NEFT Facility definition

NEFT Facility means the Electronic Funds Transfer Facility through the RBI NEFT System.
Sample 1Sample 2Sample 3
NEFT Facility means the Electronic Funds Transfer Facility through the RBI NEFTSystem.
Sample 1Sample 2
NEFT Facility means the National Electronic Funds Transfer Facility through the RBI NEFT System. “RTGS” means Real Time Gross Settlement through RBI RTGS system.
Sample 1

Examples of NEFT Facility in a sentence

  • Bank may withdraw or terminate the NEFT Facility anytime either entirely or with reference to a specific NEFT Facility without assigning any reasons whatsoever.

  • Illegal or improper use of the NEFT facility shall render the Customer liable for payment of pecuniary charges or penalties, which the Bank may at its sole discretion, decide or may result in suspension of the NEFT Facility to the Customer.

  • The Customer may request for termination of the NEFT Facility any time by giving a written notice of at least 15 days to Bank .The Customer will remain responsible for any transactions made through the NEFT Facility until the time of such termination.

  • The Bank expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in the NEFT Facility.

  • To avail/ use the Bank NEFT Facility, a Customer shall submit to the Bank an NEFT Request.

  • Bank does not hold out any warranty and makes no representation about the quality of the NEFT Facility.

  • Bank may suspend or terminate the NEFT Facility without prior notice if the Customer has breached these Terms and Conditions.

  • The Bank shall under no circumstance, be held liable to the Customer if the NEFT Facility is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of the Bank .

  • The branches participating in NECS can, however, be located anywhere across the length and breadth of the country.What is payment of dividend through NEFT Facility and how does it operate?NEFT denotes payment of dividend electronically through RBI clearing to selected bank branches which have implemented Core Banking Solutions (CBS).

  • These Terms and Conditions and any modification thereto shall govern every payment order issued by the Customer and shall remain valid and binding on the Customer as and when and on each occasion the Customer opts to make a transfer payment using the NEFT Facility.


More Definitions of NEFT Facility

NEFT Facility means the National Electronic Funds Transfer Facility through the RBI NEFT System. “RTGS” means Real Time Gross Settlement through RBI RTGS system. 4) Words or expressions used in this Agreement, but not specifically defined herein shall have the respective meanings assigned to them in the RBI EFT Regulations, 1996.
Sample 1

Related to NEFT Facility

  • Overdraft Facility or ‘Facility’ means an authorised debit balance that may be offered to you at our discretion from time to time allowing your Account to go overdrawn up to an agreed Overdraft Limit.

  • Credit Facility shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.

  • L/C Facility means the letter of credit facility established pursuant to Article III.

  • Facility means the entire operation located on the property where the Equipment is located;

  • Public facility means 1 or more of the following:

  • Loan Facility means the Revolving Loan Facility, the Transaction Specific Loan Facility or the Transaction Specific Revolving Loan Facility established by Lender in favor of Borrower under the Loan Documents.