National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.
For being part of the NEFT funds transfer network, a bank branch has to be NEFT- enabled. The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India at http://www.rbi.org.in/scripts/neft.aspx
Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc. NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.
Individuals, firms or corporates maintaining accounts with a bank branch can receive funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country.
Presently, NEFT settlement takes place in every half hour, 23 times a day during the week days including Saturdays, except Second and Fourth Saturdays of the Month (NEFT Batches start at 8.00 am, 8.30 am, 9.00 am, 9.30 am, 10.00 am, 10.30 am, 11.00 am, 11.30 am, 12.00 noon, 12.30pm, 1.00 pm, 1.30 pm, 2.00 pm, 2.30 pm, 3.00 pm, 3.30 pm, 4.00 pm, 4.30 pm, 5.00 pm, 5.30 pm, 6.00 pm, 6.30 pm and 7.00 pm).
The application form will be available at the originating branch. The remitter authorize his/her bank branch. The remitter authorize his/her bank branch to debit his account and remit the specified amount to the beneficiary. Thereafter, bank-wise remittance messages are forwaded to the destination banks through their pooling centre(NEFT Service Centre)
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
Bank-wise list of IFSCs is available with all the bank-branches participating in NEFT. List of bank-wise branches participating in NEFT and their IFSCs is available on the website of Reserve Bank of India at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009. All the banks have also been advised to print the IFSC of the branch on cheques issued to their customers
The structure of charges that can be levied on the customer for NEFT Click here
The beneficiary can expect to get credit for the NEFT transactions within two business hours (currently NEFT business hours is from morning 8 AM to evening 7 PM on all working days from the batch in which the transaction was settled.
In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer Facilitation Centre (CFC) of the respective bank can be contacted (the remitter can contact his bank’s CFC; the beneficiary may contact the CFC of his bank).
Contact your branch / bank
The Chief Manager,
Punjab & Sind Bank
II nd Floor , HO IT Department , Rajendra Place
or send an e-mail. : rtgs[at]psb[dot]co[dot]in