Get Application For National Electronic Fund Transfer /

The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre). The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch.

A National Electronic Fund Transfer (NEFT) slip or a NEFT form is a document that has to be duly-filled in, in order to initiate an electronic funds transfer. All banks will issue NEFT application forms at their respective operating branches.

Besides funds transfer, NEFT system can be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc. The transaction has legal backing. Available for one-way funds transfers from India to Nepal.

EFTs include, but are not limited to: Automated teller machine (ATM) transfers. Direct deposit payment or withdrawals of funds initiated by the payer. Direct debit payments in which a business debits the consumer's bank accounts for payment for goods or services.

Bottom line. EFT is a broad term that describes a variety of electronic payment methods. Two of those methods are ACH transfers and wire transfers. While ACH transfers are usually free but take a couple of days to process, wire transfers are generally quick but may cost a high fee.