Features of neft
Merits and Demerits of Neft
Answers
Benefits of NEFT and Internet Banking:
Safe and Effective – For a seamless movement of funds on the Internet, you could opt for NEFT as it helps you transfer any amount of money quickly.
Low Processing Charges – Internet banking and NEFT are flexible payment options which are very economical. For getting this facility, you don’t have to reimburse a huge sum of money to your bank. The processing charges are quite low and you can transfer any amount of money without any difficulty.
Highly Dependable – NEFT, an integral aspect of Internet banking, is a highly dependable method of making payments and receiving funds online. Most of the banks in India are regulated under the norms set by RBI and, hence, the Internet banking facility too is quite safe in nature.
Rapid Settlement – Unlike the regular banking methods of fund transfer, NEFT transfer is really quick and you can enjoy rapid settlement of accounts, thereby improving the overall functionality of your business.
Disadvantages of NEFT and Internet Banking:
Highly Technical – One of the major drawbacks of Internet banking and NEFT transfer in India is that this is a highly technical method of funds transfer which is not easy to operate for everyone. An individual with little knowledge of computer or the Internet might not be able to operate an Internet banking account easily.
The Risk involved with Online Payments – Even though most of the banks in India take proper steps to secure an NEFT transaction, it is quite possible that your information might get passed on to a hacker if you’re using an unsecured browser. This is one of the reasons why a lot of people across the country don’t believe in this facility.
Even though Internet banking comes along with certain disadvantages, this is one of the best and the easiest methods of carrying out financial transactions in the country. As a customer, you should definitely give this online payment method a try.
Answer:
NEFT stand for National electronic fund transfer. It is used to transfer the money from one account to another account from the net banking .It saves the time without going the bank transaction is proceed.. Neft is so simple and it is paperless and in that there is no need of cheque book or demand draft to transfer the money
Neft merits are it is simple to transfer the money to beneficiarry account with paying the extra charge to it. It is proceed from home also without visit the bank.
Neft demerits are it is not fastest system to transfer the money. It takes time to settle the transaction. Neft does not work when bank is closed the transactio remain pending till the bank is open.