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Q.*. What are the operatin# hours o NEFT?
Ans : 4resently! NEFT operates in hourly #atches - there are
twel"e settlements from / am to 5 pm onwee$ days (3onday through
Friday) and si+ settlements from / am to 6 pm on aturdays.
Q.+. ,o! does the NEFT syste& operate?
tep-6 : An indi"idual * firm * corporate intending to originate
transfer of funds through NEFT has to fill anapplication form
pro"iding details of the #eneficiary (li$e name of the #eneficiary!
name of the #an$#ranch where the #eneficiary has an account!
%F& of the #eneficiary #an$ #ranch! account type andaccount
num#er) and the amount to #e remitted. The application form will #e
a"aila#le at the originating#an$ #ranch. The remitter authori7es
his*her #an$ #ranch to de#it his account and remit the
specifiedamount to the #eneficiary. &ustomers en8oying net
#an$ing facility offered #y their #an$ers can alsoinitiate the
funds transfer re9uest online. ome #an$s offer the NEFT facility
e"en through the AT3s.al$-in customers will! howe"er! ha"e to gi"e
their contact details (complete address and telephonenum#er! etc.)
to the #ranch. This will help the #ranch to refund the money to the
customer in case creditcould not #e afforded to the #eneficiary;s
#an$ account or the transaction is re8ected * returned for
anyreason.
tep-< : The originating #an$ #ranch prepares a message and
sends the message to its pooling centre(also called the NEFT er"ice
&entre).
tep-= : The pooling centre forwards the message to the NEFT
&learing &entre (operated #y National&learing &ell!
eser"e an$ of %ndia! 3um#ai) to #e included for the ne+t a"aila#le
#atch.
tep-0 : The &learing &entre sorts the funds transfer
transactions destination #an$-wise and preparesaccounting entries
to recei"e funds from the originating #an$s (de#it) and gi"e the
funds to the destination#an$s(credit). Thereafter! #an$-wise
remittance messages are forwarded to the destination #an$s
throughtheir pooling centre (NEFT er"ice &entre).
tep- : The destination #an$s recei"e the inward remittance
messages from the &learing &entre andpass on the credit to
the #eneficiary customers; accounts.
Q.. What is (F/?
Ans : %F& or %ndian Financial ystem &ode is an
alpha-numeric code that uni9uely identifies a #an$-#ranch
participating in the NEFT system. This is an 66 digit code with the
first 0 alpha charactersrepresenting the #an$! and the last >
characters representing the #ranch. The th character is
(7ero).%F& is used #y the NEFT system to identify the
originating * destination #an$s * #ranches and also toroute the
messages appropriately to the concerned #an$s * #ranches.
Q.10. ,o! can the (F/ o a bank-branch be ound?
Ans: an$-wise list of %F&s is a"aila#le with all the
#an$-#ranches participating in NEFT.?ist of #an$-
wise #ranches participating in NEFT and their %F&s is
a"aila#le on the we#site of eser"e an$ of
%ndiaathttp:**www.r#i.org.in*cripts*#s@"iewcontent.asp+%dB
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Q.11. What are the processin# or ser%ice char#es or NEFT
transactions?
Ans: The structure of charges that can #e le"ied on the customer
for NEFT is gi"en #elow:
a) %nward transactions at destination #an$ #ranches (for credit
to #eneficiary accounts) Free! no charges to #e le"ied from
#eneficiaries.
#) 'utward transactions at originating #an$ #ranches 2 (4lease
refer to er"ice &harges lin$).
c) &harges applica#le for transferring funds from %ndia to
Nepal using the NEFT system (under the %ndo-Nepal emittance
Facility cheme) is a"aila#le on the we#site of %at
http:**r#i.org.in*scripts*FACDiew.asp+%dB>5ith effect from 6st
uly
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Q.1'. /an NEFT be used to transer unds ro& 3 to N4E and N45
accounts?
Ans: Ies. NEFT can #e used to transfer funds from or to NE and
N' accounts in the country. This!howe"er! is su#8ect to the
adherence of the pro"isions of the Foreign E+change 3anagement
Act!
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The remitter need not send the physical che9ue or Gemand Graft
to the #eneficiary.
The #eneficiary need not "isit his * her #an$ for depositing the
paper instruments.
The #eneficiary need not #e apprehensi"e of loss * theft of
physical instruments or the li$elihood
of fraudulent encashment thereof.
&ost effecti"e.
&redit confirmation of the remittances sent #y 3 or
email.
emitter can initiate the remittances from his home * place of
wor$ using the internet #an$ing
also.
Near real time transfer of the funds to the #eneficiary account
in a secure manner.
