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What are the benefits / advantages / merits of using NEFT?

The NEFT transfer of funds in banking comes with great many plus points.

Cost effective: The NEFT charges per transaction are very minimal.

Secured: No worries on getting robbed while visiting bank with cash or demand draft and likelihood of fraudulent encashment thereof. The online NEFT transactions are very secured.

Less paper work: In physical fund deposits, more paper work is involved like filling up forms and submitting it to bank. But in NEFT, no such paper work is needed. As very limited steps are needed to complete transfer online.

Confirmations: After transfer of funds and after credit of money to the beneficiary, the confirmation messages are sent by SMS or email, which as opted by the account holder.

Timely transfer: The time taken from initiating payment till the time the money is credited is around 1-3 hours these days, which is good enough to meet most of the people's expected level.

Convenient: Remitter can initiate the remittances from his home / place of work using the internet banking also.

Better than other modes: The remitter (person making payment) doesn't have to send the physical cheque or Demand Draft to the beneficiary (person who'll receive money).

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