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National electronic fund transfer

The national electronic fund transfer (NEFT) system is a nation-wide system that facilitates

individuals, firms and corporates to electronically transfer funds from any bank branch to any

 

individual, firm or corporate having an account with any other bank branch in the country. For being

part of the NEFT funds transfer network, a bank branch has to be NEFT-enabled. As at end-January

 

2011, 74,680 branches / offices of 101 banks in the country (out of around 82,400 bank branches) are

NEFT-enabled. Steps are being taken to further widen the coverage both in terms of banks and

 

branches / offices.[1]

 

IFSC or Indian financial system code is required to perform a transaction using NEFT or

RTGS. IFSC code identifies a specific branch of a bank. IFSC code can be found out on RBI website.

 

These codes are also known from your bank branch, and it is best to confirm the IFSC code, before

going for any transaction.

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