Barclays Global Retail and Commercial Bank India has introduced National Electronic Funds Transfer facility for its online banking customers.

The service will enable the accountholders of the bank to transfer funds online over a secured platform from one branch to another.

The funds are transferred using Payment Interface of Reserve Bank of India.

The transfer limit is decided on a daily basis and is up to a maximum of INR 49,999 per day.

The payment requests will be processed in two batches. The processing/turnaround time for a transaction is around 24 hours and beneficiary account is credited on the same day or next day depending upon the time when fund was transferred.

Stating the benefits of the move, Ram Gopal, interim managing director, Barclays GRCB, said, "With Online Banking, our customers can now access banking services instantly anytime and anywhere at their convenience. This is an important step towards providing yet another value added service."

Barclays Global Retail and Commercial Bank India is a part of the global Barclays Group which is into retail/consumer banking, commercial banking and credit cards (Barclaycard).

Recently, the bank provided mobile banking facility to its credit card customers.

National Electronic Funds Transfer

National Electronic Funds Transfer (NEFT) is a system for fund transfer from any bank branch to branch of any other bank and operates on a nation wide magnitude. It is based on a centralised accounting system that receives fund transfer requests and implements the same. If the beneficiary account does not receive money, it is transferred back to the account it was remitted from.

As on December 31, 2008, the network comprised of 52427 branches of 89 banks across the country. The settlement time is about 24 hours and settlements are made at 0900, 1100, 1200, 1300, 1500 and 1700 hours on weekdays and 0900, 1100 and 1200 hours on Saturdays.