May 8, 2017

New NEFT Timings Effective from 10th July 2017

Effective from 10th July 2017, RBI will be going to introduce the new NEFT Timings. Let us see the changes. It is I think will be in the right way and hugely impact all of us in many ways.

What is the meaning of NEFT or National Electronic Funds Transfer? 

It is a nationwide payment system facilitating one-to-one fund transfers. Using this system, you can transfer funds from any bank branch to any individual having an account with any other bank within India.

Let us take an example. Mr.X has a bank account with HDFC and he wants to transfer the money to Mr.Y, whose account is with ICICI. Therefore, by using NEFT facility Mr.X can transfer money to Mr. Y’s bank account.

Existing NEFT Timings

Currently, NEFT operates in hourly batches – there are twelve settlements from 8 AM to 7 PM during weekdays (Monday through Friday) and 6 settlements from 8 am to 1 pm on Saturdays.

The money will be transferred in a batch. Any money transfer you initiated during 8 AM to 9 AM, will be settled at 9 AM. Likewise, it will be settled in batch wise.

New NEFT Timings Effective from 10th July 2017

To make it more customer friendly, RBI announced that from 10th July 2017, the settlement will be on half hourly basis.

As announced in the First Bi-monthly Monetary Policy Statement for 2017-18, additional settlements in the NEFT system at half-hour intervals are being introduced to enhance the efficiency of the system and add to customer convenience. The half hourly settlements would speed up the

The half hourly settlements would speed up the fund’s transfer process and provide faster credit to the destination accounts.

Now the new NEFT Timings will be as below.

New NEFT Timings Effective from 10th July 2017

As per above table, you noticed that the settlement frequency now doubled from the existing NEFT Timings. This is the positive move and definitely will support the digital transaction movement of the Government.

What is the meaning of RTGS-Real Time Gross Settlement?

In NEFT, money transfer requests are clubbed together called batches. Such batches are settled based on Deferred Net Settlement (DNS) on hourly base during NEFT timings. Whereas in RTGS it is real time. It means money transferred individually instead of batches instantly. Therefore, compare to RTGS system is faster than the NEFT.

Let us take an example. Mr.X has a bank account with HDFC and he wants to transfer the money to Mr.Y, whose account is with ICICI. Therefore, by using RTGS facility Mr.X can transfer money to Mr. Y’s bank account instantly. In this transaction, HDFC transfers the initiated transfer amount to ICICI bank instantly. However, ICICI bank has a maximum 30 minutes time to deposit into Mr. Y’s account. Hence, depending on the beneficiary bank’s procedure within two hours Mr.Y get the amount in his account.

Existing RTGS Timings

There is no change in the current existing RTGS timings. Below is the current RTGS timings.

New RTGS Timings

You notice from above table that for customers, the cut off timing will be 4.30 PM. The RTGS service window for customer’s transactions is available to banks from 9.00 AM to 4.30 PM on weekdays and from 9.00 AM to 2 PM on Saturdays for settlement at the RBI end.

However, the timings that the banks follow may vary depending on the customer timings of the bank branches

43 Comments

  1. My pf Withrow settel but till date not reciveid my amount (07-09-2020)

    Reply
    • Dear Vishal,
      Wait for a day or two, then raise an issue with EPFO Grievance Cell Online.

      Reply
  2. My pf advance setteled was 25.06.2020 but amount not to credit in my bank account till date.
    UAN No-101393581309

    Reply
  3. Dear Sir,

    My Partial Claim NEFT SETTLED AS ON 16.01.2020 BUT STILL NOT CREDIT IN MY BANK ACCOUNT WHAT WILL BE THE NEXT STEP I AM WORKING AT CHENNAI MY PF REGIONAL OFFICE AT BANGALORE PLEASE SUGGEST.

    Reply
  4. Hello sir,
    yesterday(27/12/2019) evening 5.45PM i have done NEFT to my friend account .Being today & tomorrow bank holiday’s,it wont get transfer. Monday(30/12/2019) by what time will it reflect in my friend account?

    Reply
    • Dear Balkumar,
      It is now 24*7. Hence, if the amount is not yet credited, then better you approach the bank.

      Reply
  5. Hi Sir, I did my neft today, when it will get credited?

    Reply
  6. Sir,my pf NEFT has done on 16/10/ 2019 when amount well credited on my account.

    Reply
  7. Sir,my NEFT has done on 16 January 2019 when amount well credited on my account.

    Reply
    • Dear Young,
      It might be credited by this time. If not, then approach the bank immediately.

      Reply
  8. Thank you my amount was credited in my account

    Reply
  9. Sir my NEFT has done on 03 December when amount will be credited on my account.

    Reply
    • Dear Premavathi,
      Why you kept silence for so many days? It is almost 11 days. Approach the bank and ask for the status.

      Reply
  10. Sir my neft has done at 7.25pm on 10nowmber when amount will be credited on my account.

    Reply
  11. my done neft at 7.37pm today when should i receive the amount

    Reply
  12. i withdrawed my pf and in epfo site they says fund sent on 13th of november i didnt recieved my payment yet.today is 14th of november why it,s been so lag….could anybody help please even i have checked with my bank details in kyc everything is correct

    Reply
  13. i withdrawed my pf and in epfo site they says fund sent on 5th of april i did,nt recieved ma payment yet.today is 6th of april why it,s been so lag….could anybody help plsss

    Reply
  14. Which transition mode should be utilized for getting NAV of same date on which transition is made?

    Reply
      • Sir I want to ask, if I want to do a lump sum investment in an ongoing SIP then to ensure that I get the same day NAV on which payment is which mode of investment is more trustworthy NEFT or RTGS. I use MF Utility platform. I came to know about MFU after reading one of your blog.

        Reply
        • Anup-Do that same day NAV matters for your long-term equity investment?

          Reply
  15. A Very useful information. Having been a frequent reader of your blogs, I appreciate your efforts to share your thoughts & information. It is very good service.
    I am an NRI. What is the best mode of transfer of amount to a beneficiary thru bank? I find RTGS works in limited time only. Will RTGS transfer payment to bank of next day(working Hours) if I enter details during day time in USA?

    Reply
  16. Very informative info bro… good work…

    Reply
  17. Really useful info…

    Reply
    • Thanks Mr Basu for this useful info

      Reply
  18. Good Job.

    Reply

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