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What does efts stand for?

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Anonymous

13y ago
Updated: 9/17/2019

EFT stands for Electronic Funds Transfer. It is a facility using which customers can transfer funds from one bank account to another without having to write/issue/receive/deposit Cheques. Everything happens electronically through internet banking without use of paper instruments. In India we have two types of EFT available:

a. National Electronic Funds Transfer - NEFT for small amounts

b. Real Time Gross Settlement - RTGS for large amounts

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Wiki User

14y ago

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