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Answer Posted / nitiin
hi friends,
some questions
Q.1. What is NEFT System?
Ans National Electronic Funds Transfer (NEFT) system is a
nation wide funds transfer system to facilitate transfer of
funds from any bank branch to any other bank branch.
Q. 2. Are all bank branches in the system part of the funds
transfer network?
Ans No. As on July 20, 2008, 46363 branches of 87 banks are
participating. Steps are being taken to widen the coverage
both in terms of banks and branches.
Q.3. Whether the system is centre specific or has any
geographical restriction?
Ans No, there is no restriction of centres or of any
geographical area inside the country. The system uses the
concept of centralised accounting system and the bank's
account, that are sending or receiving the funds transfer
instructions, gets operated at one centre, viz, Mumbai only.
The individual branches participating in NEFT could be
located anywhere across the country, as detailed in the list
provided on our website.
Q.4. What is the funds availability schedule for the
beneficiary?
Ans The beneficiary gets the credit on the same Day or the
next Day depending on the time of settlement.
Q.5. How does the NEFT system operate?
Step-1: The remitter fills in the NEFT Application form
giving the particulars of the beneficiary (bank-branch,
beneficiary's name, account type and account number) and
authorises the branch to remit the specified amount to the
beneficiary by raising a debit to the remitter's account.
(This can also be done by using net banking services offered
by some of the banks.)
Step-2: The remitting branch prepares a Structured Financial
Messaging Solution (SFMS) message and sends it to its
Service Centre for NEFT.
Step-3: The Service Centre forwards the same to the local
RBI (National Clearing Cell, Mumbai) to be included for the
next available settlement. Presently, NEFT is settled in six
batches at 0900, 1100, 1200, 1300, 1500 and 1700 hours on
weekdays and 0900, 1100 and 1200 hours on Saturdays
Step-4: The RBI at the clearing centre sorts the
transactions bank-wise and prepares accounting entries of
net debit or credit for passing on to the banks
participating in the system. Thereafter, bank-wise
remittance messages are transmitted to banks.
Step-5: The receiving banks process the remittance messages
received from RBI and effect the credit to the
beneficiaries' accounts.
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