NEFT or National Electronic Funds Transfer is a system to transfer inter-bank funds electronically. NEFT works in 48 half-hourly batches and thus, it is not an immediate transfer service like IMPS and RTGS. NEFT transfers may take anywhere from half an hour to 2 hours to credit the amount in the receiver’s or beneficiary’s bank account.
NEFT is available on online channels of netbanking and mobile banking while those who prefer the traditional route may go to the bank and submit their bank’s NEFT form to request NEFT transfer.
How Does NEFT Works?
NEFT stands for National Electronic Fund Transfer, a payment system that facilitates inter-bank transfer of funds electronically. It is one of the most widely used payment systems in India. Here is how it works:
Step 1: The first step in NEFT is for the sender to initiate the transaction. This can be done through various channels like netbanking, mobile banking, or by visiting the bank branch.
Step 2: Once the sender initiates the transaction, their bank processes the request and debits the sender’s account for the amount to be transferred, along with any transaction fees.
Step 3: The sender’s bank then sends the transaction request to NEFT, which acts as an intermediary between the banks involved in the transaction.
Step 4: NEFT forwards the transaction request to the receiver’s bank for processing.
Step 5: Once the receiver’s bank receives the transaction request, it credits the receiver’s account for the transferred amount.
Step 6: The transaction is considered complete when the receiver’s account is credited with the transferred amount. Both the sender and receiver receive a confirmation of the transaction.
It is important to note that NEFT transactions are processed in batches, and the processing time can vary depending on the time of the day and the banks involved in the transaction. Typically, NEFT transactions are processed within a few hours, and in some cases, the same day.
NEFT Transfer Time: Online
NEFT service is available 24×7 throughout the year via digital channels. This means that you can transfer funds online via NEFT after banking hours, on 2nd and 4th Saturdays, Sundays and all bank holidays.
NEFT Timings at the Bank
As mentioned earlier, NEFT service is available for online channels like internet banking and mobile banking along with physical option of going to the bank and submitting a pre-filled and duly signed NEFT Form. To do so, you must know the bank timings of your specific bank.
Here, we are giving NEFT transaction time in top banks in India.
NEFT Timings by Major Banks in India
In this section, we have given information about the NEFT transaction time by top banks in India. This NEFT payment time is only for the transactions done at the bank as online NEFT timings are 24×7 across the banks in India.
NEFT Transfer Time in HDFC Bank
For the customers who prefer offline NEFT transactions, i.e. by visiting the branch, they can do so anytime during the bank’s working hours.
HDFC NEFT timings in branches: 9:30 AM to 3:30 PM (except 2nd & 4th Saturdays and Sundays)
NEFT Timings in SBI Bank
SBI NEFT transfers happen every 30 minutes, every day. Keeping this in mind, transfers are expected to be credited within 2 hours.
For those with no access to computers or internet can visit their nearest SBI branch for NEFT transactions. These requests can be made in the normal working hours.
NEFT Timing in ICICI Bank
All online NEFT (National Electronic Funds Transfer) transactions can be done 24×7. This includes payments made via ICICI netbanking, mobile banking app and ICICI SMS banking, as well.
If you wish to make NEFT transactions via branch, you may visit your nearest bank as per the ICICI Bank NEFT timings, i.e., 9:30am to 3:00pm (except for 2nd and 4th Saturdays and Sundays).
NEFT Timings in PNB or Punjab National Bank
PNB Bank NEFT timings at the branch can be carried out from 10 AM till 4 PM in the evening on every working day. However, NEFT is accessible online via PNB internet banking, mobile banking, and phone banking (SMS) as well.
NEFT Transfer Limit by Axis Bank
- Axis Bank NEFT timings online: 24×7 – all days (via Axis Netbanking and mobile banking)
- Axis NEFT at the Bank Timings: 9:00 AM to 3:30 PM; Monday to Saturday (except 2nd and 4th Saturday)
NEFT vs RTGS Timings
To answer the question of how much time NEFT take, it may take anywhere from 30 minutes to 120 minutes or 2 hours to complete the NEFT request. This means that however the amount is debited instantly from the remitter’s account, it may take up to 2 hours to credit the amount in the beneficiary’s bank account.
As for the RTGS timings, it is real-time gross settlement service. This means that the RTGS transfer request is taken up as soon as the request is sent. This is not the case with NEFT. Therefore, RTGS is a much faster way of transferring funds electronically from one’s bank account to another bank account.
Also, check other bank’s NEFT Timings in the below table:
| Axis Bank NEFT Timings | Indian Bank NEFT Timings |
| HDFC NEFT Timings | PNB NEFT Timings |
| ICICI NEFT Timings | SBI NEFT Timings |
NEFT Timings: FAQs
NEFT transaction may range from 30 minutes to 2 hours under normal circumstances.
Yes. NEFT via online or digital channels is available 24×7.
NEFT from bank is not available after 5PM in most of the banks. However, NEFT can be done online at any point during a day, including non-working days and holidays.
No. NEFT works in half-hourly batches and may take up to 2 hours to credit the requested amount in the beneficiary’s bank account.
RTGS is faster than NEFT. RTGS is a real-time settlement service whereas NEFT requests are taken in 48 half-hourly batches in a day. It may take anywhere between 30 minutes to 2 hours as NEFT transfer time.
NEFT clearing time starts from 00:30 hours at night with the first batch and ends at 00:00 hours with the last NEFT batch.
Yes. You can do NEFT on Sunday using the online channels of internet banking or mobile banking.
As per RBI: “If the NEFT transaction is not credited or returned within two hours after batch settlement, then the bank is liable to pay penal interest to the affected customer at the current RBI LAF Repo Rate plus two percent for the period of delay / till the date of credit or refund, as the case may be, is afforded to the customers’ account without waiting for a specific claim to be lodged by the customer in this regard.”
