NEFT, or National Electronic Funds Transfer, is a popular electronic payment system in India that allows individuals and businesses to transfer money between bank accounts. It operates on a deferred net settlement basis, meaning transactions are processed in batches at specific intervals throughout the day. This system is widely used for making payments, settling bills, and transferring funds securely. To use NEFT, customers need to have a bank account and access to online banking services. They can initiate a transfer by providing details such as the recipient's account number, bank name, and the amount to be sent. NEFT is known for its reliability and ease of use, making it a preferred choice for many.