Money credited to the bank account is a pleasant feeling, but knowing the person making the transfer via modes such as NEFT is equally important. In today's times, suspicious transactions do take place and mount concerns for those involved. The quicker you know the sender details in NEFT transfers, the better! It sort of assures you and helps you take remedial actions if you spot something illegitimate in those transactions. In this blog, we will share ways by which you can identify the senders who transfer money to your bank account via NEFT.

What is National Electronic Funds Transfer (NEFT)?

National Electronic Funds Transfer is nothing but a type of fund transfer from one bank account to another. This transaction takes place between two individuals holding different accounts at different banks. The transaction process involves adding the beneficiary's account details such as the name, account number and Indian Financial System Code (IFSC). After adding the details, the sender needs to send them for confirmation. The confirmation process for NEFT will likely take 30 minutes to an hour. As soon as the details are verified successfully, the sender can see the beneficiary by logging on to net banking or mobile banking app. This process can also be carried out through bank branches wherein the sender needs to fill in the NEFT application form. Upon the addition of a beneficiary, the sender can transfer money to the former's account.

Every NEFT transaction will be assigned a reference number, an alphanumeric code used to track the NEFT transaction status. The code represents the bank and the branch where the sender's account is. You will receive an SMS containing the sender's name along with the reference number. You can also check the same on your bank statement.

Common Reasons for Needing Sender Details

Knowing the sender's transaction details is critical from both personal and business perspectives.

Keep Track of Personal Transactions

Check transaction status online to know the gift or any payments you receive from your dear ones. Some payments may be recurring in nature, so it's important to manage and streamline such records.

Business Tracking with NEFT Reference Number

Every payment made via NEFT transfers, or any other mode is vital for businesses. Expectedly, transactions happen frequently across businesses, making tracking imperative for them. With the NEFT reference number shown on the online banking portal, they can track the sender's details.

Methods to Check NEFT Sender Details

Using Your Bank Account Statement

• Log in to Internet banking or mobile banking app.

• Go to 'Account Statement' and click on it.

• The statement will open where you can see the sender's details on the transaction description.

• The details include the sender's name, his/her bank name, etc.

Tracking via NEFT Reference Number

The NEFT Reference Number is an alphanumeric code wherein the first four letters represent the bank name, followed by a seven-digit number, and at last, the sender's name is shown. You get this reference number on your email ID and mobile number the moment you initiate the NEFT transaction. You can log in to Internet banking or mobile banking to check the sender's details using the reference number. In the transaction history, you will find the reference number and the details within.

Contacting Your Bank

Consider contacting your bank for more clarity about the NEFT transaction status. Sometimes the reference number may not give you the exact clue about NEFT transactions. Reaching out to bank officials in person may give you that clue.

Limitations and Privacy Regulations

Even though there are options to check the status of your NEFT, there are limitations and privacy regulations that stop users from gaining access to entire information around senders. These regulations are in place to ensure confidentiality, which remains the backbone of a robust banking ecosystem in India. So, don't be surprised if the bank denies disclosing the sender's details.

How to Avoid Issues with Unidentified NEFT Transactions?

If you are still not able to figure out the sender properly using all the possible means and the transaction seems suspicious, you can ask the bank to put a ban on the sender. It will prevent the particular individual from making further transfers to your bank account. Also, make sure you are activated for all alerts and notifications so that you know what's coming to your account. It's all about being proactive rather than reactive.

Real-life Example of Tracking an NEFT Sender

Let's understand the NEFT tracking process using the example below.

Example - Ravi Malhotra, a chemical engineer by profession, got a National Electronics Funds Transfer worth INR 10,000 to his account. He was not expecting such a transfer. So, he read the message carefully. Within that, there was a reference number and the sender's name, who happened to be Satish Malhotra. However, Ravi wanted to validate by checking other credible banking resources. So, he logged into his net banking and saw it was his uncle Satish Malhotra only. He then called his uncle about this transfer. Satish informed him that he wanted to give him a surprise birthday gift with an NEFT transfer of INR 10,000. Knowing that Ravi's respect for his uncle grew further.

How to Know NEFT Details

Frequently Asked Questions (FAQs)

1. How can I check the sender details of an NEFT transaction?

You can check the sender details of an NEFT transaction through Internet or mobile banking by viewing the reference number that reveals the information.

2. Can I track NEFT transactions using a reference number?

Yes, you can track NEFT transactions using a reference number online (Internet banking or mobile banking) or at a bank branch.

3. What should I do if my bank does not display the sender's details online?

In that case, reach out to the bank's customer service team with the reference number and the date of the transaction to know about the sender.