Simple Ways to Do NEFT Transfers
17 March, 2024
Synopsis
- National Electronic Funds Transfer (NEFT) has revolutionised digital transactions. It allows users to transfer funds securely and efficiently between bank accounts.
- The process involves the addition of beneficiaries and executing transfers via NetBanking or Mobile Banking.
- Post-December 2019, NEFT operates 24x7, enhancing convenience for users.
National Electronic Funds Transfer (NEFT) has revolutionised the way we manage fund transfers. It is a service that blends convenience, speed, and security, making it a preferred choice for millions. In this detailed guide, we will explore how to perform NEFT transfers, focusing on the process and specific steps for HDFC Bank customers.
Understanding NEFT Transfer
NEFT transfer is a system that enables individuals and entities to electronically transfer funds from one bank account to another. Governed by the Reserve Bank of India (RBI), it provides a secure and efficient way to move money, utilising the safety protocols set by RBI. This method stands out because of its flexibility in transferring any amount as RBI does not impose any limit on NEFT transfers. However, individual banks can decide on their limits, considering the risks involved. You can check with your bank for the applicable limit on NEFT transfers.
NEFT Transfer Limit for HDFC Bank Customers
HDFC Bank has imposed the following limits on NEFT transfers as safety measures:
For online transfers:
- 7 am to 7 pm on RBI working days: You can transfer funds online within the TPT (Third Party Transfer) limit, which can go up to ₹50 lakhs.
- From 7 pm – 7 am on working days and all holidays: During these hours, including weekends and holidays, each transaction can be a maximum of ₹2 lakh, subject to the TPT limit. If needed, you can perform multiple transactions in multiples of ₹2 lakh, up to the chosen TPT limit, with the overall maximum amount set at ₹50 lakh.
- Branch transfer: You can make NEFT payments as per your requirement during the branch’s working hours.
How to Do NEFT Transfers?
Initiating an NEFT transfer involves a preliminary step of adding a beneficiary. Once done, you can proceed to transfer funds or make Credit Card payments. However, make sure you are registered for both NetBanking and Third-Party Funds Transfer. If not, visit your nearest HDFC Bank branch to complete the registration process for NetBanking.
Via NetBanking:
Adding a Beneficiary for NEFT:
- Access HDFC Bank's NetBanking with your Customer ID and Password.
- Head to the 'Funds Transfer' tab.
- Select 'Add a Beneficiary', then choose 'Transfer to other bank'.
- Input the beneficiary's account or credit card information.
- Choose the correct IFSC, based on the bank and branch.
- Click 'Add', then 'Confirm'.
- Complete the secure access step and await confirmation.
Note: Post-activation, a beneficiary can receive up to ₹50,000 (in total or parts) within the first 24 hours. Up to 4 beneficiaries can be added in 24 hours.
Executing an NEFT Transfer:
- Go to 'Fund Transfer', selecting 'Transfer to other bank (NEFT).’
- Pick your account, beneficiary, and enter the necessary information.
- Agree to the ‘Terms and Conditions.’
- Review details and confirm to finalise the transfer.
Via MobileBanking:
- Open the HDFC Bank MobileBanking app and access the menu.
- Choose 'Pay' and then 'Money transfer.’
- Select 'Add new payee.’
- Decide on the transfer type (Bank Account or Credit Card), enter payee details, and select the IFSC.
- Double-check all details, then click 'Add' and 'Confirm'.
While making a fund transfer, ensure the accuracy of account details. As HDFC Bank cannot validate beneficiary details and is not liable for erroneous transactions.
With the HDFC Bank Branch
Visit any HDFC Bank branch, provide a cheque, and complete the NEFT form with the necessary signatures to initiate the transfer.
Benefits of NEFT Payment
- No limit on transfer amount: With NEFT payments, transfer any amount as per your need.
- Digital convenience: Perform NEFT transfers online without the need for physical cheques or visiting the bank.
- Real-time alerts: Stay informed about your NEFT transaction status through SMS or email notifications.
- Timely transfers: Funds are typically transferred within 1 to 24 hours.
- Safety: Governed by RBI, ensuring a secure transaction process.
Conditions and Availability
- NEFT is available to individuals, firms, and companies with NEFT-enabled bank accounts.
- Participation in the NEFT network by the user’s bank is mandatory.
- Knowledge of the beneficiary’s bank details and IFSC code is essential.
Transferring money through NEFT is easy, secure, and flexible. Whether you are an HDFC customer or use another bank, the process of NEFT money transfer is straightforward and user-friendly. With the detailed steps provided, your next NEFT transaction should be a breeze. Whether it is a small or large amount, NEFT payment is a reliable choice for your financial transactions.
Click here to make online money transfer through PayZapp on your IOS phone.
Click here to transfer money through PayZapp on your Android phone.
HDFC Bank’s PayZapp For Instant Fund Transfers
HDFC Bank's PayZapp UPI App presents a versatile and secure solution for digital payments and transactions. This innovative app is accessible to both HDFC Bank and non-HDFC Bank customers. It redefines convenience by integrating a digital wallet and virtual card functionality. Whether you use it for paying bills, shopping online, or transferring money, PayZapp ensures seamless transactions. It allows transactions up to ₹10,000 per month for non-KYC accounts and an enhanced limit of ₹200,000 for KYC-compliant users. The app's robust security features, including PIN and biometric logins, as well as password-protected and user-authenticated transactions, ensure that your financial activities are safe and secure.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
