NEFT beneficiary identification: 5 things you need to take care of before transferring money

Before doing an NEFT fund transfer, users must be aware of certain essential details required for remitting funds to the beneficiary.

New Delhi: NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme. Although there is no limit imposed by the RBI for funds transfer through NEFT system, some banks may place amount limits based on their own risk perception with the approval of its Board. However, before doing an NEFT, users must be aware of certain essential details required for remitting funds through the system. There are several essential elements of beneficiary's identification.