A prefix meaning one hundredth (1/100). Example: 1/100th of a meter is called a centimeter (there are 100 centimeters in a meter).
EFT Debits (Normal Debit Orders) EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement.
Background. NEFT refers to National Electronic Funds Transfer. It is an online system for transferring funds from one financial institution to another within India (usually banks).The system was launched in November 2005, and was set to inherit every bank that was assigned to the SEFT clearing system.EFT refers to National Electronic Funds Transfer. It is an online system for transferring funds from one financial institution to another within India (usually banks).