National Electronic Funds Transfer (NEFT)

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Funds can be received / transferred to / from any Kerala Gramin Bank accounts

Overview

Using this facility, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme

How to do NEFT Transaction?

  • Customer intending to initiate transfer of funds through NEFT has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted.
  • The application form will be available at any of the bank branch. Visit any of our branches, fill in the application form and submit the same to Bank.
  • Customers can also send Funds through NEFT using our Mobile Banking application - KGB mPay

NEFT Timing

  • Neft transactions can be initiated from any of the KGB branch anytime during Business hours
  • Neft Settlement Timings : Presently, NEFT operates in half-hourly batches - there are Twenty Four settlements from 8 am to 7 pm on Monday to Satuday

FAQs

  • Differece between NEFT & RTGS
  • NEFT unlike RTGS (Real Time Gross Settlement) is not a real-time settlement of money. NEFT Fund transfer transactions are settled in batches.
  • Presently, NEFT operates in half-hourly batches - there are Twenty Four settlements from 8 am to 7 pm on Monday to Satuday
  • In RTGS the Fund transfer is continous and the the funds are settled in real time.
  • Yes, payment can be done in cash mode. However, such cash remittances will be restricted to an amount less than Rs. 50000/- including the commission amount, per day per party. Such customers have to furnish full details including complete address, telephone number, etc.
  • Individuals, firms or corporates maintaining accounts with a NEFT enabled bank branch can receive funds through the NEFT system.
  • Presently, NEFT operates in half-hourly batches - there are Twenty Four settlements from 8 am to 7 pm on week days (Monday through Friday) and Twelve settlements from 8 am to 1 pm on Saturdays.24 settelement(haf hourly from 8AM to 7PM on all working days)
  • IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
  • The beneficiary’s account will generally be credited on the same day, latest within 48 hours.

Using this facility, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme

  • Customer intending to initiate transfer of funds through NEFT has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted.
  • The application form will be available at any of the bank branch. Visit any of our branches, fill in the application form and submit the same to Bank.
  • Customers can also send Funds through NEFT using our Mobile Banking application - KGB mPay
  • Neft transactions can be initiated from any of the KGB branch anytime during Business hours
  • Neft Settlement Timings : Presently, NEFT operates in half-hourly batches - there are Twenty Four settlements from 8 am to 7 pm on Monday to Satuday
  • Differece between NEFT & RTGS
  • NEFT unlike RTGS (Real Time Gross Settlement) is not a real-time settlement of money. NEFT Fund transfer transactions are settled in batches.
  • Presently, NEFT operates in half-hourly batches - there are Twenty Four settlements from 8 am to 7 pm on Monday to Satuday
  • In RTGS the Fund transfer is continous and the the funds are settled in real time.
  • Yes, payment can be done in cash mode. However, such cash remittances will be restricted to an amount less than Rs. 50000/- including the commission amount, per day per party. Such customers have to furnish full details including complete address, telephone number, etc.
  • Individuals, firms or corporates maintaining accounts with a NEFT enabled bank branch can receive funds through the NEFT system.
  • Presently, NEFT operates in half-hourly batches - there are Twenty Four settlements from 8 am to 7 pm on week days (Monday through Friday) and Twelve settlements from 8 am to 1 pm on Saturdays.24 settelement(haf hourly from 8AM to 7PM on all working days)
  • IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
  • The beneficiary’s account will generally be credited on the same day, latest within 48 hours.

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