NEFT Holidays

National Electronic Fund Transfer (NEFT) is a nationwide electronic payment system wherein the transfer of funds is done on half-hourly basis. The Reserve Bank of India (RBI) has made the National Electronic Funds Transfer facility available for 24 hours a day and 365 days a year. The process is based on Deferred Net Settlement (DNS) and the transfer of funds will be carried out on a half-hourly basis starting from 12:30 am to 12:00 pm. Hence, NEFT service is now operational all the time irrespective of any holiday.

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NEFT Transactions are not possible on holidays declared by the RBI. The common holidays for NEFT Transactions are as follows:

• No settlements are made on Sundays.
• No settlements are made of 2^nd and 4^th Saturdays of the month.
• No settlements are made on declared RBI holidays and on bank holidays as follows:

Declared RBI NEFT Holidays

Note:

• RBI declares holidays for the next year at the end of each year.
• Any transaction made on the above mentioned holidays will be debited from the payee’s account on the same day but is credited to the account of the beneficiary on the next working day.

In addition to this, you also have daily cut off timings as per the bank that you hold an account with. You can get the latest cut off timings from your bank by visiting the branch.

The cut-off timings for popular banks are as follows:

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• NEFT Transfers are made from the Payee to the Beneficiary based on the account information and beneficiary particulars provided.
• Any net banking or mobile banking is free of cost.
• For NEFT transfers made offline at the branch of any bank is chargeable as follows:

• The beneficiary bank may levy commissions and charges which is payable by the payee.
• The time taken for the amount to be credited in the beneficiary’s account depends upon the processing time taken by the payee’s account.
• This processing time is within the stipulated time provided by the Reserve Bank of India.
• You need to ensure that the beneficiary account number / the credit card number/ mobile number and the email ID entered by you is correct. Any funds transferred to an unintended recipient is not the responsibility of the payee’s bank
• Funds transfer status message will received by the payee after receiving a confirmation from the Payee’s bank

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NEFT is one of the most convenient options to transfer and has several benefits such as:

• It is one of the most secure fund transfer options available
• You do not have to issue a DD or cheque
• The processing charges on NEFT transfers are very economical
• It is an online facility that is faster than any other option