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.
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.
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.
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.
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.
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.
There is no change in the current existing RTGS timings. Below is the current 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
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Dear Sir
My Claim Approval but not Credit Stil Time
Dear Satish,
Refer the relevant article.
Sir my pf is yesterday settled but amount not credited my acount
Dear Ravi,
Better to wait.
Hi sir.
Company is bf amount claim but not received and bf amount in NEFT payment transfer in pf amount not received in my pf claim id amount is 1459rs please resive in my pf claim id sir.
Dear Pakkiri,
Check with regional EPFO.
My pf Withrow settel but till date not reciveid my amount (07-09-2020)
Dear Vishal,
Wait for a day or two, then raise an issue with EPFO Grievance Cell Online.
My pf advance setteled was 25.06.2020 but amount not to credit in my bank account till date.
UAN No-101393581309
Dear Ganeswar,
Approach the EPFO.
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.
Dear Hidayath,
Refer above post properly.
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?
Dear Balkumar,
It is now 24*7. Hence, if the amount is not yet credited, then better you approach the bank.
Dear sir,
amount have been credited on same day night .
Kindly clarify these doubts :
What is transaction timing for RTGS presently?
What is cut-off time for RTGS?
Dear Balakumar,
Refer "New NEFT and RTGS Timings – Effective from 2019".
Hi Sir, I did my neft today, when it will get credited?
Dear Neha,
On immediate next working day.
Sir,my pf NEFT has done on 16/10/ 2019 when amount well credited on my account.
Dear Sumit,
On the immediate next tranche of the transfer.
Sir,my NEFT has done on 16 January 2019 when amount well credited on my account.
Dear Young,
It might be credited by this time. If not, then approach the bank immediately.