Overview
This API performs fund transfer via the NEFT channel. The funds get transferred to any account maintained with any Bank in India. API accepts details of the remitter in RemitterDetails object, the beneficiary details – including AccountNumber and IFSC - in BeneficiaryDetails object, and the amount to be remitted. The amount gets credited to the Beneficiary account if the transaction is successful. There is no limit – either minimum or maximum – on the number of funds that could be transferred using NEFT. However, the maximum amount per transaction is limited to ₹ 50,000/- for cash-based remittances within India and remittances to Nepal under the Indo-Nepal Remittance Facility Scheme. Operating hours: From December 16, 2019, as per RBI guidelines, NEFT is now available 24x7, 365 days i.e., any time of the day and any day of the week. The settlements of fund transfer requests in the NEFT system gets performed on a half-hourly basis. There will be 48 half-hourly batches every day. This settlement of the first batch will commence after 00:30 hours, and the last batch will end at 00:00 hours. The system will be available on all days of the year, including holidays.