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NEFT Timings

NEFT Timings 2024: All You Need To Know About NEFT Transfers

NEFT Timings

With the increasingly hectic schedules of people nowadays, no one has the time to wait for days to send or receive money. The ability to transfer funds quickly and conveniently is essential. NEFT or National Electronic Funds Transfer is a system in India that provides a secure and quick way to electronically transfer money between bank accounts. There are many things that an individual should be well-informed about when it comes to fund processing via NEFT like understanding NEFT timings and holidays is crucial for ensuring smooth and timely transactions.

In this article we are going to discuss everything related to NEFT, we will equip you with all the necessary information regarding NEFT timings in 2024, including the recent changes,  NEFT charges, bank holidays, benefits of using NEFT, and considerations for online and bank branch transactions.

What is NEFT and How Does it Work?

NEFT is a nationwide electronic funds transfer system facilitated by the Reserve Bank of India (RBI). It enables individuals and businesses to transfer funds between bank accounts maintained by member banks. The process involves sending instructions electronically to the NEFT system, which then settles the transactions in batches throughout the day.

Here's a step-by-step breakdown of the process:

  1. You can start the NEFT transfer process from any of these 3 methods i.e., by using your bank's internet banking platform, mobile banking app, or by visiting a branch.
  2. You have to give the recipient's bank account details, including full name, account number, IFSC code (Indian Financial System Code), and the amount you wish to transfer.
  3. Then you have to pay a nominal transaction fee, this fee varies depending on the amount you are transferring and your bank.
  4. The NEFT system groups your transaction with others for settlement at specific intervals.
  5. The NEFT system verifies the details and transfers the funds to the recipient's account.

Changes Implemented in NEFT Timings

In December 2020, the Reserve Bank of India made a major alteration concerning the NEFT transaction time giving more freedom and convenience to the people. Earlier, NEFT transactions were processed only during specific times:

  • Weekdays (Monday-Friday): 8:00 AM to 7:00 PM
  • Weekend (Saturdays): 8:00 AM to 6:45 PM

While these NEFT transaction times remain the same for transactions done via bank branches, however, with the new guidelines, online NEFT transfers are now facilitated 24 hours a day, 7 days a week, 365 days a year. These online transactions are processed in grouping format every 30 minutes i.e., they create batches of multiple transactions to be settled every 30 minutes instead of settling them one by one. 

Suppose you request a NEFT transfer request at 11:10 am, then the transfer is supposed to be cleared by 11:30 am. And even if you request an NEFT transfer at 11: 28 am, that’ll also be cleared at 11:30 am. Therefore, the actual crediting of funds to the recipient's account can vary slightly depending on the NEFT payment time and the settlement batch cycle. This enhanced accessibility empowers individuals and businesses to conduct transactions at their convenience, irrespective of time constraints.

Please note that the specific timings of banks and settlement schedules may also vary depending on your bank, most banks don’t do settlement on particular days like the 2nd and 4th Saturdays, Sundays, and bank holidays. It is advisable to check with your bank for the most accurate information on timings. 

Important Considerations:

  • Bank Holidays: Any NEFT transfer initiated online will not be processed on national holidays declared by the RBI. You can find the list of these national holidays below. However, the transaction request will be queued and processed during the next working day
  • Individual Bank Timings: While you can access and request NEFT transactions online 24*7, there might be specific added functionalities on your bank's platform that may have their own operating hours. It is best advised to double-check your bank's website or mobile app for any limitations
  • Cut-Off Timings for Same-Day Credit: Some banks might have internal cut-off timings for processing NEFT requests initiated at branches. So, if you want the money to be deposited to the beneficiary's account on the same day, it is advisable to inquire about these cut-off timings with your bank to ensure same-day credit

Details Required to Initiate an NEFT Transaction

To initiate an NEFT transfer, you'll need the following information:

  • The full name of the person or entity you are transferring money to
  • The bank account number of the beneficiary
  • The IFSC code of the receiver's bank branch.
  • The total amount you want to transfer
  • Your full name as given in your bank records
  • Your bank account number

It's advisable to double-check all the beneficiary details before initiating the NEFT transfer to avoid any errors or delays.

NEFT Holidays in 2024

There are some specific dates in a year when the banks don’t operate and it is important to know such dates beforehand so that you can plan your NEFT transactions accordingly. These holidays can either be RBI-declared or regional holidays depending on the specific geography.

Festival/Bank Holiday dates in 2024

25th March
Annual Bank Closing
1st April
Ram Navami
17th April
Mahavir Jayanti
21st April
Ambedkar Jayanti
14th April
9th April
Buddha Purnima
23rd May
17th July
Raksha Bandhan
19th August
26th August
Ganesh Chaturthi
7th September
15th September
12th October
31st October
Guru Nanak Jayanti
15th November

NEFT Holidays Declared by RBI in 2024

Date in 2024
Republic day
26th January
Bank’s annual closing day
1st April
Good Friday
29th March
Bakra Eid
16th June
Independence Day
15th August
Mahatma Gandhi Jayanti
2nd October
25th December

NEFT Timings of Some Popular Banks

It's important to note that while online NEFT transactions are 24/7, specific timings may apply for NEFT transactions initiated at a bank branch. Here's a table outlining the NEFT timings for some popular banks:

Weekday Timing (Monday to Friday)
Weekend Timing (Saturday)
State Bank of India
8:00 AM to 7:00 PM
8:00 AM to 1:00 PM
8:00 AM to 6:30 PM
8:00 AM to 6:30 PM
8:00 AM to 6:30 PM
8:00 AM to 6:30 PM
Punjab National Bank
8:00 AM to 7:00 PM
8:00 AM to 1:00 PM
Axis Bank
8:00 AM to 6:00 PM
8:00 AM to 6:00 PM
Bank of Baroda
8:00 AM to 6:45 PM
8:00 AM to 12:45 PM
Kotak Mahindra Bank
8:00 AM to 6:00 PM
8:00 AM to 12:00 PM
Canara Bank
8:00 AM to 7:00 PM
8:00 AM to 1:00 PM

NEFT Transaction Charges

NEFT transfer charges generally differ from bank to bank depending on the transaction amount. Here's a table with the general breakdown of NEFT charges according to transaction amount:

Transactions above ₹ 1 - ₹ 10,000
₹ 2.25 + GST
Transactions above ₹ 10,000 - ₹ 25,000
₹ 4.75 + GST
Transactions above ₹ 25,000 - ₹ 1 lakh
₹ 4.75 + GST
Transactions above ₹ 1 lakh - ₹ 2 lakh
₹ 14.75 + GST
Transactions above ₹ 2 lakh - ₹ 5 lakh
₹ 24.75 + GST
Transactions above ₹ 5 lakh - ₹ 10 lakh
₹ 24.75 + GST

Please Note: There are no charges associated with NEFT transactions done via online mode.

Benefits of Using NEFT

NEFT offers several advantages over traditional methods of money transfer. Here are some of the key benefits:

  • Convenience: NEFT transactions can be initiated 24/7 through online banking or mobile banking apps, eliminating the need to visit a bank branch during business hours
  • Speed: Compared to methods like checks or money orders, NEFT transfers are much faster. Online NEFT transactions are settled in batches throughout the day, while NEFT transactions initiated at a branch may take a bit longer depending on the bank's cut-off timings
  • Security: NEFT transactions are secure as they are processed through a verified and regulated network. The RBI oversees the NEFT system, ensuring the safety of your funds
  • Cost-effective: NEFT charges are generally nominal compared to other money transfer methods. There are no charges for online NEFT transactions for some banks
  • Nationwide Reachability: NEFT transfers can be sent to any bank account in India, regardless of the location of the beneficiary's bank


NEFT (National Electronic Funds Transfer) is a secure, convenient, and cost-effective way to transfer money between bank accounts in India. With the changes implemented in December 2020, online NEFT transactions are now facilitated 24/7, offering greater flexibility for individuals and businesses. This guide has equipped you with all the necessary information regarding NEFT timings, charges, NEFT holidays in 2024, and the benefits of using NEFT. By understanding these aspects, you can ensure smooth and timely fund transfers using NEFT.

Frequently Asked Questions:

What is the full form of NEFT?

The full form of NEFT is National Electronic Funds Transfer.

How to check NEFT transaction status?

You can check the status of your NEFT transaction through your bank's internet banking platform or mobile banking app. The option to track the transaction status might be under 'Transactions' or 'Money Transfer'. You can enter the reference number associated with your NEFT transaction to view its status.

What is the maximum limit for an NEFT transaction?

There is no maximum limit for NEFT transactions. However, some banks may set their own upper limits on NEFT transfers. It's advisable to check with your bank for their specific NEFT transaction limits.

How much time NEFT takes to be settled in the beneficiary's account?

For online NEFT transactions, the transfer is processed in batches throughout the day. The actual crediting of funds to the recipient's account can vary slightly depending on the NEFT payment time and the settlement batch cycle. It typically takes 30 minutes for the transfer to be processed in a batch. NEFT transactions initiated at a branch may take a longer time depending on the bank's cut-off timings.

Are NEFT transactions secure?

NEFT transactions are secure as they are processed through a verified and regulated network. The RBI oversees the NEFT system, ensuring the safety of your funds.

What happens if I give any wrong information while initiating an NEFT transaction?

If you provide any incorrect information while initiating an NEFT transaction, the transfer may not be processed successfully. The bank may notify you about the error and request you to re-initiate the transaction with the correct details. In some cases, the transaction might bounce back if the account details are invalid.

Can I cancel the NEFT transfer?

Unfortunately, NEFT transactions cannot be canceled once they are submitted. However, if you have initiated the transfer by mistake and the funds haven't been credited to the beneficiary's account yet, you can contact your bank to inquire about the possibility of stopping the transfer. The success of stopping the transfer will depend on whether the transaction has already been processed or not.

NEFT Timings 2024: All You Need To Know About NEFT Transfers

NEFT Timings

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