The National Electronic Fund Transfer, or NEFT , is one of the most commonly-used ways of transferring money online from one bank account to another. All you need to know for NEFT transaction is the account number, bank name and IFSC code. All of us would have transferred money by internet banking. How many of you have waited for hours to get your transaction done?
From July 10 onwards your transactions are going get better and faster. RBI has announced that the fund transfer will happen in batches of 30-minute interval.
Things to know
- At present, there are 12 settlements between 8am and 7pm on weekdays and six settlements between 8am and 1pm on Saturdays.
- 11 additional settlement batches will be introduced 8.30am onwards, taking the total number of half hourly settlement batches during the day to 23 to facilitate half hourly transactions
- The regulator has decided to keep the starting time of the settlement cycle and the ending time at 8 in the morning and 7 in the evening and settlement will happen within two business day
- There is no cap on the amount of money that can be transferred. But, individual banks set a limit. State Bank of India, for example, has capped the NEFT transfer amount under retail banking at Rs 10 lakh