1. India NEFT User Guide
  2. Domestic Low Value Payments - NEFT
  3. Overview of National Electronic Funds Transfer (NEFT)

Overview of National Electronic Funds Transfer (NEFT)

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating oneto-one funds transfer in India. Retail and Corporate Customers make use of this mode of payment. It is done via electronic messages conforming as per SFMS standards.

Key features of National Electronic Funds Transfer (NEFT)
  • Supports following transactions types and messages:
    • Outbound, Inbound and Return transactions
    • N10 Credit confirmation and F20,F25,F26 and F27 Acknowledgement messages
    • End of Day (EOD) and Start of Day (SOD) messages
    • Indo Nepal Remittances
    • Inbound credit to Loan account and GL account
    • Inbound transaction for Credit Card payments
    • Outbound Prefunded transactions
  • Supports following functionalities:
    • 24x7 processing
    • Legal Entity Identifier (LEI) validations
    • Account Type validations - NRE Account
    • Beneficiary registration for outbound transactions
    • Non STP functionality for inbound transactions
    • Bulking of individual N06 messages (10 messages per bundle) and dispatching to SFMS
    • Return processing as per settlement batches
    • Notification to channels on transaction processing
  • Initiation of NEFT Outbound transactions using following options:
    • UI screens
    • Single Payment Service
    • Bulk file upload - C2B Pain.001 file
    • GEFU Upload
  • Supports maintenance for SFMS Connectivity

Parent topic: Domestic Low Value Payments - NEFT