NEFT Timings – An Overview
All you need to know about NEFT Timings and the time it takes to transfer funds
- National Electronic Funds Transfer (NEFT) is a convenient way to transfer funds, online and offline.
- You can initiate NEFT transactions using the bank account details and IFSC Code of beneficiaries.
- Per RBI guidelines, you may conduct online NEFT transfers 24x7 on all days of the year.
- Banks may set specific NEFT timings and days for offline NEFT.
- The RBI clears NEFT transfers within half an hour and does not levy any charges for online transfers.
With new technological advances in the banking sector, fund transfers have become easier than ever. Today, you can transfer money by clicking a few buttons or tapping a few tabs on the internet and mobile banking platforms, respectively. One of the most popular methods of fund transfers launched by the RBI is NEFT. Let us decode NEFT and NEFT timings in this article.
Operated by the Reserve Bank of India, the National Electronic Funds Transfer, usually referred to by its abbreviation, NEFT, is a method of online fund transfer. NEFT enables bank account holders to conduct one-on-one payments and inter and intra-bank fund transfers within India. To transfer funds via NEFT, you typically need the beneficiary bank accounts details along with the 11-digit alphanumeric IFSC Code of the recipient bank. You also have to pay some nominal charges and be aware of NEFT transfer times during the day.
NEFT Timings to Transfer Funds
When NEFT was initially introduced in 2005, the RBI had issued timeslots for the clearance of NEFT transactions. Banks only processed NEFT transactions during the bank hours of 8:00 AM and 6:30 from Monday to Friday and 8:00 AM to 12:00 PM on Saturdays.
However, in December 2019, RBI amended the NEFT timings, allowing banks and senders to conduct NEFT transactions 24x7 throughout the year. You can now conduct NEFT transfers every day of the year. You do not have to bother with bank, public, or national holidays anymore. Not only is the fund transfer processed on the same day, but also the beneficiary receives the transferred sums within 30 minutes of initiating the transaction.
Offline NEFT Transfer Times and Charges
While the online NEFT fund transfer facility is available 24x7, banks may set specific cut-off timings and days when they do not offer fund settlement services. Also, per RBI guidelines, banks may not levy any additional charges for online NEFT transactions through internet banking. However, the RBI permits banks to impose a nominal charge on the transfer amount for NEFT transactions conducted at a bank branch. The following table displays the charges levied in such a case:
Maximum Transaction Amount
Charges for Offline NEFT Transfers via bank
Up to INR 10,000
INR 2.50 + GST
INR 10,000 to INR 100,000
INR 5 + GST
INR 100,000 to INR 200,000
INR 15 + GST
INR 200,000 and above
INR 25+ GST
NEFT is one of the best methods of fund transfers as it guarantees delivery in half-hourly batches, every 30 minutes. Even if you initiate NEFT transactions after working hours or on non-working day hours, your beneficiary receives funds on the same day due to automated transactions initiated using the Straight Through Process (STP) fund transfer mode. With digibank, you can transfer funds using NEFT securely and speedily. Just log in to your digibank mobile app or internet banking portal to initiate NEFT fund transfers without worrying about NEFT timings.
Download the digibank by DBS app to get started.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.