Question

State any four points of information to be submitted by remitting customer to NEFT transaction.

Answer 1

Following are the prerequisites:

1. Originating and destination bank branches should be part of the NEFT network.

2. Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter

3. Customers should exercise due care in providing the account number of the beneficiary, as, in the course of processing NEFT transactions.

4. the credit will be given to the customer’s account solely based on account number provided in the NEFT remittance instruction / message.