NEFT
Transfer of money from one account to another. No Cheques, no Demand Drafts
We can send/transfer money from one account to another (Inter Bank Transfer) conveniently, using NEFT. (National Electronic Funds Transfer). From any bank anywhere in India, to any other branch in India.
Requirements
You should have a net banking account of any bank. The bank-branch where you are having account should be a core banking branch. And you should have a mobile phone.
How NEFT works
Log into your account, choose Fund Transfer and type the details like the receiver's name, his bank branch name, and the amount. Hit the Submit button and the amount is transferred from your account to the specifed account.
You Need to know
The receiver's bank branch's IFS Code, a 11-digit alpha numeric code.(Indian Financial Systems Code). IFS code of your bank-branch is printed on your cheques. For the receiver bank-branch's IFS code there is a pull-down menu (bank's name and locality)
Security
Register your mobile phone with your bank - one time process - for mobile alerts. As you hit the submit button, your bank sends a sms giving a 8-digit High Security Code to your mobile. You have to type this unique 8-digit code for confirmation of transfer of money.
Is there a Limit for transfer? Is the service free?
No limit. The service is free upto Rs 50000/- A fee of Rs 10.00 for 50001 - 1 lakh
What are the timings?
Transactions are done every day (Mon - Fri) at 7 specific timings == 0900, 1100, 1200, 1300, 1500, and 1700 hours (On Saturdays 0900, 1100, and 1200 hrs only).
When is the transfer effected?
Mostly on the same day. If not, by next morning.
Yesterday I did a trial transfer from my SBI ac to my ICICI ac. Very convenient and the money was transferred within 12 hours.
rajappa
12 noon 5 Oct 2008
IFS Code for SBI Kilpauk == SBIN0001853
IFS Code for ICICI, Nungambakkam == ICIC0000009
IFSC for SBI Mandaveli == SBI0001854
IFSC for Central Bank, Mandaveli == CBIN0282260
Transfer of money from one account to another. No Cheques, no Demand Drafts
We can send/transfer money from one account to another (Inter Bank Transfer) conveniently, using NEFT. (National Electronic Funds Transfer). From any bank anywhere in India, to any other branch in India.
Requirements
You should have a net banking account of any bank. The bank-branch where you are having account should be a core banking branch. And you should have a mobile phone.
How NEFT works
Log into your account, choose Fund Transfer and type the details like the receiver's name, his bank branch name, and the amount. Hit the Submit button and the amount is transferred from your account to the specifed account.
You Need to know
The receiver's bank branch's IFS Code, a 11-digit alpha numeric code.(Indian Financial Systems Code). IFS code of your bank-branch is printed on your cheques. For the receiver bank-branch's IFS code there is a pull-down menu (bank's name and locality)
Security
Register your mobile phone with your bank - one time process - for mobile alerts. As you hit the submit button, your bank sends a sms giving a 8-digit High Security Code to your mobile. You have to type this unique 8-digit code for confirmation of transfer of money.
Is there a Limit for transfer? Is the service free?
No limit. The service is free upto Rs 50000/- A fee of Rs 10.00 for 50001 - 1 lakh
What are the timings?
Transactions are done every day (Mon - Fri) at 7 specific timings == 0900, 1100, 1200, 1300, 1500, and 1700 hours (On Saturdays 0900, 1100, and 1200 hrs only).
When is the transfer effected?
Mostly on the same day. If not, by next morning.
Yesterday I did a trial transfer from my SBI ac to my ICICI ac. Very convenient and the money was transferred within 12 hours.
rajappa
12 noon 5 Oct 2008
IFS Code for SBI Kilpauk == SBIN0001853
IFS Code for ICICI, Nungambakkam == ICIC0000009
IFSC for SBI Mandaveli == SBI0001854
IFSC for Central Bank, Mandaveli == CBIN0282260
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