Settlement timings[edit]

NEFT transfers are settled in half-hourly batches every day between 00:30 am and 00:00 am all through the year.


NEFT originally settled fund transfers in hourly batches.[6] The RBI reduced clearance times to half-hourly batches in April 2016.[7] In August 2019, the RBI announced that it would enable round-the-clock settlements from 16 December 2019.[8][9]

Free, no charges to be collected from beneficiaries

The structure of charges is as follows:


Inward transactions at destination bank branches (for credit to beneficiary accounts):


Outward transactions at originating bank branches (charges for the remitter):


- For transactions up to ₹ 10,000 : not exceeding ₹ 2.50 (+ Applicable GST)


- For transactions above ₹ 10,000 up to ₹ 1 lakh : not exceeding ₹ 5 (+ Applicable GST)


- For transactions above ₹ 1 lakh and up to ₹ 2 lakhs : not exceeding ₹ 15 (+ Applicable GST)


- For transactions above ₹ 2 lakhs : not exceeding ₹ 25 (+ Applicable GST)


The scenario varies from bank to bank, whether they levy this charge or not immatter of the transaction done online or offline for the accounts other than a savings bank account.


The RBI announced on 11 June 2019 that all charges for NEFT and real-time gross settlement transactions collected from banks would be waived from 1 July 2019, and asked banks to pass on the benefits to customers (so RBI charges nothing for these transactions to its member banks & the only charge that's levied is by the bank through which the outward transaction is initiated).[10]

Statistics[edit]

216.71 million National Electronic Funds Transfers transactions worth ₹1,811,780.90 crore (equivalent to ₹23 trillion or US$281.96 billion in 2023)[11] were made in September 2019, as against 661 million transactions worth ₹44 trillion (US$550 billion) the entire year 2013–15.[12]

List of NEFT enabled bank Branches in India (Bank-wise IFS Codes)