#Susy not even wrong free#
The authentication is done with your knowledge and once confirmed you will receive an SMS on your registered mobile number that you have Added X with the Account number xxxxxxxxxxxx as a beneficiary for NEFT transactions to your bank account xxxxxxxxx.Īll of the above tries to make sure that the NEFT transaction is error free and smooth and also the person adding the beneficiary is fully aware of the fact that a payee is added to their net banking accounts. These steps are taken to make sure that the entire set of information is error free. Also the entire details will be display on a page for you to cross check again, before you submit the information and confirm the same via an OTP and your internet banking transaction password. Most banks will need you to add the Beneficiary Account Number twice to make sure that there are no errors in it. Beneficiary Name: (account holder’s name).To this end banks require these following compulsory details from the remitter while adding a payee for NEFT transaction: In other words the onus of entering the right payee details is onto the sender or the remitter, so in case you are transferring the amount to someone, you are solely responsible for making sure the payee/beneficiary details are accurate and error free. NEFT works on the principal wherein the payee or the remitter is the one who chooses the beneficiary or the receiver of the payment. What if the money is transferred to a wrong account? Or what if one day you find some amount transferred to your account by mistake? Let us see below why is it complicated in these cases. There is however a nominal transfer fee in case of transaction from one bank to another while same bank transactions are often free of cost.Īnyway, it is a good tool, granted, but there are problems with it too. It is convenient mode of fund transfer and most of the recipients receive the money in a day or two. NEFT or National Electronic Fund Transfer is used for transferring funds online from one account to another, anywhere in India. However convenient it is, what would you do if the money is transferred to a wrong account or you have received the money from a Wrong Account?
We all use online banking for transfer of funds and usually the method that most of use is NEFT.
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