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Who can transfer funds using NEFT?

Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT.

Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT.

However, such cash remittances will be restricted to a maximum of ₹ 50,000/- per transaction.

Such customers have to furnish full details including complete address, telephone number, etc. NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.

ref: RBI

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