What is the full form of NEFT?

What is the full form of NEFT?

The full form of NEFT is “National Electronic Funds Transfer“. It is an Indian system of electronic transfer of money from one bank to another. NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. Unlike IMPS and RTGS, fund transfers through the NEFT system do not occur in real-time basis. A bank branch must to be NEFT-enabled to take part in NEFT fund transfer. NEFT has been available for customers on all days of the year (24×7), including holidays.