Simple Ways to Do NEFT Transfers

National Electronic Funds Transfer (NEFT) has transformed how we handle fund transfers, offering a seamless blend of convenience, speed, and security that appeals to millions. This comprehensive guide will walk you through making NEFT transfers, focusing particularly on the specific steps for HDFC Bank customers.

NEFT transfer is a system that enables individuals and entities to transfer funds from one bank account to another electronically. Governed by the Reserve Bank of India (RBI), it provides a secure and efficient way to move money, utilising the safety protocols set by RBI. This method stands out because of its flexibility in transferring any amount, as RBI does not impose any limit on NEFT transfers. However, individual banks can decide on their limits, considering the risks involved. You can check with your bank for the applicable limit on NEFT transfers. 

HDFC Bank has imposed the following limits on NEFT transfers as safety measures: 

For online transfers:

• 7 am to 7 pm on RBI working days: You can transfer funds online within the TPT (Third Party Transfer) limit, which can go up to ₹50 lakhs.
• From 7 pm – 7 am on working days and all holidays: During these hours, including weekends and holidays, each transaction can be a maximum of ₹2 lakh, subject to the TPT limit. If needed, you can perform multiple transactions in multiples of ₹2 lakh, up to the chosen TPT limit, with the overall maximum amount set at ₹50 lakh. 
   

Branch transfer:

You can make NEFT payments as required during the branch’s working hours.

Initiating an NEFT transfer involves a preliminary step of adding a beneficiary. Once done, you can transfer funds or make Credit Card payments. However, ensure you are registered for NetBanking and Third-Party Funds Transfer. If not, visit your nearest HDFC Bank branch to complete the registration process for NetBanking.

Via NetBanking:

Adding a Beneficiary for NEFT:

• Step 1: Log into HDFC Bank's NetBanking using your Customer ID and Password.
• Step 2: Navigate to the 'Funds Transfer' tab.
• Step 3: Select 'Add a Beneficiary' and choose 'Transfer to Other Bank.'
• Step 4: Enter the beneficiary's account or credit card information.
• Step 5: Select the correct IFSC code for the respective bank and branch.
• Step 6: Click 'Add' and then 'Confirm.'
• Step 7: Complete the secure access step and wait for the confirmation. 
   

Note: Once activated, a beneficiary can receive up to ₹50,000 (either in full or in parts) within the first 24 hours. You can add up to four beneficiaries during this period. 

Executing an NEFT Transfer:

• Step 1: Go to 'Fund Transfer' and select 'Transfer to Other Bank (NEFT).'
• Step 2: Pick your account, select the beneficiary, and enter the necessary information.
• Step 3: Agree to the ‘Terms and Conditions.’
• Step 4: Review all details and confirm to finalise the transfer. 
   

Via MobileBanking: 

• Step 1: Open the HDFC Bank Mobile Banking app and access the menu.
• Step 2: Select 'Pay' and then 'Money Transfer.'
• Step 3: Select 'Add New Payee.'
• Step 4: Decide on the transfer type (Bank Account or Credit Card), enter the payee details, and select the IFSC code.
• Step 5: Double-check all details, then click 'Add' and 'Confirm.' 
   

While making a fund transfer, ensure the accuracy of account details, as HDFC Bank cannot validate beneficiary details and is not liable for erroneous transactions.

With the HDFC Bank Branch

Visit any HDFC Bank branch, provide a cheque, and complete the NEFT form with the necessary signatures to initiate the transfer.

• No Limits: NEFT payments allow you to transfer any amount according to your needs without restrictions. 
  
  
• Digital Convenience: Easily perform NEFT transfers online, eliminating the need for physical cheques or bank visits. 
  
  
• Instant Notifications: Receive real-time alerts about your NEFT transaction status via SMS or email, keeping you informed every step of the way. 
  
  
• Timely Transfers: Funds are usually transferred within 1 to 24 hours, ensuring quick access to your money. 
  
  
• Safety and Security: Governed by the Reserve Bank of India (RBI), NEFT ensures a secure transaction process for peace of mind.

• NEFT is available to individuals, firms, and companies with NEFT-enabled bank accounts.
• Participation in the NEFT network by the user’s bank is mandatory.
• Knowledge of the beneficiary’s bank details and IFSC code is essential. 
   

Transferring money through NEFT is easy, secure, and flexible. Whether you are an HDFC customer or use another bank, the process of NEFT money transfer is straightforward and user-friendly. With the detailed steps provided, your next NEFT transaction should be a breeze. Whether it is a small or large amount, NEFT payment is a reliable choice for your financial transactions.

Click here to make an online money transfer through PayZapp on your IOS phone.

Click here to transfer money through PayZapp on your Android phone.

HDFC Bank's PayZapp UPI App presents a versatile and secure digital payment and transaction solution. This innovative app is accessible to both HDFC Bank and non-HDFC Bank customers. It redefines convenience by integrating a digital wallet and virtual card functionality. Whether you use it for paying bills, shopping online, or transferring money, PayZapp ensures seamless transactions. It allows transactions up to ₹10,000 per month for non-KYC accounts and an enhanced limit of ₹2,00,000 for KYC-compliant users.

The app's robust security features, including PIN and biometric logins and password-protected and user-authenticated transactions, ensure that your financial activities are safe and secure.

​​​​​​​Download PayZapp

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.