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National Electronic Funds Transfer (NEFT) System

20. What are the penalties / compensation for delayed credit or return of funds by beneficiary bank? +

Ans: If the NEFT transaction is not credited or returned within two hours after batch settlement, then the bank is liable to pay penal interest to the affected customer at the current RBI LAF Repo Rate plus two percent for the period of delay / till the date of credit or refund, as the case may be, is afforded to the customers’ account without waiting for a specific claim to be lodged by the customer in this regard.

23. How can I file complaint under the RB-IOS, 2021? +

Ans: Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - /documents/87730/39016390/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

These FAQs are issued by the Reserve Bank of India for information and general guidance purposes only. The Bank will not be held responsible for actions taken and/or decisions made on the basis of the same. For clarifications or interpretations, if any, one may be guided by the relevant circulars and notifications issued from time to time by the Bank.

6. Who can avail NEFT system for fund transfer / receipt? +

Ans: Individuals, firms and corporates maintaining accounts with any member bank, participating in the NEFT system, can electronically transfer funds to any individual, firm or corporate having an account with any other bank in the country participating in the NEFT system.

The list of bank-wise branches participating in NEFT is available on the website of RBI at /en/web/rbi/-/list-of-neft-enabled-bank-branches-bank-wise-indian-financial-system-code-updated-as-on-june-30-2023-2009-1.

1. What is National Electronic Funds Transfer (NEFT) system?

Ans: National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). The set of procedures to be followed by various stakeholders participating in the system is available on the RBI website under the following link: /en/web/rbi/-/national-electronic-funds-transfer-system-procedural-guidelines-2346

2. What are the advantages of using NEFT system? +

Ans: NEFT offers the following advantages for funds transfer or receipt:

Round the clock availability on all days of the year.
Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.
Pan-India coverage through large network of branches of all types of banks.
The beneficiary need not visit a bank branch for depositing the paper instruments. Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.
Positive confirmation to the remitter by SMS / e-mail on credit to beneficiary account.
Penal interest provision for delay in credit or return of transactions.
No levy of charges by RBI from banks.
No charges to savings bank account customers for online NEFT transactions.
The transaction charges have been capped by RBI.
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.