NEFT: National Electronic Funds Transfer
National Electronic Funds Transfer (NEFT) is an Indian arrangement of electronic exchange of cash starting with one bank then onto the next. It was presented by Reserve Bank of India. It is an electronic reserve move framework that depends on Deferred Net Settlement (DNS) which settles exchange in clusters.
A bank office must to be NEFT-empowered to partake in NEFT support move. It takes normally one day to move the reserve from one record to the recipient account. Settlements and freedom of the assets occur in clumps as indicated by the rules of the RBI.