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Common questions for all e-monies national electronic funds transfer

All e-monies National Electronic Funds Transfer

Can I use e-Monies NEFT for foreign remittances?

This is a service designed only for remitting Indian Rupees within India.

What is IFSC? How is it different from the MICR code?

IFSC stands for ‘Indian Financial System Code’. It is an 11 digit, alpha numeric code designed to identify bank branches in India. The MICR code uses 9 digits to identify bank branches.

Is the e-Monies NEFT system better than the existing RBI-EFT system?

E-Monies NEFT has no restrictions, because it’s based on a centralized network. That’s not the case for the RBI-EFT system, which is confined to just 15 centres.

What information is required to use the e-monies NEFT service?

To use this service, you should provide the beneficiary details (name and account number), and the name and IFSC of the beneficiary bank branch.

If the money is not credited to the beneficiary’s account while using the e-monies NEFT service, will I get it back?

Your funds will be returned to your account if they are not credited.

How does the e-monies NEFT service differ from RGTS and EFT?

E-Monies NEFT is an electronic payment system, used to transfer funds to any part of India. It works on ‘net settlement’, unlike RTGS that works on ‘gross settlement’, and EFT which is restricted to only 15 centres.

What are the charges for the e-monies National Electronic Funds Transfer service?

NEFT transactions on NetBanking are charged as below: