why NEFT is used over E-cheque
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A CHEQUE IS an instrument in writing, containing an unconditional order, drawn on a specified banker, signed by the drawer, requiring the banker to pay on demand a certain sum of money only or to the order of a certain person called payee or the bearer of the instrument.
On the other hand, National Electronic Funds Transfer (NEFT) is a nation wide payment system, which facilitates one-to-one funds transfer. That is individual depositor can transfer funds to any person having an account in any other bank within a short period of time
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