NEFT Timings | All Bank NEFT Transaction Timings | How Much Time A NEFT Transfer Takes | NEFT Cut Off Time 24X7
NEFT was introduced in the year 2005 and then it has proven to be a smart step taken by the Reserve Bank of India because it allows Indian residents to give or take money from an online point of view. People can easily get their money by using an online payment method created by the Reserve Bank of India and this method is relatively faster than all of the other payment options available in India. Given below, we are sharing the details related to NEFT Timings. We will also share with you all the specifications of the All Bank NEFT Transaction Timings and Cut Off Time 24X7.
What Is NEFT?
National Electronic Funds Transfer (NEFT) is an online method through which you will be able to transfer your funds from one party to another party. This method was introduced by the Reserve Bank of India which is active 24 into 7. You can use it each and every day of the year. You can register yourself to use this payment method if you are an individual, corporate or firm or company. Now you have to follow the eligibility criteria in order to use this payment option created by the Indian government. You must also take into consideration the timings and other rules that you must follow in order to use the payment system.
Over the years some of the rules and regulations related to these payment options have been revised by the Indian Government and given below we are sharing with all of you the charges that you will have to pay if you are using this payment option at a bank:-
- The RBI has asked all banks to stop levying charges on NEFT transactions initiated online via internet/mobile banking portals. Moreover, there are no charges whatsoever when it comes to receiving funds via NEFT.
- However, if you want to process NEFT at the bank, you will have to pay charges according to the different slabs.
- For transactions up to Rs.10000, charges should not exceed Rs.2.50 (excluding taxes)
- For transactions above Rs.10000 but below Rs.1 lakh, charges would be Rs.5 (excluding taxes)
- For transactions above Rs.1 Lakh but below Rs.2 lakh, charges would be Rs.15 (excluding taxes)
- For transactions above Rs.2 lakh, charges would be Rs.25 (excluding taxes)
We are sharing the details of the eligibility criteria that you must follow in order to be able to use this payment system created by the Indian Government:-
- Any individual, corporate, firm or company having a bank account can carry out NEFT transactions
- The only pre-requisite is that the bank should be part of the network
- If your bank allows NEFT transfer, you can easily proceed with the transaction
- You are only required to enable internet banking for your account with the bank
- You will only be able to transfer Rs.50000 per transaction and within the specified NEFT timings. Also, you need to be aware of the bank account details, contact details, and also IFSC code of the person you want to transfer the money to.
NEFT Clearance Timings
Previously there was a specific time period in which the clearance would take place for NEFT and given below we are sharing the specification of those timings:-
- Monday to Friday- 8 AM to 7 AM
- Saturday- 8 AM to 12 PM
All Bank NEFT Transaction Timings and Cut Off Time 24X7
Given below, we are sharing the transaction timings and the cut off timings of various banks included for this payment option:-
|Name of the Bank||NEFT Timing From Monday to Friday||NEFT Timing on Saturday|
|State Bank of India||8:00 am to 7:00 pm||8:00 am to 1:00 pm|
|HDFC Bank||8:00 am to 6:30 pm||8:00 am to 6:30 pm|
|ICICI Bank||8:00 am to 6:30 pm||8:00 am to 6:30 pm|
|CitiBank||8:00 am to 7:00 pm||8:00 am to 1:00 pm|
|Kotak Mahindra Bank||8:00 am to 6:00 pm||8:00 am to 12:00 pm|
|Bank of Baroda||9:00 am to 6:45 pm||9:00 am to 6:45 pm|
|Yes Bank||8:00 am to 7:00 pm||8:00 am to 1:00 pm|
|Union Bank||8:00 am to 6:30 pm||8:00 am to 6:30 pm|
|Punjab National Bank||8:00 am to 7:00 pm||8:00 am to 1:00 pm|
Banks operating in the country are do not carry out NEFT transactions on certain days of the year as specified by Reserve Bank of India (RBI). Listed below are the days when such transactions will not happen in 2019:-
|1 April||Monday||Annual Closing of Banks|
|19 April||Friday||Good Friday|
|5 June||Wednesday||Ramzan ID|
|15 August||Thursday||Independence Day|
|2 October||Wednesday||Mahatma Gandhi Jayanti|
|8 October||Tuesday||Vijaya Dashami|
FAQs For NEFT Timings
The new guidelines were issued by the Reserve Bank of India to introduce the new payment system which is active each and every time of the year and 24 in to 7 in the month of December 2019.
You can initiate your fund starting from 1 Rupee and there is no maximum limit for the same but you can only transfer up to 50000 Rupees per transaction if you are doing a cash transfer.
Yes, you can do your payment successfully but your payment will be reflected in the account of the beneficiary the next Monday.
You cannot transfer your funds outside India if you are using the NEFT method.
Name of the payee, account number, IFSC code and bank branch.