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NEFTNational Electronic Funds Transfer
NEFTNorth Eastern Frontier Tract (now North East Frontier Agency; India)
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At present, banks charge Rs 5 for every outward transaction up to Rs 1 lakh through the NEFT mode, Rs 15 for every transaction between Rs 1 lakh and Rs 2 lakh, and Rs 25 for transactions over Rs 2 lakh.
On a review, it has been decided to expand the sub-membership route to enable all licensed banks to participate in NEFT and RTGS systems,' RBI said.
The remitting customer needs to furnish the following information for effecting NEFT remittance: