April 26, 2023

What are the NEFT Transfer Timings?

  • Do you have an urgent requirement to make payments at the last minute?
    • Do you want to ensure that your fund is transferred on a near real time basis in a safe and secured manner?
    • Are you looking for a digital payment gateway that allows you to transfer funds 247365? and that too free of charge?
Whether it is your low ticket fund transfer with respect to utility bills or bulk payment to your staff or medical emergency bill or your home rent or a vacation spend, you can transfer your funds via the NEFT , National Electronic Fund Transfer platform.
Introduced in November 2005 by the RBI, NEFT allows retail customers across India to transfer funds electronically from one NEFT bank branch enabled account to either the same or any other bank within India. The NEFT service is available 24x7 ( with effect from Dec 16, 2019 as per RBI guidelines), everytime, everywhere, everyone.
NEFT transactions are settled on a near real time basis as they are carried out in batches of 30 minutes each, throughout the day.
Therefore, the settlement of the first batch starts at 12:30 am and the last batch ends at midnight. This is how the NEFT timing cycle functions 24*7.
Say for example: A customer requests for a transaction at 11am, for an amount of
₹10,000, the transaction would be fulfilled within 30 minutes, ie. by 11.30.
Upon fulfilment, both the remitter and beneficiary would receive a confirmation via SMS or email on their registered credentials.

Let us understand the nuances of transfering funds via the NEFT platform.

  • At the outset, it is a fairly simple process which begins by filling up the NEFt form which is available on your bank's official web portal.
  • You need to fill in the following fields with correct information to avoid any errors with regards to wrong beneficiary account details or failed transfer due to incorrect information on behalf of the payee etc.
  • There are 10 relevant fields to be filled up in the NEFT form such as:
  • Beneficiary’s name:
    • Bank’s Name: The account holder’s name of the bank.
    • Branch: The physical location of the bank’s branch
    • Account type: savings/ salary/current account.
    • Account number
    • Branch IFSC
    • Amount to transfer to the beneficiary’s account.
    • Cheque number: Only for the remitter using NEFT via the bank's branch.
    • In case for NEFT via ATM, the payee needs to fill in the debit card details.
    • To initiate payment via ATM, the customer also requires the personal identification number (PIN
Upon fulfilment of NEFT transfer, the sender's and receiver's banks would notify their remitter and beneficiary via an SMS alert notifying them about the payment status.

Frequently Asked Questions (FAQs):

Q. What are NEFT clearing times?

As per the revised guidelines by the RBI, NEFT services via digital platforms are available 247365 including Sundays and holidays.
Against this backdrop, the settlement of the first transaction begins after 00:30 hours while the last transaction ends at 00:00 hours.
It is important to note that in case you decide to execute the transaction by visiting your bank branch, the NEFT transfer would get fulfilled on all days except Sundays and NEFT holiday list issued by the RBI.

Q. How long does NEFT take to reflect on the beneficiary's account?

The transactions are swift and is usually
credited to the beneficiary’s account or within 2 hours of settlement of the respective batch. Upon successful completion, both the payee and beneficiary will receive a confirmation on your registered mobile phone or email id**.**

Q. What is the minimum and maximum daily threshold amount that I can transfer via NEFT?

As per the RBI guidelines, there is no minimum daily threshold fund limit; customers can transfer an amount as low as ₹1 per day.
Even with regards to the maximum threshold fund transfer limit, the RBI has not pegged any figure.
However, each bank as per their risk management framework has set maximum daily fund transfer limits.
Say for example: ICICI Bank allows NEFT transfers up to ₹10lakhs per day which can also be expanded to ₹25 lakh per day, depending upon the customer profile.
SBI Bank has a ₹10 lakh limit for retail customers.

Q. What is the fee charged by banks for NEFT transactions at the branch?

As mentioned earlier, banks charge a nominal fee per NEFT transaction only if it is executed via a bank branch. Transactions initiated via a digital platform are free.
Depending upon the transfer amount, the fee varies from ₹2.50+GST to ₹25+GST.
Fund transfer amount NEFT fee
Up to ₹10,000 ₹2.50 + GST
₹10,000 to ₹1 lakh ₹5 + GST
₹1 lakh to ₹2 lakh ₹15 + GST
₹2 lakh ₹25 + GST

Q. Who all are eligible to avail NEFT services?

Any individual, firm or company can avail NEFT services as long as they have an active account with NEFT-enabled bank

Q. What happens to NEFT transactions done after banking hours?

As per the RBI guidelines, any NEFT transactions carried out after banking hours would be automated using ‘Straight Through Processing (STP)’ mode by the banks in order to speed up the processing time.

Q. What was the earlier timing schedule for NEFT transactions?

Prior to December 2019, all NEFT transactions were settled between 8 am to 7 pm on weekdays. In the case of the first and third Saturdays, the settlement happened from 8 am to 1 pm.
No transactions were fulfilled on 2nd and 4th saturday, sunday and holidays declared as per the RBI list.

Q. What should I do if I face some issues or I have a few queries to resolve with regards to my NEFT fund transfer?

In such a scenario, you may contact your dedicated NEFT customer help desk, the coordinates of which would be mentioned on your bank's web portal.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

How we can Check Deutsche Bank Balance?

It all begins with ' i need to know' and then the 'search' for 'how do i get to know' be it your shopping to home buying to banking. As access to information becomes empowering in helping you make refined choices, the option of using digital options across industries has become a new normal. Banks in India as well as across the globe continue to offer innovative smart, safe and secure ways to go about your banking transaction at your convenience, anytime, anywhere. Let us take a simple example: As a customer of Deutsche Bank India, if you wanted to know your account balance, you had to fill out a form and submit it to your branch or ATM. However, you can now view your account balance online by registering with Deutsche Bank balance check service on your mobile phone without going to the branch or ATM. Let me explain 'how' in detail after I give you a brief on Deutsche Bank. Deutsche Bank AG, founded in 1870 in Berlin is one of the world's premier financial institutions with a total asset base of over EUR1326 billion ( September 30, 2021). As a full service bank its services portfolio comprises investment banking, corporate and retail banking, and asset and wealth management solutions and has footprints in EMEA, the Americas, and the Asia-Pacific. The bank established its Indian operations, Deutsche Bank India in 1980 and over the years spread its branches across 16 cities within India. Headquartered in Mumbai, Deutsche Bank's key focus area has been investment banking, corporate and transaction banking, treasury and derivatives operations, institutional equities broking, retail banking, private wealth management and business processes outsourcing. It launched its retail-banking services in 2005. Deutsche Bank India has a total asset base of ₹129,430 crore and (as on March 31, 2021). Let us now delve deep into the ' how is the online balance enquiry done' at Deutsche Bank India. - To begin with you must have an existing account with Deutsche Bank India. - Secondly, you need to activate your Deutsche Bank balance check service online on your registered mobile number by downloading Cointab app for Android or iPhone Install app. - Select Deutsche Bank for bank account registration and subsequently all your Deutsche Bank accounts will be registered and activated for mobile banking. - You now have to enter your debit card number to generate a secure banking PIN and select the Balance Check option. - Finally by entering your banking PIN, your account balance will be displayed on the screen - Deutsche Bank India does not charge any additional fee for this service. - You don't have to call any toll-free number or send an SMS or give any missed calls. - Besides, you can check your account balance anytime, anywhere, even on Saturday and Sunday and Bank holidays. - You can access your Deutsche Bank balance enquiry service any number of times , free of charge. Besides, mobile banking method which has been discussed in the above details, customers can also do their Deutsche Bank Balance Enquiry through other mediums such as: - Net banking - Phone banking - ATM - Passbook

What is Mobile Banking in India: Meaning, Features, Login, and Registration

Mobile Banking is the way through which financial transactions are made by using mobile phones. It includes a range of services from sending fraud alerts, transaction messages and usage activity to online payment of bills and fund transfer services. These services are provided by most financial institutions such as banks for the convenience of their customers. One of the greatest benefits of Mobile Banking is that customers can access banking services anywhere and everywhere. However, there are a few concerns associated with mobile banking such as security issues and limitations due to the differences between in-person banking and online banking.

ICICI NEFT Form

The digital payment wave has swept the Indian banking ecosystem with the sheer rise in the volume of electronic payment transactions across channels such as mobile wallets, PoS terminals, UPI, IMPS!, NEFT, AEPS etc. Just to give you a perspective, the total yearly volume of digital payments across channels has increased from 14.59bn to 71.59bn in 2022, registering a staggering 4.9x rise in volume. Source:www.statista.com Clearly, the value proposition for digital banking customers is too good to ignore , given the speed, safety, seamlessness, of digital banking transaction Against this backdrop, the central regulatory authority, the RBI has outlined the next phase of growth 'Payment Vision 2025' based on the 4Es value proposition of digital banking- E-Payments for Everyone, Everywhere, Everytime. One such digital banking transaction/payment channel is the NEFT, National Electronic Funds Transfer. Introduced in November 2005 by the RBI, NEFT allows retail customers across India to transfer funds electronically from one NEFT bank branch enabled account to either the same or any other bank within India. The NEFT service is available 24x7 ( with effect from Dec 16, 2019 as per RBI guidelines). There is no need to visit the bank branch as NEFT transfers are made through digital channels (net banking and mobile banking) everytime, everywhere, everyone. Besides, the NEFT facility can also be availed for making credit card payments and for payment of loan EMI. For example, let us say you have an active account with ICICI Bank. You can make NEFT payment through the following channels. - Visit ICICI bank branch - Netbanking - iMobile Pay - m.icicibank.com - Pockets app - ICICI bankpay Founded in 1994, the Vadodara headquarters ICICI bank, is one of India's leading private sector player with a strong domestic and international presence through its network of 5,275 branches and 15,589 ATMs across India and footprints across 17 countries worldwide. The bank had consolidated asset base of ₹16.8 lakh crore (as on December 31, 2021). Let us take a deeper look at the nuances of NEFT transaction steps via digital payment channels such as netbanking and mobile banking. For starters, you need to add a beneficiary account details and always ensure that accounts of payee and beneficiary are in active state.

HDFC Bank DD (Demand Draft) Charges for Savings, Salary, & Current Accounts

Demand Draft is a transactional method. These are relatively similar to cheques, except bank issues them in response to a specific request and are payable to any particular person. DDs are merely payment orders that one bank sends to another to pay a certain party. Demand drafts from HDFC Bank are typically payable at a specific location or branch of a bank. Learn about HDFC DD charges and more in the sections below.