The Advantages of Using NEFT for Bank Transfers

NEFT

The National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India. This transfer method has myriad advantages over other conventional methods of transferring money. Since the big question that pulses in our mind now is what is NEFT? It’s a nationwide payment system facilitating one-to-one funds transfers. With NEFT, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country.

Key Advantages of NEFT

One of the main advantages of using NEFT for bank transfers is its cost-effectiveness for both the banks and the end consumer. What is NEFT? It stands for National Electronic Funds Transfer, a nationwide payment system that allows for secure, low-cost interbank transfers.  The transaction charges are relatively lower compared to other methods of money transfer. Additionally, this mode of transfer allows you to transfer money at any time and from anywhere using internet banking. You just need to have the bank account number and the bank’s IFSC code to make a successful transaction.

Introducing Micro ATMs: Enhancing Financial Inclusion

The transition period is also minimal in NEFT transfers and it typically takes 2-3 hours for the funds to be transferred. There are fixed settlement cycles at stipulated times throughout the day and the transaction is not subject to any paper processing.

Let’s veer towards the technological advancement of Micro ATM that promotes financial inclusion for the unbanked and underbanked sections of our society. A Micro ATM is a mini version of an ATM, with modified features suitable for rural areas. Micro ATMs are enabled with GPRS and they are portable, wireless and handy devices. They can be carried anywhere, thereby extending the reach of banking services in regions without branches or ATMs.

Acting as a doorstep banking service, a Micro ATM facilitates various banking transactions like deposits, withdrawals, fund transfers, balance enquiry, mini statements, and more, all under the aegis of a representative from the bank. When talking about the umbrella of digital payment solutions, it’s hard to miss Bajaj Pay UPI.

Bajaj Pay UPI, from the house of Bajaj Finserv, is an integrated payment solution that combines UPI, PPI, EMI, and credit cards, all in one app. Bajaj Pay UPI works on the UPI (Unified Payments Interface) platform and is designed to facilitate instant money transfers in a safe and secure manner.

To use Bajaj Pay UPI, follow the below steps:

1. Download the Bajaj Finserv app from Google Play Store or Apple App Store.

2. Open the app and click on the ‘UPI’ option on the home screen.

3. Enter your mobile number that is linked to your bank account and is registered with UPI.

4. A list of bank accounts linked to your mobile number will appear. Select the account.

5. Set your UPI PIN by entering the last six digits and expiry date of your debit card.

6. Once your UPI PIN is set, you can initiate transactions using Bajaj Pay UPI.

Conclusion

To conclude, money transfers have never been as effortless as they are now in this era of digital payments. Be it NEFT, Micro ATM or Bajaj Pay UPI, they all symbolize safety, comfort, and efficiency in carrying out financial transactions. All these mediums cater to diverse sectors of the Indian population, helping to bridge the gap between banking and the common man with an added coat of convenience. It’s time to make a smart choice and switch to these user-friendly modes of transactions.

Leave a Comment

Leave a Reply

Your email address will not be published. Required fields are marked *