NEFT Timings RBI

I want to know the timing of National Electronic Funds Transfer (NEFT) in Reserve Bank of India RBI so can you tell me?

[Rajkumar Agarwal]

National Electronic Funds Transfer (NEFT) is one of the most prominent electronic funds transfer system of India.

NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis.

NEFT Timing-

Presently, NEFT operates in hourly batches - there are twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays.

NEFT Transfer Funds-

Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT.

Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT.

However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction.

NEFT Limit-

No. There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT.

However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.

NEFT transactions service charges

a) Inward transactions at destination bank branches (for credit to beneficiary accounts)
– Free, no charges to be levied on beneficiaries

b) Outward transactions at originating bank branches – charges applicable for the remitter

- For transactions up to Rs 10,000 : not exceeding Rs 2.50 (+ Service Tax)

- For transactions above Rs 10,000 up to Rs 1 lakh: not exceeding Rs 5 (+ Service Tax)

- For transactions above Rs 1 lakh and up to Rs 2 lakhs: not exceeding Rs 15 (+ Service Tax)

- For transactions above Rs 2 lakhs: not exceeding Rs 25 (+ Service Tax)