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What is meant by EFT processing?

Updated: 11/10/2022
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13y ago

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EFT stands for Electronic Funds Transfer. It is a facility using which money can be transferred from one bank account to another (even across banks) without the use of paper instruments. It can be initiated via internet banking.

EFT usually takes 1-3 business days for the money to be available in the destination account. Also, it depends from country to country. In India EFT usually takes 1 business day and is available in the target account the following business day.

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Q: What is meant by EFT processing?
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