National Electronic Funds Transfer (NEFT) is one of the easiest ways to transfer funds both online internet banking and bank branches. RBI keeps updating the charges, limits, and timings for banks and customer convenience. Check the table below for new NEFT timings 2019.
NEFT Transfer Timing 2019
NEFT is regulated by the Reserve Bank of India and now being used by more than 200 banks in India. New timings for the NEFT are same for all banks set by RBI. However, each bank set their timings according to their own arrangements. NEFT operates in batches consist of 23 batches between 8 AM to 7 PM every day except Sunday, 2nd / 4th Saturday of the month and bank holidays.
|TRANSACTION DAYS||NEFT TIMINGS|
|All bank working days||8:00 AM to 7:00 PM|
What are NEFT Charges?
RBI has waived off all RTGS and NEFT processing charges and time varying charges levied on banks by Reserve Bank of India with effect from 1st July 2019. Although banks may still charge for NEFT / RTGS transactions from customers. It could be a variable amount depending upon fund being transferred via NEFT.
Popular Bank NEFT Transfer Timings 2019
NEFT Timings varies depending on the bank’s timings and the batch timings they are operating. If the transaction requires it initiated after the mentioned timings then the transaction will be processed on the next NEFT Working day. Below is the list of NEFT Timings 2019 for the popular banks-
|Bank NEFT Timings 2019||Working days (Monday-Friday)||Saturday (except 2nd and 4th)|
|State Bank of India (SBI)||8:00 A.M – 7:00 P.M||8:00 A.M – 1:00 P.M|
|Axis Bank||8:00 A.M – 7:00 P.M||8:00 A.M – 1:00 P.M|
|Yes Bank||8:00 A.M – 7:00 P.M||8:00 A.M – 1:00 P.M|
|Bank of Baroda||9:00 A.M – 6:45 P.M||9:00 A.M – 12:45 P.M|
|Bank of India||8:00 A.M – 7:00 P.M||8:00 A.M – 1:00 P.M|
|UCO Bank||8:00 A.M – 6:30 P.M||8:00 A.M – 6:30 P.M|
|Canara Bank||8:00 A.M – 6:45 P.M||8:00 A.M – 6:45 P.M|
|HDFC Bank||8:00 A.M – 6:30 P.M||8:00 A.M – 6:30 P.M|
|ICICI Bank||8:00 A.M – 6:30 P.M||8:00 A.M – 6:30 P.M|
|Kotak Mahindra Bank||8:00 A.M – 6:00 P.M||8:00 A.M – 12:00 P.M|
Note– The above timings of NEFT will not be valid if there is Bank Holiday.
RBI Batches and Timings for NEFT
|Batches||Monday to Friday||Saturday|
All NEFT Payment request initiated before the 07:00 PM will be transferred on the 23 batch timings. After the end of the 23rd batch, the transferred request will be done on the next day as in the 1st batch.
RBI Latest Updates on NEFT and RTGS Transfer Timings
RBI recently proposed an RBI Batch Timings to be a 24X7 and 365 days of service just like IMPS. In this proposal, the RTGS timings were also extended which will provide one and a half hour of RTGS Timings extension. The extension of the timings was done to provide more extensive services to the bank customer. The new RTGS timings change will be in effect from the 1st June 2019. The following are the new update of the RBI Batch timings of the RTGS-
RTGS Batch Timings 2019 – 08:00 AM to 6:00 PM (with effect from 1st June 2019)
FAQ On NEFT Transfer
What is NEFT?
National Electronic Funds Transfer or NEFT is a payment system that operates nation-wide for transferring funds both online and offline. It uses the NEFT Batch timings to send the funds from one account to other
What is NEFT Limit?
Although there is no minimum and maximum limit set by RBI on NEFT transactions however your bank may have set maximum limit. You may contact your bank for more details on NEFT limits.
Is IFSC Code necessary for NEFT?
Yes, IFSC Code is necessary to initiate the Fund transfer. It enables the sender’s bank to locate the receiver’s bank branch which will make the fund transfer faster and error free.
What if my payment using NEFT is delayed or canceled?
If your payment got delayed then or it got canceled then you can contact your bank who will brief you with the situation. Banks have CFC which stands for Customer Facilitation Centre that handles the complaints regarding the NEFT fund transfer. You can find the CFC Contact details from official RBI CFC Bank List
What if Fund Transfer got canceled and the returning amount is delayed by the bank to return?
IF the NEFT Transaction is not returned within the limited amount as provided by the RBI, then the bank must pay the customer with Penal Interest at the current RBI LAF Repo Rate plus two percent for the period of delay/till the date of refund.
What details are required for fund transferring?
The Beneficiary or the receiver and the remitter or sender banks must be part of the NEFT Network and the details of the beneficiary which is the beneficiary name, account number, and account type, name, and IFSC Code of the beneficiary bank branch.