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How To Pay National Electronic Funds Transfer (NEFT) is one of the most prominent electronic funds transfer systems of India. NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis. It is done via electronic messages. This is not on real-time basis like RTGS (Real Time Gross Settlement). This is a "net" transfer facility which is executed in hourly batches resulting in a time lag. NEFT facilities are available in all bank, all over the country and work on a batch mode. How this works Detailed process NEFT is as follows: Step-1 : Customer fills an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. This facility is also available through online banking and some banks offer the NEFT facility even through the ATMs. Step-2 : The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre). Step-3 : The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch. Step-4 : The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre). Step-5 : The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers’ accounts. RTGS Real-time gross settlement' systems (RTGS) are specialist funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bundling or netting with any other transaction. Once processed, payments are final and irrevocable. Cash Deposit A cash deposit is defined as money that is injected into a checking, money market or savings account, either via money transfer, ATM machine or through a bank teller. In simple terms, a cash deposit is money placed in a financial institution for protective custody. This money can be made available for withdrawal after the transaction is completed and is the responsibility of the bank to make the funds available to the account holder. Cash Deposit Example: If a transaction is done via check, some banks may impose a minimum waiting period, but in a cash deposit, the funds are made available to the depositor almost immediately, after the transaction has been completed. Normally, financial institutions require the account holder to complete certain formalities before the transaction has been completed, like filling a deposit slip that contains information about the bank account including the account holders name, account number and cash amount to be deposited in the account.
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