Whoever has Internet Banking facility may have come across NEFT or RTGS money transfer facility. However, do you know the timings of these facilities? Few times your money transferred instantly and few times, it will be delayed. It is all because of schedule timings of NEFT and RTGS. Also, RBI changed the RTGS timings effective from 29th December, 2014. So let us get clarity on that.
Note-NEFT and RTGS timings now changed. I updated the same in my new post. Please refer the same at “New NEFT Timings Effective from 10th July 2017“.
Before proceeding further, let us know what is NEFT and RTGS.
NEFT-National Electronic Funds Transfer
It is a nationwide payment system facilitating one-to-one fund transfers. Using this scheme, 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.
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.
Difference between NEFT and RTGS
Charges of NEFT and RTGS
NEFT and RTGS money transfer timings (Effective from 29th December, 2014)
Now let us come to the main purpose of this post. On 15th December, 2014, RBI changed the RTGS timings and these new timings will be effective from 29th December, 2014. Below are new schedules.
Note-Any fund transferred after the scheduled closure timings will be settled on the next day. In addition, you can not transfer on NEFT and RTGS holiday (which will be declared by RBI every year).
Do you know that you can set time schedule for future RTGS transfer too?
You can set schedule payment for your future payment too. However, you can do so only 3 days (working days) prior to the actual schedule. You can set such schedule for your future payments like tax, loan, VAT or any other future fixed payments.
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Sir
NEFT ON 11/04/2022 how many days credit money my account
Dear Kalpeshkumar,
It might already be credited. If not, then approach the bank.
Dear sir yesterday morning through indian bank i have done neft to kotak bank but still now the amount is not credited may i know the reason its almost 2 days how long it may take and immediately money has been debited from my indian bank also may i know the time line..
Dear Nagarjuna,
It will not take that much time. Check with your bank.
I have transferred amount via my sbi banking mobile app to a person holding hdfc bank account in bangalore ...via Quick transfer....did at ...it has been more than 8 hrs....and the other party has still not received.... what to do?
Dear Priya,
Approach the platform which you used to transfer.
Sir party neft me at 6:26 pm on Saturday but still now not credited in my account..
Dear Pritam,
Wait up to Monday.
I have submitted NEFT at 5:54pm on Saturday why it’s not reaching till benificiary? Now it’s 10pm. How long it can take?
Dear Ayanka,
Approach the bank.
23 date Friday of neft transfer message 3 days credit but 1 week not credited my account
Of passbook claim setteled
How days account in credited
Dear Jignesh,
Approach the bank immediately.
Hi, I applied for a loan, they have informed me that today at 2:30 PM NEFT has been done of amount 550000 they told me before 6:30 the amount will be credited, but till now the amount is not been credited. How much maximum time it takes to complete the NEFT.
Hi I applied for a loan ,i got a message from bank that loan amount is credited to your saving account at 11.00pm.But till now money is not credited..so when should money will Credited
HI SIR,
KINDLY CLEAR MY ISSUE
MY PF ACCOUNT NEFT DONE 2017 ITSELF,BUT STILL NOW I DIDNOT GOT MY PF MONEY
WHAT IS THE PROBLEM
Dear Sarathi,
Approach the EPFO.
Dear Venkat,
As per the new timings, by now it must be. Otherwise, approach the bank immediately.
Bank has submitted the neft form today at 3:30 pm , when will the amount be credited in the A/C??
Dear Ronipa,
On the immediate next cycle.
someone has added 30k through neft on friday from idfc at 6:13 pm and still not credited to my account and next day is 4th sat and sunday can u pls tell me hw mch time will it tke to get reflctd in canara bank
Dear Kirti,
The money will be credited to the account on the immediate next working day.