Benefits of NEFT
NEFT is an electronic funds transfer process used in India that allows users to easily transfer money in a very short time. The NEFT process has numerous associated advantages for both business and individuals. A couple of these benefits are listed here below:
1. Secure and efficient
The NEFT process is highly efficient and it allows seamless movement of money or transfer from a certain bank to the next. Furthermore, the entire process is regarded as highly secure. This means there are fewer chances of errors occurring during the whole process.
2. Low cost
The other benefit that has many people considering NEFT as their main technique of transferring money is the low cost it charges. In fact, the costs involved during the NEFT process are much lesser compared to when you make demand drafts or pay orders. Hence, many small businesses in India are now using NEFT due to its economical nature.
3. Highly reliable
NEFT is highly reliable and this is attributed to the fact the Indian reserve bank is the main coordinating agency of this process. This greatly reduces any likelihood of discrepancy when making financial transactions between various banks. That is the reason NEFT transactions cannot be revoked, since it has a high accuracy level.
4. Eliminates delays
NEFT transactions are designed to eliminate the normal delays associated with fund movements in general. This is because all transactions are quickly settled within one day from the start of the transaction. This means your customers or clients will get their money on time once it has been sent to their respective accounts.
Since the entire NEFT process is completely paperless, it helps lessen the need to cut trees for producing paper. Hence, NEFT is environmentally friendly. Furthermore, it is also risk free since fund transfers are processed and immediately settled within one day.