NEFT -National Electronic Funds Transfer (NEFT) and IFSC-Indian Financial System Code

 National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer  Under this Scheme,  individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT.

 However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances and remittances to Nepal.

 IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system.

 This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero).

 IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.