NEFT is a popular fund transfer system that can be used by an individual to make transfer of money from any bank and any branch of that bank, to another bank’s branch within the country. Many people tend to overlook the need to use and understand such payments methods, citing that they happen to be too complex for them. However, there is no such case with NEFT. It is a very simple procedure and entails the least amount of formalities. Moreover, there are abundant benefits that one can reap by using NEFT for fund transfer. Take a look at some of them:
- There is no need to stand in long queues to withdraw cash from an ATM or else, to depositthe same in someone else’s account. Amount can be transferred in a very few simple steps.
- Theprocess of fund transfer takes place much faster through NEFT as the entire process takes place digitally, without the use of any paper. Therefore, there are no money instruments involved in the process or manual errors that could possibly delay the process of fund transfer.
- NEFT is a very convenient method of handling fund transfer requests as it can be initiatedfrom any place, whether you are at home or at office. All it requires is an internet connection, which is not very hard to find.
What are the fees and charges associated with NEFT payments?
Like every service, even NEFT entails a service charge, which is quite meagre but has to be paid nevertheless. Following is the structure of such charges:
- Amounts up to INR 10,000 – INR 5 (exclusive of taxes) per transaction
- Amounts from INR10,001 to Rs.1 lakh – INR 5 (exclusive of taxes) per transaction
- Amounts above INR 1 lakh up to INR 2 lakh – INR15 (exclusive of taxes) per transaction
- Amounts above INR 2 lakh – INR25 (exclusive of taxes) per transaction
What are the transaction timings applicable to NEFT transactions?
The cut off timings applicable to same day processing are as follows:
- Branch Timings
- Monday to Friday: Branch working hours
- Saturday (excluding 2ndand 4th): 6 PM
- Monday to Friday: 6 PM
- Saturday (excluding 2nd and 4th): 6 PM
What are the special provisions regarding NEFT timings at HDFC?
In order to make the process of NEFT seamless and less cumbersome for customers, HDFC bank has laid down strict regulations regarding the operations of NEFT. Owing to these orders, no discrepancy is likely to arise in the matter of NEFT fund transfers between any account and ready made solutions to most customer problems can also be obtained without any delay. Take a look at some of these vital provisions:
- Any fund transfer request which is made before the 6 PM benchmark, shall be presented for payment to the RBI on the same working day. However, if a fund transfer request is made after 6 PM, the same shall be sent to RBI on the next working day.
- Regarding Saturday’s, fund transfer requests made on the first and third Saturday of the month shall be presented to RBI on the same day. However, if the same is made after 6 PM, it shall be presented on the next day.
- If a fund transfer request is made on a day when the bank is not working, it shall be presented to RBI on the next working day.
- Irrespective of the hours of operation at HDFC, the time taken in real, for the amount to be credited, shall depend upon the time taken by the payee’s bank to process the same.
- The fund transfer shall reach the payee bank within time limit set by RBI.
- A dedicated SMS service by HDFC,can be used by a customer to enquire about the status of his NEFT fund transfer request or else can also be accessed online.
Why can NEFT fund transfer service not be available all day long?
The exact provisions of NEFT fund transfer requests vary from one bank to another bank. However, NEFT timings in HDFC are quite flexible and amenable to customer requirement. One can practically make a fund transfer request at any point of the day. However, due to set guidelines about the clearance of the same, the actual transfer of the funds shall take place as per the timings stipulated by RBI. Therefore, if one needs to make a fund transfer on a day and make sure that the receiver receives the amount on the same day as well, the following request should be initiated well before 6 PM, so that it can be presented for payment to RBI on the same day. If the same is made after 6 PM, it shall be presented to RBI on the next working day, meaning that even the funds shall be transferred only on the next working day. So, it can be ideally said that NEFT timings at HDFC are open all day long for all practical purposes.