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Can I cancel an NEFT transfer after it has been initiated?

Curious about NEFT (National Electronic Funds Transfer)

Can I cancel an NEFT transfer after it has been initiated?

Yes, it is possible to cancel an NEFT transfer after it has been initiated, but it depends on the policies of the bank. The sender needs to contact their bank as soon as possible to request the cancellation. However, the cancellation can only be done if the funds have not yet been credited to the beneficiary account. If the transfer has already been credited, then the sender will need to contact the beneficiary to request a refund. It is important to note that cancellation charges may apply, and it is best to check with the bank for specific details.

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