In the era of digitalisation, transferring money has become simpler, faster, and more efficient. Among the several online money transfer systems available today, National Electronic Funds Transfer (NEFT) is a prominent one. To use this service effectively, it’s crucial first to comprehend the NEFT meaning and its associated implications.
What is NEFT?
NEFT stands for National Electronic Fund Transfer. It is a nationwide system that facilitates individuals, firms, and corporates to transfer funds from one bank account to another, from any part of the country. The Reserve Bank of India (RBI) administers this scheme, rendering it a safe and dependable mode of money transfer. Both the remitter and the beneficiary must have their bank accounts with a bank that is part of the NEFT network.
NEFT meaning elucidates the primary function of this fully automated system that operates on Deferred Net Settlement (DNS) basis, executing transactions in pre-defined operational hours. Unlike real-time settlement in RTGS, DNS settles all transactions in batches during the day. These transactions can be related to funds transferred between any two NEFT-enabled bank branches across the nation.
Key Features of NEFT
The NEFT system has no minimum or maximum transfer limit set by the RBI. However, individuals can transact up to ₹50,000 by cash, while for online transactions, the limit is determined by the individual banks.
What is UPI?
A significant reference to digital transactions in India is the Unified Payments Interface (UPI) transaction. UPI is an instant real-time payment system developed by the National Payments Corporation of India, facilitating inter-bank transactions. The interface is regulated by the RBI and works by instantly transferring funds between two bank accounts on a mobile platform. UPI transaction provides a seamless, quick, and easy-to-use system that requires only a smartphone with an internet connection.
One such provider of UPI transaction services in India is Bajaj Pay UPI. Developed by Bajaj Finserv, it presents a hassle-free platform for instant money transfers, recharges, and bill payments. Safe, secure and user-friendly, Bajaj Pay UPI certainly sets a high standard in India’s digital payment ecosystem.
Now, let’s understand how to use Bajaj Pay UPI:
- Download and install the Bajaj Finserv app from Google Play Store or Apple App Store.
- Open the app and register using your mobile number and set a four-digit mPIN for secure login.
- On the home screen, you will find a ‘UPI’ option. Click on that to create your Virtual Payment Address (VPA).
- Link your bank account by selecting your bank’s name. The app will automatically fetch your bank account details.
- Set your UPI PIN by providing your debit card details.
- You are now ready to make transactions using Bajaj Pay UPI.
To send money using Bajaj Pay UPI:
- Click on the ‘Pay’ option.
- Enter the recipient’s UPI ID or account number and IFSC code, amount and choose the account from which you want to send money.
- Click on ‘Confirm,’ and enter your UPI PIN.
- Amount will be transferred instantly.
Conclusion
In conclusion, financial systems such as NEFT and UPI transaction are redefining the landscape of digital money transfers in India. Seamless, swift, and secure, these systems ensure that users can carry out their financial transactions with ease and without worry. The evolution in digital money transfer, including platforms like Bajaj Pay UPI, is indeed a significant leap towards a cashless and financially inclusive India.
