NEFT guide: timings, limits, charges and how it works
National Electronic Funds Transfer explained: 24x7 availability, half-hourly settlement, no minimum or maximum limit, charges and what you need to send money.
NEFT (National Electronic Funds Transfer) is the RBI's 24x7 account-to-account transfer system. It settles in half-hourly batches, has no minimum or maximum amount set by the RBI, and needs the beneficiary's name, account number and branch IFSC.
When does the money arrive?
Usually within an hour: NEFT settles every 30 minutes, and banks must credit the beneficiary within two hours of settlement or return the money.
How to send money by NEFT
1Find the beneficiary branch IFSC.
2Add the payee in net banking with name, account number and IFSC.
3Choose NEFT and enter the amount.
4Confirm with OTP; keep the UTR reference.
FAQ
Questions
Does NEFT work on holidays?
Yes, NEFT is available 24x7 including bank holidays.
