Last year during Covid my college asked us to pay the semester fee through NEFT so I had to know what it is. I simply asked my father what is NEFT and also the NEFT minimum and maximum limit. He was quite surprised and asked where are you going to pay such a huge sum of money? When I said it is the semester fee, he decided to take me with him to the bank the very next day and I got to learn several things related to it. Let me share those details with you.
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What is NEFT?NEFT stands for National Electronic Funds Transfer, an electronic system developed by RBI which helps in transferring funds by customers from one bank to another and is safe and secure completely.
What is the limit of NEFT transfer?
I asked about the limit of money that can be transferred through NEFT to which the bank officials said that I can send upto Rs 10 lakh through NEFT per day which is indeed enough money right?
What is the NEFT minimum and maximum limit?
For RTGS the minimum amount of money should be Rs 2 Lakh but that is not the case with NEFT. For Neft, a person can even send Rs 2,000 as there is no minimum limit for NEFT. However one cannot send more than Rs 10 Lakhs through NEFT
How much time is taken by NEFT to transfer money?Usually the transfer of money through NEFT takes 15 minutes but it can exceed this time limit as well. It might take a maximum a day to transfer the money unless there is an issue in the system of the bank. On an average it takes 2 hours to transfer the money.
I hope you now know about the NEFT minimum and maximum limit
Read More:What is the minimum amount of RTGS?
How much time RTGS take to transfer money?
Authors Of The Question
What is the Limit Of NEFT?
Usha
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2 Year
2022-08-04T09:33:00+00:00 2022-08-05T16:55:37+00:00Comment
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