What is NEFT money transfer?

NEFT is the abbreviation of National Electronic Fund Transfer - This system of fund transfer doesn't happen real time but it operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in hourly batches from 8 am to 7 pm on week days.

Currently there are two systems of Inter Bank Transfer – RTGS ( Real Time Gross Settlement ) and NEFT (National Electronic Fund Transfer).
In NEFT, the settlement of funds transfer requests occurs in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays on the same day. For transactions settled in the 6 and 7 pm batches on week days, the credit will be done either on the same day or on the next working day. NEFT system is maintained by Reserve Bank of India ( RBI ).

Not all banks has this facility. To know the bank branches which has NEFT facility, please visit RBI list of NEFT facility enabled banks.

Current NEFT money Transfer limit
There is no minimum amount set for NEFT. You can transfer a maximum amount upto Rs.10 Lakhs using NEFT.

NEFT operating hours:
Monday to Working Saturday 7:00 hrs to 18:30 hrs (7:00AM - 6:30PM IST )

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