In India, the Retail EFT scheme enables an account holder of a bank to transfer funds to another person having an account with any of the participating commercial banks, without any physical movement of instruments f‌irom one centre to another centre. This scheme is meant for small value funds transfer, and it uses RBINet as its carrier.

The EFT scheme is operational in the four metropolitan centres. 4500 branches of the 27 public sector banks at the four metropolitan cities are covered under EFT scheme. At a later date it is proposed to extend the scheme to Bangalore and Hyderabad. The Retail EFT system enables both intra and inter- bank funds transfer, within a city and between cities. Since the scheme is retail in nature the maximum amount permitted for transfer per transaction is Rs. 1,00,000.

Electronic Funds Transfers (EFT) eliminate the ongoing inconvenience of accepting, processing and handling monthly payments by check, cash or other paper instruments. Designed to dramatically improve customer service and reduce the inherent cost of processing paper transactions, EFT is the means by which pre-authorised debits and credits are electronically transmitted from a customer's account to the businesses' accounts. The software enables one to utilise electronic fund transfers for one‘s f‌inancial needs without having to become involved in the detailed regulatory or technical aspects of Automated Clearing House (ACH) item processing. Used in conjunction with electronic funds transfers, businesses can use this software to create daily reports of all transactions so that records can be tracked and reconciled quickly and easily.

The EFT process cycle is spread over 3 days. Funds are made available to the benef‌iciary on a T+1 basis. The charges payable by the customers has been decided by Service Charges Committee of the Indian Banks Association (IBA).