The National Electronic Fund Transfer (NEFT) system is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from Customer’s Home Branch to any individual, firm or corporate having an account with any other bank branch in the country. For being part of the NEFT funds transfer network, a bank branch has to be NEFT-enabled.
IT Services
NEFT (National Electronic Fund Transfer)
Features
- Instant and Available 24 x 7.
- Safe and secure, easily accessible and cost effective.
Procedure to enable IMPS
Sender
- The customer has to do the Mobile Banking Registration if he/she wants to initiate the transaction through mobile channel.
Receiver
- Collect his/her MMID from bank and share with sender or alternatively share his/her Account number & IFS code for receiving money. The receiver can register his/her mobile no. for getting SMS alerts for transactions.
UPI (Unified Payments Interface)
UPI or Unified Payments Interface is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform. Hence, UPI is a concept that allows multiple bank accounts to get into a single mobile application.
Services Available in UPI
- Send Money (Available through Virtual Payment Address (VPA)/ UPI ID, Mobile number, Account + IFSC, Quick Response (QR) Code).
- Request Money (Available through Virtual Payment Address (VPA), Mobile Number)
- Check Balance (Through Linked Bank Account in the UPI app)
