NEFT

NEFT (National Electronic Funds Transfer) sends money between bank accounts in batches through net banking or a branch, with no fixed upper limit.

NEFT: NEFT stands for National Electronic Funds Transfer. It moves money from one bank account to another through net banking, mobile banking or a branch. You add the person as a beneficiary using their account number and IFSC code, then send any amount.

People use NEFT for rent, school fees, salaries and bigger payments they do not want to put through UPI. Adding a beneficiary is a safety step: most banks apply a short cooling period or an OTP before the first payment. This slows down a fraud as well as helping you check the details. It is slower than UPI for small sums, but many people trust it for large, planned payments.

Fraud often arrives as a changed account number. A builder, landlord, supplier or relative seems to send new bank details by WhatsApp or email. Always confirm such a change by calling the person on a number you already had. A wrong NEFT is hard to recover once the other bank credits the account. Do not trust bank details that arrive by chat without a second check.

Tips

• Confirm any new or changed bank details by calling the person on a number you already know.
• Send a small test amount first when paying a new beneficiary.
• Keep the UTR reference number from every NEFT you make.

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