NEFT offers the following advantages for funds transfer or receipt:
Round the clock availability all days of the year
Near real-time funds transfer to the beneficiary account and settlement in a secure manner
Pan-India coverage through large network of branches of all types of banks.
Positive confirmation to the remitter through SMS/e-mail on credit to the beneficiary’s account
Penal interest provision for delay in credit or return of transactions
No charges to Savings Account customers for online NEFT transactions
Besides funds transfer, NEFT system can be used for a variety of transactions including payment of Credit Card dues to the card issuing banks, payment of loan EMI.