BANKING AFFAIRS

Detailed explanation-1: -What is electronic funds transfer (EFT meaning)? An electronic funds transfer moves money from one account to another electronically over a computerized network. EFTs require both the sender and recipient to have bank accounts. The accounts do not have to be at the same financial institution to transfer funds.

Detailed explanation-2: -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, inward foreign exchange remittances, etc.

Detailed explanation-3: -Electronic funds transfers allow you to digitally move money across an online network, either between banks or person to person. As the transfers are digital, there’s no need for paper documents. This speeds the process up considerably and makes EFTs more accessible than some alternative methods of sending money.

Detailed explanation-4: -Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.