What is the Full Form of EFT?  EFT Meaning


About EFT

EFT Full FormElectronic Fund Transfer or EFT is, as the name suggests, an electronic mode of transfer of money. In this, money is transferred from one account to another electronically or digitally. It takes place via computer systems, without any direct interaction with the staff of a company or a bank. Some common EFTs are – Automatic Teller Machine or ATM, Payment Terminals at Point Of Sale. Direct deposit payroll systems, etc. EFTs are called by different names in different countries and regions. In the USA, it is referred to as electronic checks or e-checks. In the UK, EFTs are known as bank transfer and bank payment. In Canada, E-transfer is more commonly used. Giro transfer is used in European regions. Since online mode is increasing in each field, more options are opening up so that online mode is more accessible to each and every customer. Same is with EFT. There are 3 types of EFTs – National Electronic Fund Transfer or NEFT, Real Time Gross Settlement or RTGS and Immediate Payment Service or IMPS or NEFT+RTGS.

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