NEFT, RTGS, and More The world of banking can be confusing, especially when it comes to the various terminologies used to describe different banking services. Two common banking terms you may have come across are NEFT and RTGS. In this article, we'll explain what these terms mean and how they differ from each other. NEFT (National Electronic Funds Transfer) NEFT is a payment system used in India that allows individuals and businesses to transfer funds electronically from one bank account to another. It is a secure, reliable, and fast way to transfer money between different banks. To use NEFT, you need to provide the name of the recipient, their bank account number, the name of their bank, and the bank's Indian Financial System Code (IFSC). The IFSC is a unique 11-digit alphanumeric code assigned to each bank branch in India. Once you have this information, you can initiate an NEFT transfer through your bank's internet banking or mobile banking service. NEFT transfers are pr...
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