Wednesday, March 2, 2011
NEFT TIMINGS IN INDIA
National Electronic Fund Transfer (NEFT) timings from RBI is 9 A.M. to 7 P.M. (Earlier it was from 9 A.M. to 5 P.M.) on weekdays and 9 A.M. to 1 P.M. on Saturdays. There won’t be any transactions on Sundays.
However, the banks credit money to RBI accounts on the same day only if you initiate a transaction an hour/one and half hour before the cut off timings. The banks will take some time to pool all the requests and send them to RBI. So effectively, the cut off timing varies from bank to bank depending on their systems. For example, Citi bank India accepts NEFT transactions between 9 A.M. and 5:30 P.M. on weekdays and 9 A.M. and 11:30 A.M. on Saturdays.
The actual credit from RBI accounts to the destination bank happens once in every 2 hours during the above specified period. On weekdays it happens 7 times viz. 9 A.M, 11 A.M, 1 P.M, 3 P.M, 5 P.M and 7 P.M. and 3 times on Saturdays viz. 9 A.M, 11 A.M and 1 P.M.
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