What is METF?
- The METF is a software framework developed by Microsoft that runs primarily on Microsoft Windows.
- Apart from Coding No-Code Platform is also an option to develop a software framework
- It has an extensive class library called Framework Class Library (FCL) and provides language interoperability in several programming languages.
- Programs written for METF execute in a software environment (in contrast to a hardware environment), naming the Common Language Runtime (CLR).
What are the timings to make an METF?
- Earlier, the METF clearance can take place subject to particular slots:
- On weekdays: 8 a.m.- 7 p.m.
- On Saturday: 8 a.m. – 12 p.m.
- The Reserve Bank of India (RBI) in December 2019 had introduced the new NETF’ payment system that is active and up 24×7 and 365 days a year.
- The objective behind this recent case of clearance system is to promote all digital transactions and the global integration of Indian financial markets.
- You can order an NETF’ request at any point in time. We will send the NETF’ request to a queue—all the NETF’ requests in the line to clear once every hour.
Does NETF; have a transfer limit?
- You can also initiate an METF fund transfer starting from Rupee 1.
- On the other hand, RBI did not set any maximum limit for the same.
- In the case of cash transactions, you can transfer up to Rs.50,000 per transaction per person.
- Also, there is no limit on the amount you can transfer.
- Few banks have set their upper limit, such as HDFC Bank sets the upper limit of Rs.25 lakh per day per customer ID via online METF.
Are charges applicable to METF?
- The details of applicable transaction charges on remitter and receiver ends are:
- Inward transactions at the recipient bank branches for credit to beneficiary account—free of cost, no payments for beneficiaries.
- Outward transactions are the transaction for initiating bank branches—transaction charges applicable to remitter are as below:
- Transfer Amount (in ₹)
- Transaction Charges (in ₹)
- Firstly, Up to 10,000
2.5 + GST
- Secondly, 10,000-1 lakh
5 + GST
- Also, 1 lakh-2 lakh
15 + GST
- And also, above 2 lakh
25 + GST
Can I make an NETF; transfer? What are the steps?
- Step 1: You can Log on to the internet banking page of your bank.
- Step 2: On the home screen, you can choose the ‘Fund Transfer’ option.
- Then Step 3: You can choose the NETF’; option on the funds’ transfer page.
- Step 4: Select the beneficiary from the list to send money.
- Step 5: If you want to add a new beneficiary, click on the ‘Add Beneficiary’ button on the page. Please enter details such as account number, name, bank branch, IFSC, and type of account.
- Then Step 6: You can Verify the entered details and confirm.
- Step 7: Select the 4-digit OTP you receive on the registered mobile number to confirm the beneficiary addition.
- Step 8: After the limited time, the beneficiary added will be ready for fund transfer.
- Lastly, Step 9: Choose the beneficiary.
Select the bank account from which you must transfer funds.
Enter the amount to transfer.
Click on the ‘Confirm’ button for initiating the transaction.
What are the Benefits?
- It is beneficial and economical to use NETF’ for money transfers.
- NETF’ builds on a secure platform.
- No need to use a cheque or a demand draft (DD) for money transfer.
- Exchanging or Transferring money does not require you to visit the bank.
- Initiate funds transfer online.
- The transfer can be completed faster, with convenience.
Frequently Asked Questions
- Will I be able to initiate a transfer on a Sunday?
- Yes. You can initiate a fund transfer on a Sunday. However, the money credits to the recipient only on the following working day.
- Is any other transaction possible via NETF’?
- In addition to making money transfer to a recipient, you can pay a credit card bill via NETF’.
- Can I transfer money to a bank account outside India with it?
- No. With it, you can transfer money to any account held with an enabled bank branch within India.
- What is the maximum time required for the funds transferred through it to get credited?
- It may take up to two working days for funds to get credited to the beneficiary via NETF’.
Also Read: Nety – What is the Nety domain and what is it for?
Review METF – What is METF? A software development framework, and Applications.