The Correct Answer is "National Electronic Funds Transfer". Important PointsNational Electronic Fund Transfer (NEFT) is a country-wide electronic fund transfer system for sending money from one bank account to another in a safe and hassle-free manner. All NEFT settlements are made in a batch-wise format. Money can be sent using this system to all NEFT-enabled banks in India on an individual basis. To initiate an NEFT transfer, Bank IFSC Code is a must, along with other details such as bank account number, bank branch and account holder name, among other details. Earlier, the NEFT transaction timings for most banks were between 8 a. m. And 6 p. m. from Monday to Friday and 8 a. m. to 12 p. m. on Saturdays. However, with effect from 16 December 2019, you can transfer money via NEFT 24x7. Money can be transferred via NEFT on holidays and weekends as well. The procedure for National Electronic Funds Transfer (NEFT) is mentioned below:Step 1: First login to your net banking account. If you do not have a net banking account then register for it on the website of your bank. Step 2: Add the beneficiary as a payee. To do so, you have to enter the following details about the beneficiary in the Add New Payee section:Account Number. Name. IFSC Code. Account Type. Step 3: Once the payee is added, choose NEFT as a mode of Fund Transfer. Step 4: Select the account you wish to transfer money from, the payee, enter the amount that you wish to transfer, and add remarks (optional). Step 5: Click on submit.