NEFT or “net banking” is an interesting concept. It has been introduced to the world but has not gained much popularity and this article will try to help you understand what NEFT is, how it works and why it is very important for you.
The acronym Nets stands for “net banking” and it has no other connection with money transfers at all. When you receive a money transfer via NEFT, the money goes through your account and is deposited in your account at the bank.
But NEFT is much more than a simple way of receiving money, it is also a kind of interchange. You can send money with it and any service provider who offers NETS online can even process the money.
BANKS are the backbone of society and also the backbone of financial transactions and a bank are just a part of their business. Banks have some very sophisticated financial systems, which wire large amounts of money and also create highly effective ways of money transfers.
Before this concept of money transfer was introduced, it was a very slow process and the banks had to manually process money transfer. Sometimes it took hours to pay money for a product or service, sometimes days and other times weeks.
The banks and financial institutions will only accept money transfer if they know the amount you want to send and they know the amount you need to pay. NEFT is designed to simplify these processes.
The banks’ computers will find a balance between the bank’s accounts for the various customers and the amounts of money being transferred. The amount of money they would receive from your bank will be a little less than the amount you transfer to your bank, so they will apply a discount.
Many small businesses in the US now use the system, because it allows them to accept payments on time. It is also easy to use, and all that is required is a debit card or internet access.
If you prefer, you can even use NEFT online and have a paperless, online payment system. However, if you do, then you will also have to invest a little bit of time in setting up your account and submitting your payment.
There are several things you can do using it to improve your home security system, it is faster than talking to the people you are paying. The paperwork involved is very little, just fill out the form and that is it.
When you receive a transfer via NEFT, it is often not possible to send the money by your own bank’s system, it can take some time to pass through the banks’ computer system. Because of this, many companies, such as UPS or FedEx and even hotels, have learned to accept payments from NEFT users.