national electronic fund transfer
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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.