NEFT which stands for national electronic fund transfer is a system through which one can remit or send funds from one bank branch to another. NEFT is a good way to receive payment because the person can receive the payment either on same day or on next day and also banks do not charge anything from the person whose account has received the payment. Before using NEFT following things should be kept in mind –
1. The person to whom the amount is remitted should have an account with bank.
2. The person who is making payment to the beneficiary should know the account number of the beneficiary.
3. If two banks are involved in NEFT then both banks should have NEFT enabled
4. Remitter should know the name of the beneficiary bank branch as well as the IFS (Indian financial system) code of that branch.