1. What are the channels through which I can initiate an NEFT Fund Transfer?

• Internet Banking – Send money to your chosen beneficiary from your desktop/laptop

• Mobile Banking - Send money through your HDFC Mobile Baking app

• Branch – Visit your nearest HDFC Bank Branch and fill the NEFT form to do an NEFT transaction

• Enet - Net banking facility for Corporates

2. What are the transaction steps for NEFT through NetBanking/MobileBanking?

For NEFT you will need to begin by adding a beneficiary. Then you can go on to make a funds transfer or Credit card payment.

For online transaction, both the NetBanking and Third Party Funds Transfer facilities should be enabled. (If you’re not yet registered, just fill the form at your closest HDFC Bank branch).

Steps to add beneficiary for NEFT-

Step 1 - Log into HDFC Bank NetBanking/MobileBanking, using your Customer ID and Password

Step 2 – Go to Funds Transfer tab

Step 3 - Click ‘Add a Beneficiary’, and then select Beneficiary Type – Transfer to other bank

Step 4 – Enter the beneficiary account details or Credit card number

Step 5 – Select the Beneficiary’s IFSC, using the bank and branch name

Step 6 – Click ‘Add’, then ‘Confirm’

Step 7 – Authenticate yourself at the secure access step, and wait for your confirmation message

Steps to make your NEFT funds transfer –

Step 1 – Go to Fund Transfer tab, and select 'Transfer to other bank(NEFT)'

Step 2 – Select account, beneficiary, and enter the relevant details

Step 3 – Accept the Terms and Conditions

Step 4 – Review the details, and, if all is correct, confirm to complete the process

Note:

• The beneficiary will be activated after 30 minutes (due to security reasons). The Beneficiary can be viewed in the "View Beneficiary" option of the Enquire Section.

• Post activation of a beneficiary, Rs. 50,000 (in full or parts) can be transferred for the first 24 hours.

• An added beneficiary, to whom no funds are transferred for more than 24 months, is treated as a new beneficiary in all respects.

• A maximum of 7 beneficiaries can be added/modified/deleted in a period of 24 hours.

3. What information is required to do an NEFT transaction?

For an NEFT remittance, the remitter has to furnish the following information:

• Amount to be remitted

• Remitting customer's account number which is to be debited

• Name of the beneficiary bank

• Name of the beneficiary

• Account number of the beneficiary

• Sender to receiver information, if any

• IFSC code of the destination bank branch

4. How to do Credit card payments through NEFT?

Credit card payments can be completed easily through HDFC Bank’s NEFT service under NetBanking.

There are a few points to note:

• You need to have the NetBanking and Third Party Funds Transfer facilities enabled (If you’re not yet registered, just visit your nearest HDFC Bank branch and fill the form).

• The Credit card issuing bank must be enabled to receive payments via NEFT

• The IFSC should be obtained from the Credit card issuing bank (without the correct IFSC, the transaction will be rejected)

Steps to make your Credit card payment –

Step 1 – Go to Fund Transfer tab, and click Transfer to other bank

Step 2 – Select account, beneficiary, and enter the relevant details

Step 3 – Accept the Terms and Conditions

Step 4 – Review the details, and, if all is correct, confirm to complete the process

5.  When does the beneficiary get the credit for a NEFT Transaction?

The transaction will be settled to your beneficiary as per the RBI batch which ideally takes 30 mins to 4 hours.

6. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 business hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

7.  Can I use NEFT for foreign remittances?

This is a service designed only for remitting Indian Rupees within India.

8.  What is IFSC?

IFSC stands for ‘Indian Financial System Code’. It is an 11 digit, alpha numeric code designed to identify bank branches in India. The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code is also available on the cheque leaf. The list of IFSCs is also available on the RBI website (http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0112.xls).

9.  Do all bank branches in India provide NEFT services?

No. NEFT services are enabled only in specific bank branches across the country. A list of such NEFT enabled branches can be obtained from the RBI website

http://www.rbi.org.in/scripts/neft.aspx for NEFT.

10.  Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT transaction?

Please contact your bank/branch or the destination bank/branch or the Customer Facilitation Service Centre of the banks.

Contact Details of Customer Facilitation Centre of HDFC Bank for redressal of your NEFT related complaints

Contact details of Customer Facilitation Centre for other Banks

11.  Can money be sent abroad using NEFT transaction?

• No. However, a facility is available to send outward remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.
  To know more : https://www.rbi.org.in/scripts/FAQView.aspx?Id=67

12.  If the transaction has failed due to technical reasons either at the Bank’s or RBI end will I get any compensation in the form of Loss of Interest?

No. If the transaction has failed / timed out / declined due to technical reasons, Bank shall not bear any liability to compensate the same in the form of interest or actual amount sent to the Beneficiary.