NEFT (National Electronic Fund Transfer) is a gateway for inter-bank transactions. You can transfer any amount via NEFT to other banks as opposed to RTGS(Real Time Gross Settlement) where the lower limit has been set to Rs. 2,00,000/- by RBI. RTGS transactions are processed in real time, however NEFT is processed in batches.
Many banks has an option to upload bulk NEFT details to their Core Banking Software. This file is generally in “.txt” format. We have created an Excel file that will generate the required text format so that you need not to worry about the format. Besides, various field checks have been put in place so that you enter only valid details. This program has been tested with Finacle used by Jammu and Kashmir Bank.
In case of any query, feel free to Contact Us.