NEFT Insights | Sumble

What is NEFT?

NEFT (National Electronic Funds Transfer) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). It facilitates 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.

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What other technologies are related to NEFT?

NEFT Competitor Technologies

IMPS

IMPS is a direct competitor to NEFT as it provides immediate fund transfer, unlike NEFT which settles transactions in batches.

mentioned alongside NEFT in 51% (178) of relevant job posts

RTGS

RTGS is a competitor to NEFT. While NEFT is used for smaller value transactions and settles in batches, RTGS is for high-value transactions and provides real-time gross settlement.

mentioned alongside NEFT in 26% (288) of relevant job posts

UPI

UPI is a competitor to NEFT because it allows for instant fund transfers using a virtual payment address, mobile number or QR code, primarily for smaller transactions, offering a more user-friendly and faster alternative to NEFT.

mentioned alongside NEFT in 15% (145) of relevant job posts