It is Nationwide fund Transfer System to facilitate transfer of fund from one bank branch to another bank branch. The system uses the concept of cetralised account system.
in other words all transactions of all branches of a bank are netted with all debits and credits and are settled in one centre with other banks (in India at Mumbai)
It is settled in six batches at 9.00,11.00,12.00,13.00,15.00,17.00. hrs on week days.and for batches on saturday
There is no value for individual transaction. minimum amount is Rs. 1 only. there is no maximum limit for the same.
NEFT transaction can be done in cash transaction also
it also requires Indian financial system code of the branch where amount is to be remmitted
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