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FAQs |
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What is E-Monies National Electronic Funds Transfer System?
National Electronic Funds Transfer (E-Monies NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.
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How is this E-Monies NEFT System an improvement over the existing RBI-EFT System?
The RBI-EFT system is confined to the 15 centres where RBI is providing the facility, where as there is no such restriction in E-Monies NEFT as it is based on the centralised concept.
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How is it different from RTGS and EFT?
E-Monies NEFT is an electronic payment system to transfer funds from any part of country to any other part of the country and works on Net settlement, unlike RTGS that works on gross settlement and EFT which is restricted to the fifteen centers only where RBI offices are located.
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What about the charges for using E-Monies NEFT?
Effective 15th November, 2010, NEFT transactions on NetBanking would be charged
as below:
Upto Rs. 1 lac. - Rs. 5 (inclusive of taxes) per transaction
Above Rs 1 lac to Rs 2 lac - Rs. 15 (inclusive of taxes) per transaction
Above Rs 2 lac - Rs. 25 (inclusive of taxes) per transaction
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What is IFSC? How it is different from MICR code?
Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch. The MICR code has 9 digits to identify the bank-branch.
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Can I receive foreign remittances through E-Monies NEFT?
This system can be used only for remitting Indian Rupee among the participating banks within the country.
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Can I send remittances abroad using the E-Monies NEFT?
No
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Would the remitting customer get back the money if it is not credited to the beneficiary's account?
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| Yes, the remitting customer gets back the money if it is not credited to the beneficiary account.
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What is the essential information that the remitting customer would have to furnish for the remittance to be effected?
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The essential information that the remitting customer has to furnish is:
1.Beneficiary details such as beneficiary name and account number
2.Name and IFSC of the beneficiary bank branch.
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