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

The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

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

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.

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.