NEFT
Definition
National Electronic Funds Transfer, an India-wide system for one-to-one bank transfers settled in batches. It suits routine payments without the instant or high-value focus of IMPS and RTGS.
Related Terms in Banking & Payments
RTGS
Real Time Gross Settlement, an Indian system for high-value interbank transfers settled individually and in real time. It is used where large amounts must move immediately and with finality.
IMPS
Immediate Payment Service, an Indian system for instant interbank fund transfers available around the clock, including on holidays. It bridges the gap between batch NEFT and high-value RTGS.
UPI AutoPay
A feature of India's Unified Payments Interface that lets customers authorise recurring payments — subscriptions, bills, EMIs — to be collected automatically from their account up to an approved limit.
Payment Gateway
A service that authorises and processes online payments between a customer, the merchant and the banks, securely passing card or account details and returning an approval or decline.
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