NEFT, or National Electronic Fund Transfer, is a payment system that facilitates one-to-one fund transfers between bank accounts within the country. It is a safe and convenient mode of transferring funds, as it is governed by the Reserve Bank of India (RBI).
NEFT transactions can be initiated online, without the need for cheques or demand drafts, and without visiting the bank.
NEFT operates on a deferred net settlement basis, meaning that the actual transfer of funds is not instantaneous. Instead, transactions are accumulated in batches, and the settlement takes place at fixed intervals
There is a waiting time for payment transfers in NEFT due to the following reasons:
Processing time: NEFT transactions typically take up to 2 hours to be credited to the beneficiary's account. However, in some cases, the processing time can be longer.
Batch processing: NEFT transactions are settled in batches every 30 minutes throughout the day. This means that the settlement of the first batch commences after 00:30 hours and the last batch ends at 00:00 hours.
Bank working hours: For NEFT transactions carried out through bank branches, the processing time can vary depending on the bank's working hours. NEFT transactions can be done between 8 am and 7 pm from Monday to Friday, and are not available on 2nd and 4th Saturdays and Sundays.
Technical issues and holidays: Delays may occur on non-working days, due to late initiations, slow beneficiary bank processing, or technical issues. In such cases, the payment may take more than the usual 2 hours.
To track the status of an NEFT payment, both the sender and the beneficiary can use the bank's NEFT Customer Facilitation Center (CFC) and provide the required details to get an update.
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