what is NEFT????? explain
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Answer: NEFT, also known as National Electronic Funds Transfer is an electronic payment system which facilitates one-to-one funds transfer. It helps in the transfer of money from one bank to another or one branch to another. Customers can only transfer funds electronically to NEFT enabled banks in the country.
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NEFT stands for National Electronic Funds Transfer. NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country. A bank branch must be NEFT-enabled for a customer to be able to transfer the funds to another party.
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