NEFT form is a written request for transferring funds to accounts across different banks within the country. The introduction of NEFT i.e., National Electronic Funds Transfer has eliminated the need to visit a bank for the transfer of funds. NEFT form fill up requires entering the details of the remitter as well as the beneficiary as required in the form. The NEFT forms of all the banks contain more or less the same fields but may be in a different order.
The NEFT mandate form pdf contains the details of the remitter such as name, address, bank account, and telephone number. It also has the details of the beneficiary such as name, details of bank account like account number, name of the bank, address of the bank branch, IFSC Code, and account type. With these details, the bank will be able to debit the amount mentioned in the NEFT form and credit it to the beneficiary’s account through NEFT.
What is the NEFT Form?
National Electronic Funds Transfer is the full form of NEFT. It is an electronic system managed by the Reserve Bank of India for interbank funds transfer. This enables secure, seamless, and hassle-free funds transfer between accounts in different banks within the country. The NEFT transactions are processed in batches periodically throughout the day.
The NEFT form is an application submitted by the remitter to initiate funds transfer to an account in another bank. The bank branches will provide the NEFT form if you intend to carry on the transaction offline. The NEFT mandate form pdf can be downloaded from various online platforms or from the bank’s website (if the bank has the form download option). You can either visit the branch yourself or send the form through a representative. Complete the NEFT form fill up with the details required and send it to the branch and the transfer will be done. The following fields have to be filled up in the form:
- Name of the Beneficiary
- Account number of the beneficiary
- Name of the beneficiary bank and branch
- IFSC Code of the branch
- Name of the remitter
- Account number of the remitter to debit the amount
- Amount to be transferred
- Signature of the remitter.
NEFT form fill up will be completed by entering all the details mentioned above. Submit the duly signed form to the bank to initiate the fund transfer. NEFT transactions have a cut-off time and the form has to be submitted within the specific time. If submitted beyond the time, the fund transfer will be initiated the next day.
NEFT Forms of Different Banks in India
NEFT form is standardised as far as the details required for the fund transfer through NEFT. But the format may vary from bank to bank or financial institution. The sections included in the form generally are:
- Date of the request
- Name of the bank branch where the NEFT transaction will be initiated
Remitter’s Details
- Name of the remitter
- Account Number
- Branch name where the account is maintained
- Telephone Number
- Contact address where the remitter is a non-customer
Payee’s Details
- Name of the Payee
- Account Number
- Name of the Bank
- Address of the Bank branch
- IFSC Code of the Branch
Transfer Details
- Amount to be transferred
- Purpose of the transfer (optional)
Authorisation
- Signature of the applicant
The layout and design of the form might be different for different banks. But the NEFT forms of all the banks will have a customer copy and the bank’s copy. NEFT form fill up will require the completion of both the customer’s copy and the bank’s copy. The customer copy will be returned with the NEFT reference number. You can quote the NEFT reference number if there is any issue with the particular NEFT transaction.
If you have confusion about how to fill NEFT form, you can seek assistance from the bank’s official. Ensure to use the up-to-date form provided by the bank and also provide accurate details for a smooth transfer of funds. Else, the NEFT transaction will be rejected.
Where is NEFT Form Used?
NEFT form is used for electronic funds transfer between bank accounts within the country. The NEFT form is typically used to conduct the following transactions:
Interbank Transfers: To transfer funds from one bank account to another bank account. This enables individuals and businesses to make payments between different banks.
Bills payment: Several service providers and government organisations accept payments through NEFT. Utility bills can also be paid through NEFT. NEFT form can be used to initiate such payments.
Personal funds transfer: NEFT is one common mode used to transfer funds to family, friends, or acquaintances. It could be for providing financial assistance during an emergency, as a gift, or for sharing expenses.
Loan repayments: Loan repayments and payment of credit card dues can be done through NEFT. Funds can be directly transferred from the borrower’s bank account to the loan account in any bank. Similarly, the outstanding liability of any bank credit card can be cleared from the credit cardholder’s account directly to the credit card account.
The digitisation of financial transactions in the country has contributed significantly to the popularity of electronic funds transfers.
How to Fill NEFT Form?
NEFT form fill up is very simple. You can either obtain the NEFT form from any of the bank branches or can download the NEFT form pdf from various online platforms or the bank’s website wherever the bank provides the download option. Once you obtain the form, follow the simple steps given below to fill the form. The fields in the NEFT form are the same for all the banks, but there may be variations in the format.
- Enter the date of the request
- Name of the NEFT initiating branch
- Name of the remitter
- Address and phone number of the remitter
- Account number of the remitter
- Amount to be transferred both in words and figures.
- Beneficiary Name
- Beneficiary Account Number
- Name of the beneficiary bank and branch
- IFSC Code of the branch
- Purpose of funds transfer (optional)
The NEFT form will have two sections. The customer copy and the bank copy. Fill up the required details in both the copies. The customer copy will be returned to you. The bank will mention the NEFT reference number in the customer copy which can be quoted to resolve any issue pertaining to the specific transaction.
NEFT Form Vs RTGS Form
Normally banks have a common form for initiating funds transfers through NEFT and RTGS. The fields that have to be filled are similar.
The difference is the limit for funds transfer. There is no maximum or minimum limit for transferring funds through NEFT. Whereas RTGS is meant for high-value transactions. The minimum amount is Rs. 2.00 lacs and there is no maximum limit.
