Explain four features of NEFT?
National Electronic Fund Transfer (NEFT) is a electronic fund transfer system, the system provides with transfer of funds to other bank accounts in various branches over the country.
It is very effective way to transfer funds especially for retail remmitances. Customers can remit any amount using NEFT system.
Features of NEFT are as follows:
1. It is the safest method of fund transfer through electronic system.
2. NEFT is very cost effective; it is not expensive which will not affect the customer while transferring of funds.
3. It is the simplest method of fund transferring electronically; it is not at all to lengthy or rigid.
4. It is the fastest way of transferring funds, and the electronically process it too secure. The facility is also available through online mode for all Internet banking and mobile banking customers.
It is very effective way to transfer funds especially for retail remmitances. Customers can remit any amount using NEFT system.
Features of NEFT are as follows:
1. It is the safest method of fund transfer through electronic system.
2. NEFT is very cost effective; it is not expensive which will not affect the customer while transferring of funds.
3. It is the simplest method of fund transferring electronically; it is not at all to lengthy or rigid.
4. It is the fastest way of transferring funds, and the electronically process it too secure. The facility is also available through online mode for all Internet banking and mobile banking customers.