NEFT – National Electronic Fund Transfer:

NEFT – National Electronic Fund Transfer is now a day becomes common online money transfer technique. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme. With this feature provided by banks, now person who knows online banking can transfer funds without any hassle of standing in long queues of banks by sitting in their comfort zone and also it decreases the risk of carrying any amount of cash. Besides being convenient, electronic transfer modes are considered to be safe, secure and make transferring money much simpler. It requires less time to transfer money with this method as the transferred amount being deducted from one account and credited to the other in real time.

IFSC Code - Indian Financial System Code which is of 11 characters is used for Real Time Gross Settlement aka RTGS and NEFT. Along with IFSC code, other details like bank account number, account holders name, branch code, name of the branch are needed to make NEFT. One can transfer any amount using NEFT as the lower amount is as low as one rupee and the maximum cap of Rs. 10, 00, 000. NEFT operates in hourly batches - there are twelve settlements from 8 am to 7 pm (Monday through Friday and also on working Saturdays.

The structure of processing charges that can be levied on the customer for NEFT is given below:

· For transactions up to Rs 10,000 : not exceeding Rs 2.50 ( Service Tax)

· For transactions above Rs 10,000 up to Rs 1 lakh: not exceeding Rs 5 ( Service Tax)

· For transactions above Rs 1 lakh and up to Rs 2 lakhs: not exceeding Rs 15 ( Service Tax)

· For transactions above Rs 2 lakhs: not exceeding Rs 25 ( Service Tax)

Now, when it comes to finding the ifsc code then how to find it? You can spend your precious time on internet for searching bank ifsc code, What If you have the account on Bank of Baroda or Punjab National Bank and you are looking for BOB Ifsc code or PNB Ifsc codeThen in that case you must visit IFSC Code Hub and search all ifsc code.