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National Electronic Fund Transfer (NEFT) Timings – A complete guide
NEFT timings are crucial for understanding when your funds will be transferred between banks. Transaction efficiency and speed have significantly improved with continuous advancements in banking systems. Knowing how much time NEFT takes can help you plan your transactions better and avoid unnecessary delays.
What is NEFT?
National Electronic Funds Transfer (NEFT) is a nationwide fund transfer system that enables you to transfer funds from one bank account to another across different banks. This system, maintained by the Reserve Bank of India (RBI), allows you to transfer money securely. NEFT timings are standardised, ensuring transactions are processed within specific daily windows.
How does NEFT work?
- Initiation: You can initiate an NEFT transfer through internet / mobile banking or by visiting your branch. If you have an Axis Bank Savings account you can use the official website to log in or the open by Axis app to initiate a request. You need to provide details like the transfer amount, beneficiary's bank, branch name, account number, IFSC and contact number.
- Batch processing: NEFT timings are divided into multiple batches scheduled at fixed daily intervals, usually occurring in half-hour batches. These are then compiled and submitted to the RBI after 30 minutes of initiation in the next batch. Banks follow these specific NEFT settlement timings.
- Batch submission: The compiled batch of transactions is submitted electronically to the RBI, which acts as the clearing house. This electronic transfer reduces NEFT settlement time considerably.
- RBI processing: The RBI processes the batch by transferring funds from the sender’s account to the beneficiary’s account.
- Confirmation: After processing, both the sender and beneficiary receive confirmation that the funds have been credited to the beneficiary’s account.
NEFT timings in 2024
As of 2024, NEFT services are available 24/7. Key timings are:
- Working days: 7:00 AM to 7:00 PM (no transaction limit)
- After hours: 7:00 PM to 7:00 AM (up to ₹1 crore per transaction)
- Weekends and holidays: 24/7 (up to ₹1 crore per transaction)
Transactions between 11:30 PM and 1:00 AM are settled at 2:00 AM.
NEFT transfer timings (Old vs new guidelines)
The time taken for NEFT transfers has been modified in recent times. Previously, under the old guidelines, NEFT was limited to specific hours on weekdays and Saturdays, with no service on Sundays or holidays. The new guidelines allow 24/7 processing, including holidays, significantly reducing transfer times.
Is NEFT transfer secure?
NEFT transfers are done through a secure electronic network regulated by the RBI, minimising the risk of theft or loss associated with cash transfers. Moreover, the following factors ensure its security:
- Data encryption
- Two-factor authentication
- Unique Transaction Reference Numbers (TRNs)
- Regular security audits by banks and the RBI
Also Read: Navigating the differences between IMPS, NEFT and RTGS
When to use NEFT transfer?
NEFT offers a reliable, efficient and cost-effective way to manage non-urgent financial transactions as it can take 30 minutes - 2 hours to get credit in the beneficiary's account. Some examples include:
- Paying utility bills or Credit Cards
- Transferring funds between accounts
- Paying vendors or suppliers
- Sending money to family or friends
Always note that there can be amount limits set by your bank for NEFT. Many banks also levy a charge on the amount you're sending. Keep a note of that beforehand to ensure a smooth transfer.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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