Electronic fund transfers have become essential for our financial transactions in today's digital age. One of the most prominent methods for transferring money electronically is NEFT, which stands for National Electronic Funds Transfer.
NEFT is a secure way to transfer money between bank accounts in India, across different banks. It's reliable, accessible, and popular.
A NEFT transfer electronically sends money from one bank account to another using the NEFT system. This system eliminates the need for physical checks or cash, making it a preferred choice for various transactions, including salary transfers, bill payments, and more.
Now that we have answered what is NEFT, let’s move to understanding NEFT transaction time, NEFT transfer limit, and how NEFT works.
NEFT works through a secure and efficient system that connects all participating banks. Here's a simplified breakdown of how it works:
The sender initiates a NEFT transfer by submitting a request through their bank. This request includes details such as the beneficiary's bank account number, name, branch, and transfer amount.
The sender's bank forwards the request to the NEFT system in the next available batch. The system then processes the request and sorts it according to the beneficiary bank.
The NEFT system sends the request to the beneficiary's bank, which receives it in the appropriate batch. The beneficiary's bank then credits the amount to the beneficiary's account.
Once the funds are credited, both the sender and the beneficiary receive a successful transaction confirmation. In case of any issues, the sender is notified of the failure and its reason.
NEFT is an electronic payment system that simplifies transferring money between bank accounts in India. With its straightforward procedure, NEFT is a reliable way to manage financial transactions for personal or business purposes. Understanding how NEFT works, its transaction times, and transfer limits can help you make informed decisions when opting for this convenient mode of fund transfer. Keep updated with the latest information from your bank or regulatory authorities for any changes in the NEFT system.
With your Federal Bank Savings account through the Fi app, you can choose from a buffet of payment modes: UPI, Direct-to-Bank, Debit Card, IMPS, NEFT and more. Best part? You get rewarded for making payments on Fi! Don’t wait hours to add a beneficiary. Enter the account number and transfer money to the receiver’s bank account in no time! Best part? You don’t even need to choose a payment method - Fi works out the most efficient way of sending money for your beneficiaries. Get started with Payments today!
NEFT is a system that allows electronic transfer of funds from one bank account to another in India. It sends messages between the originating and destination banks through the NEFT service centre and the NEFT clearing centre.
NEFT is a batch-based electronic fund transfer system in India that has no limit on the amount, is available round the clock, and charges less than RTGS and IMPS.
NEFT is a secure, cost-effective, accessible, and convenient way of transferring money electronically in India compared to traditional methods.
To initiate an NEFT transaction, log in to your bank’s website, select NEFT, choose or add the beneficiary, enter the amount, and confirm with OTP.
NEFT has limitations such as delay, domestic-only, complexity, and fees.
Products on our platform | Details |
---|---|
Unified Payments Interface (UPI) | Epifi Technologies Pvt. Ltd ('Epifi Tech') is a Third-Party App Provider ('TPAP') - and acts as a service provider and participates in UPI through a Payment Service Provider ('PSP') Bank (Federal Bank). |
Savings Account and Deposits | Federal Bank offers savings account, fixed deposits and smart deposits to users on the Fi App (through Epifi Tech). Users' savings account and deposits are securely opened with Federal Bank. |
Cards | Fi Brand Pvt. Ltd. markets and distributes co-branded cards in partnership with Federal Bank and Visa. Cards are issued by Federal Bank. |
Loans | Epifi Tech facilitates loan distribution and acts as a lending service provider and/or digital lending application for various Banks, registered NBFCs and NBFC-P2P ('Lenders') List of Lenders. |
Mutual Funds | Epifi Wealth Pvt. Ltd. ('Epifi Wealth') is a registered investment adviser and provides a platform for mutual funds investment. Epifi Wealth has partnered with MFCentral to provide mutual funds analyser to users. |
Loans Against Mutual Funds | Epifi Tech in partnership with regulated entities including Epifi Wealth and Bajaj Finserv provides a platform for loans against mutual funds. |
US Stocks | Epifi Tech has partnered with US stock broker Alpaca Securities LLC to provide users the option to invest in US stocks. |
Connected Accounts | Epifi Wealth (as a financial information user), in partnership with Finvu and Onemoney, provides users the option to link their existing financial accounts on Fi. |
Credit Analyser | Epifi Tech (as a non-specified user) in partnership with Experian and CIBIL provides insights on users' credit scores |
Fi-Coins | Fi-Coins are earned under a reward programme for engaging with products and services on the Fi App. |
Fi Store | Fi-Coins can be redeemed on products and services listed on Fi Store such as merchandise, gift cards, air miles, among other things. |
1. Net Worth: Helps users get a view of their financial Net Worth — in accordance with their assets & liabilities
2. Wealth Maximiser: Analyses your finances, shares financial reports to make informed money decisions
These products are governed by our Terms and Conditions, Privacy Policy, and any other product and partner specific terms and conditions as communicated to you.
©epiFi Technologies Pvt. Ltd. 2025
Fi is a money management platform that offers the perfect solution for all your financial needs. The Federal Bank Savings Account offered through Fi is an online savings account that you can open in 3 minutes! It goes beyond online account opening, as it has helped reimagine the banking experience in India
Through Fi, you can do more: apply for an instant personal loan, pick from many types of Mutual Funds, select the best SIP to invest in US Stocks, apply for a forex-free Debit Card (works for select account plans) to use while travelling abroad, analyse/improve their portfolio, get a 360-degree view of your spend insights and take steps building wealth.
You can also utilise Fi's free personal loan resources, such as the Personal Loan and EMI calculator, before proceeding to the quick loan application process. All of this is why over 35 lakh Indians feel that Fi is the only financial app you will ever need.