The banking world has seen great advancements in terms of money transfer technology. From physically going to the bank to deposit money to doing online transactions from the comfort of our homes, the financial sector technology has come a long way. NEFT or National Electronic Fund Transfer is one such technology. If you are worried about how much time it takes for NEFT transfer, you can use the Airtel Thanks app instead. The NEFT technology allows easy fund transfer using internet banking. If you as an individual want to conduct NEFT transfers, you need to be aware about how much time it takes for NEFT transfer, how the technology works, and pointers to keep in mind.
How long does NEFT transfer take?
NEFT Timings: These settlements begin at 12:30 AM and stop at 12:00 AM.
NEFT Transactions: 2 batches of NEFT transactions take place in a single hour. Therefore, the NEFT transactions are settled 48 times a day.
Wondering about the NEFT transfer time? A NEFT settlement is not an instant transfer like a BHIM UPI app transaction. A NEFT settlement or fund transfer takes a certain amount of time. But when it comes to UPI transactions, there is a limit set up by NPCI (National Payments Corporation of India). A user can transfer up to Rs. 1 Lakh only in a single transaction. Whereas NEFT has no such limits. Another thing to keep in mind is that NEFT works on all days, even on bank holidays.
The aim here is to fulfill maximum amount of NEFT settlements in a day. This is to ensure user’s convenience. According to RBI’s regulations of December 2019, the new NEFT timings for all online transactions is 24 hours, 7 days a week. This includes weekend (Saturday- Sunday and Bank holidays). This was introduced to encourage more online fund transfers and promote digital mode of transfer and payment. Any transactions by NEFT which take place automatically after banking hours are over are carried out using the Straight Through Processing (STP) mode.
What is STP mode?
STP or Straight Through Processing mode is used by the financial market to automate transactions and facilitate them without any manual intervention. It is used by financial institutions, e-commerce businesses and others to fast-forward the payment by authenticating the parties involved, tracking or any transaction, and efficient collection of money. Rather than going for manual approval from various departments involved in the payment process, STP does everything automatically!
Charges for NEFT transactions
There are no charges to conduct a NEFT transaction anymore. RBI has removed all the charges from the online NEFT transactions to promote more digital payments. Remember, no bank can charge any fee for NEFT transactions anymore.
Steps to make NEFT transactions
NEFT fund transfer is extremely convenient. The NEFT settlement time is also average as we discussed above. Just follow these steps to make a NEFT online transaction.
- Use your internet banking credentials to login (on your Bank’s website)
- Choose Fund transfer and select fund transfer type as NEFT
- Now, you need to add details of the beneficiary to whom you want to transfer the fund. The required info includes name of the beneficiary, bank account number, IFSC code, etc.
- Either click on confirm or add.
- The above steps help in adding a beneficiary to your list of approved beneficiaries. It takes 24 hours for the same.
- Once the beneficiary is added in the list, you select the same and enter the amount that needs to be transferred.
- Confirm the transaction and the amount will be transferred.
- You can also make NEFT transfers using the Airtel Thanks app in an easier way.
Steps to make NEFT transfer using Airtel Thanks
Airtel Thanks enabled 24*7 NEFT transfer for its customers in 2019. You can head over to the banking section of the app to conduct a NEFT transfer.
- Select ‘Transfer Money’ option in the payment section of the app
- Then select ‘Transfer to Bank’ to conduct a NEFT transaction
- You will see a screen asking you to add a beneficiary detail. A beneficiary is the person/company you want to transfer the funds to.
- Post beneficiary registration, you can do a NEFT transfer easily.
Why choose NEFT mode of fund transfer?
The NEFT mode of transfer doesn’t have any ceiling for transfer of funds. Be it Rs. 1 or something more than 2 lacs, the transfer can take place. Moreover, the transfer is extremely easy as there is no involvement of demand drafts or cheques. You can conduct the transaction from the comfort of your home. The NEFT transaction time taken is also between an hour or a day. Also, keep in mind that NEFT transactions are safe and secure. RBI guidelines keep NEFT settlements safe for the users. Now that you know all about NEFT, download BHIM app – the Airtel Thanks app to try it for your transactions.