Reserve Bank of India has introduced a system called National Electronic Funds Transfer System (NEFT) through which fund transfer operation would take place among member Banks and financial institutions. Our bank is one of the participants in the above system.
The Objectives of the NEFT System are:
To establish an Electronic Funds Transfer System to facilitate an efficient, Secure, economical, reliable and expeditious system of funds transfer and Clearing in the banking sector throughout India, and To relieve the stress on the existing paper based funds transfer and clearing system.
- Credit to Beneficiary’s Account on the same day/next day if remittance done late in the evening.
- Safest and Secure Mode of Fund Transfer.
- No charges for inward Remittance.
- Money can be put to use by beneficiary on the same day or next day.
- Customers of The Baroda city Co-operative Bank ltd. can send/ receive remittances under NEFT Scheme to/ from any destination Bank/ Branch which is registered with RBI’s NEFT System.
- Presently more than 60,000 Branches of 91 member banks spread across the country participate in NEFT.