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Ans: Individuals, firms and corporates maintaining accounts with any member bank, participating in the NEFT system, can electronically transfer funds to any individual, firm or corporate having an account with any other bank in the country participating in the NEFT system.

All banks will issue NEFT application forms at their respective operating branches. Any individual who wants to send money by visiting the bank has to fill up this slip with all required details such as payee/beneficiary name, IFSC code, bank account number of payee, name of branch, amount to be credited, etc.

You can register for the NEFT mandate online through LIC's official website and can also track the status of your application. Since this system requires electronic fund transfer, customers should be aware of all the terms and conditions and must take care while filling in their account details.

The transaction will be settled to your beneficiary as per the RBI batch which ideally takes 30 mins to 4 hours. 5. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money? Yes.

SUBMITTING NEFT MANDATE FORM. The payment under your policy/ies will be to be credited, directly to your Bank account through electronic mode of payment only. For this purpose, we require your bank details for making the policy payment through NEFT (National Electronic Fund Transfer).

NEFT stands for National Electronic Funds Transfer. It is an electronic payment system that is used nationwide by banks, and allows you to transfer funds from one bank to another. It was conceptualised by the Reserve Bank of India (RBI), and facilitates easy and hassle-free transfer of funds.

A cancelled personalised cheque with the account no. and IFSC code should be submitted along with the NEFT mandate. If the cheque is not personalised, a latest bank statement or copy of passbook (where account number and IFSC code is mentioned) needs to be submitted with the mandate.

A NEFT mandate form is a document that authorizes an individual or organization to debit money from your bank account through the National Electronic Funds Transfer (NEFT) system. The form will include details about the amount to be debited, the account holder's name, and the account number.