are applicable on the NEFT are as follows:

Upto Rs 10,000: Rs 2.50

Rs 10,000 - Rs 1 lakh: Rs 5

Rs 1 lakh to Rs 2 lakhs - Rs 15

Beyond Rs 15 lakhs - Rs 25

Remitting money through NEFT is much better than giving a cheque. It would save you the hassle of getting a cheque cleared in three days.

These days branches of all of the banks have the core banking system, which mean they are able to send and receive funds through the NEFT mechanism. So, it is easy, convenient and also very swift.

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