What is neft ifsc code

Credit confirmation of the remittances is sent by SMS or email. These transactions are irrevocable and final by nature, which means funds transferred cannot be remitted back. These transfers will eliminate the delays in fund movements to a large extent, as the transactions have to be settled within a span of 24 hours from the initiation of the process.

As the whole process is paperless, it is an eco-friendly form of transferring funds. This is a simple, secure, safe, cost effective and fastest way to transfer money online. Walk-in customers can also deposit cash at the NEFT-enabled branches but cash remittances will be restricted to a maximum of Rs. This scheme also aids transfer of funds from India to Nepal in which a payer can transfer electronic funds from NEFT-enabled bank branches to Nepal, irrespective of whether the beneficiary maintains a bank account or not.

It uniquely identifies any bank branch in India. This code is of immense importance for carrying out the electronic payments in the country. This code is used in NEFT payment method. NEFT enables the individuals or institutions to electronically transfer the funds from any bank branch to any individual or institutions that may have an account in any other bank branch in the country participating in the scheme. Therefore, both are same and can be referred interchangeably.

IFSC code is an 11 digit code where the first 4 characters of IFSC code represent the name of the bank, the fifth character is 0, and the last 6 numbers define the branch code of the bank. IFSC Code of each branch of the bank is unique and is required for fund transfer through online mode in India. The unique code provided to each bank ensures the safety of transfer.

However, no one can misuse the IFSC code for fraud or theft. Best Loan Against Property Offers starting 6. Collateral Free Business Loan Rates starting at Returns bhi, Rewards bhi. Terms and conditions apply. For more details please visit: www. Personal Loan Home Loan 6. Fixed Deposit 6. Gold Loan 9. What are you looking for? Get Details. Looking for a Loan? Apply Now. Looking for an investment?

Get Loan Online. Earn High Returns on FD. Compare Rates.