NEFT stands for National Electronic Funds Transfer, the RBI's nationwide system for sending money from one bank account to another. It runs round the clock on all days, and the RBI sets no limit on the amount.
On your statement
A NEFT line usually carries the other bank's IFSC, the sender's or receiver's name and a reference number, the UTR, which you quote to your bank to trace a transfer.
Charges
The RBI advised banks not to charge savings account holders for NEFT transfers made online, from January 1, 2020.
IMPS, NEFT and RTGS in one line each
IMPS (Immediate Payment Service): NPCI's instant transfer between banks, 24x7.
NEFT (National Electronic Funds Transfer): the RBI's bank-to-bank transfer system, available round the clock on all days.
RTGS (Real Time Gross Settlement): for ₹2,00,000 and above, available 24x7 since December 14, 2020.
Example lines
Made-up lines in the usual shape. Your bank's wording will differ.
NEFT CR-UTIB0XXXXXX-EXAMPLE EMPLOYER-100000000001Money received by NEFT, such as salary.NEFT DR-SBIN0XXXXXX-EXAMPLE PAYEE-100000000002Money you sent by NEFT.
How Fynora reads it
When NEFT, IMPS, RTGS, MMT or TPT starts a line on a bank account statement you import, Fynora counts the payment as "Bank transfer" in the How you paid section of Reports.
Questions
Is there a limit on NEFT?
The RBI sets none. Your bank may set its own limit, and someone without a bank account can send at most ₹50,000 per transaction in cash through NEFT.
What is the difference between NEFT and RTGS?
RTGS is for ₹2,00,000 and above; the RBI sets no limit on NEFT. Both run 24x7.