NEFT : National Electronic Funds Transfer
Banking
What is the full form of NEFT?
NEFT stands for National Electronic Funds Transfer.
NEFT is an Indian course of action of electronic trade of money beginning with one bank then onto the following. It was presented by the Reserve Bank of India. It is an electronic resource move structure that relies upon Deferred Net Settlement (DNS) which settles trades in packs.
A bank office should be NEFT-empowered to participate in the NEFT store move. It takes typically one day to move the asset from one record to the recipient account. Settlements and freedom of the assets happen in bunches as per the rules of the RBI.
What is needed prior to utilizing NEFT?
A bank's client should have the accompanying data prior to utilizing NEFT.
1. Name and full Bank account number of the recipient to whom, you need to move cash).
2. Indian Financial System Code (IFSC) of the recipient Bank/Branch
Suggestions:
| Acronym | Full Form |
|---|---|
| ADB | Asian Development Bank |
| ATM | Automated Teller Machine |
| CBI | Central Bank of India |
| ECS | Electronic Clearing Service |
| ESI | Employees' State Insurance |
| HDFC | Housing Development Finance Corporation |
| HSBC | Hong-Kong and Shanghai Banking Corporation |
| ICICI | Industrial Credit and Investment Corporation of India |
| IDBI | Industrial Development Bank of India |
| IFSC | Indian Financial System Code |
| INR | Indian Rupee |
| IRDA | Insurance Regulatory and Development Authority |
| PAN | Permanent Account Number |
| PO | Post Office |
| PO | Probationary Officer |
| RBL | Ratnakar Bank Limited |
| RTGS | Real-Time Gross Settlement |
| SEBI | Securities and Exchange Board of India |
| SIDBI | Small Industries Development Bank of India |
| TDS | Tax Deducted at Source |
| UCO | United Commercial Bank |
| IBPS Clerk | Institute of Banking Personnel Selection Clerks |
| IBPS PO | Institute of Banking Personnel Selection Probationary Officer |
| IBPS SO | Institute of Banking Personnel Selection Specialist Officer |
| IBPS RRB | Institute of Banking Personnel Selection Regional Rural Banks |
| SBI Clerk | State Bank of India Clerk |
| SBI PO | State Bank of India Probationary Officer |
| SBI SO | State Bank of India Specialist Officer |
| RBI Recruitment | Recruitment Reserve Bank of India Recruitment |
| RBI Grade B | Reserve Bank of India Grade B |