Shamrao Vithal Co-operative Bank Ltd.

The Shamrao Vithal
Co-operative Bank Ltd.


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Home>>NEFT

NEFT (National Electronic Fund Transfer)

Transfer of amount to any Bank/Account Any where in INDIA

For Details of Branches having NEFT and their respective IFSC codes , Please Click here : IFSC Code

Here is a list of FAQ's (Frequently Asked Questions) about NEFT System :

	What is NEFT System ?
	National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. The system uses the concept of centralised accounting system and the bank's account, that are sending or receiving the funds transfer instructions,gets operated at one centre

	When will the beneficiary receive the money ?
	The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

	When will the beneficiary receive the money ?
	The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

	What is the information required ?
	The essential information that the remitting customer has to furnish is: Beneficiary details such as beneficiary name and account number. Name and IFSC of the beneficiary bank branch.

	What is IFS Code (IFSC)? How it is different from MICR code ?
	Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.

	Can I receive/send foreign remittances through NEFT ?
	This system can be used only for remitting Indian Rupee among the participating banks within the country. The funds from NRI Accounts can also be remitted subject to applicability of provisions of FEMA. However customers can remit funds to Nepal .For more information please visit any of our branches.

	Is there any way a remitting customer can track the
	remittance transaction ?
	The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.

	Can a walk in customer remit cash through NEFT ?
	Yes, walk in customers can remit cash through NEFT from any of the SVC Branches.