Buy bitcoin with NEFT

What is NEFT?

NEFT, National Electronic Funds Transfer, is a nationwide centralised payment system owned and operated by the Reserve Bank of India. It moves rupees between bank accounts using the beneficiary's account number and IFSC code, and unlike UPI it settles in batches rather than payment by payment. It is the usual fallback for an exchange deposit larger than a UPI transaction will carry.

Speed

NEFT runs round the clock on all days and settles in half hourly batches, with the beneficiary bank required to credit the account within two hours of the batch settling.

Cost

Banks may not charge savings account customers for NEFT initiated online, and the RBI caps other outward charges on a sliding scale topping out at 25 rupees plus GST above 200,000 rupees; inward transfers carry no charge.

Limits

The RBI sets no minimum or maximum for NEFT, though banks apply limits of their own, and a cash based NEFT by a walk in customer is capped at 50,000 rupees per transaction.

Speed and cost describe the rail itself. What an exchange adds on top varies by platform and is shown per exchange below.

Using NEFT in India

NEFT appears in one country guide on this site, India, where deposits settle in Indian rupee (INR). Buyers there fund exchange accounts with UPI, IMPS, Credit or debit card, P2P marketplaces with escrow as well, and the country guide ranks the exchanges that take each one.

Buy bitcoin with NEFT in India