Do you wish to send money to a loved one or make a high-value payment? Do you have a short deadline to make the payment? Now you can transfer funds to any bank account in India via NEFT money transfer services. Initiate online NEFT transfers via DBS Bank internet banking or mobile app in minutes, with no restrictions on the NEFT transaction time.
Furthermore, DBS Bank allows fund transfer to any beneficiary NEFT-enabled bank account.
National Electronic Fund Transfer (NEFT) is a nationwide payment system backed and operated by the Reserve Bank of India (RBI). When you initiate an NEFT transfer, DBS Bank sends a message to the NEFT Service Centre. The message gets forwarded to the RBI-operated NEFT Clearing Centre. The NEFT Clearing Centre then sorts the fund transfer and passes it on to the beneficiary bank. After receiving inward remittance messages from the Clearing Centre, the beneficiary bank passes the credit to the beneficiary bank account. All of this takes place in under 30 minutes.
You can initiate funds transfers via the NEFT system 24x7x365. The online NEFT service is available round-the-clock, including on government, national, and bank holidays. Presently, NEFT payments are credited in half-hour interval batches, irrespective of the time or day of the week. The RBI also notifies DBS Bank in case of temporary non-availability of NEFT facilities, and we inform you of the same at the earliest. Per the NEFT-timings set by the RBI, beneficiary accounts are credited within 30 minutes of you initiating the transaction.
At DBS Bank, we do not levy any charges for online NEFT transactions. You may also visit the bank to conduct an offline NEFT transaction by filling the NEFT form. The charges for offline NEFT transactions range from INR 2.50 + GST to INR 25.00 + GST.
Log in to the mobile banking or internet banking portal of DBS Bank.
Select the ‘Fund Transfer’ option and choose your Savings Account.
Add the beneficiary if not already added. Provide the beneficiary’s name, bank account number, bank branch and IFSC code to add a beneficiary.
Select the desired beneficiary from the beneficiary list.
Provide a contact number and email to complete the NEFT payment process.
What is the minimum and maximum amount of money I can transfer via NEFT?
RBI has not set a limit for NEFT transactions. As such, you can use your DBS Bank account to transfer any amount of money to an NEFT-enabled beneficiary account without restrictions on NEFT transaction time.
What are the advantages of transferring money via NEFT?
NEFT is owned and operated by the Reserve Bank of India, which means there is no room for malpractices, and your funds are secured. You can conduct online NEFT transfers at zero fees. Most banks in India are NEFT-enabled, enabling you to transfer money seamlessly at any hour of the day. Also, you can pay credit card bills, loan EMIs, utility bills, etc., via DBS Bank NEFT payment system.