Glossary / Also known as

NEFT transfer

Another name for NEFT (National Electronic Funds Transfer).

What does NEFT transfer mean?

NEFT transfer is another name for NEFT (National Electronic Funds Transfer). India's RBI-operated electronic payment system enabling bank-to-bank fund transfers on a deferred net settlement basis.

The two names mean the same thing. You will see "NEFT transfer" in some ledgers, reports and contracts and "National Electronic Funds Transfer" in others. The full entry covers how it works, with examples.

Read the full definition of NEFT (National Electronic Funds Transfer)

Topics

Payments and banking

From the glossary

Related terms.

Payments and banking NEFT (National Electronic Funds Transfer) India's RBI-operated electronic payment system enabling bank-to-bank fund transfers on a deferred net settlement basis. Also called NEFT transfer Statutory compliance Digital India India's flagship government programme to transform the country into a digitally empowered society and knowledge economy. Also called Digital India programme Vendor onboarding KYC (Know Your Customer) The mandatory identity verification process used by financial institutions and businesses to confirm client identities and prevent fraud. Also called know your customer checks, KYC verification, customer due diligence GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Payments and banking ACH Transfer Batch-processed electronic bank transfers powering payroll, EMIs, and recurring payments across India. Also called Automated Clearing House transfer, ACH payment, ACH

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