Difference between neft and necs

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2013 Dear sir/madam,

please clarify the following,

what is the intention behind introducing new NECS

and what is the difference between NEFT and NECS.

Amol S Joglekar

Amol S Joglekar (Expert)
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09 January 2013 One is for FUND transfer another is for CLEARING. Both the functions are different from each other.

Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2013 thank you sir,

is the NEFT now working or NECS has been replaced in place of NEFT.

Amol S Joglekar

Amol S Joglekar (Expert)
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10 January 2013 both the systems are INDEPENDENT of each other. Let us say I want to transfer FUNDS from my side to YOU. In addition to other methods, I can use NEFT subject to its limitations. NECS is meant for CLEARING house system.

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