National Electronic Funds Transfer, popularly known as NEFT transfer is an online way of transferring money from one bank of India to another bank. This was introduced to reduce the load of banks for doing non productive work of funds transfer. Also NEFT transfer is checkless online transaction so the person never have to go to bank. More information about NEFT can be get here
How to do NEFT Transfer
To use NEFT, the person need to have online account in his bank, now days all the big banks of India offer netbanking facilities for its users. In the control panel of his internet banking account, the person can see the option for Funds Transfer.
To do online transfer, first the customer has to add the payee account details like Bank IFSC code, Account name, Account Type and Account number along with bank branch. In ICICI internet banking, customer can immediately transfer the money after adding the new payee where as in HDFC Bank, customer has to wait for 24 hours before the new payee gets added.
After the transaction gets completed, normally it takes 24 hours for the money to get credited into that bank account, though it can take more time if there are public holidays.
NEFT Transfer Time
For most of the banks, NEFT timings are from morning 10 am till 6:30 PM from monday to friday and from 10 am till 12:30 PM on saturday. No NEFT transfers are possible on sundays.
Though as per RBI, the NEFT timings are from 9 am in the morning till 7 pm in the evening but most of the bank tends to close this earlier.
NEFT Error Message by ICICI Bank
Alert - Your Transaction could not be processed as Cut Off time for NEFT transaction for the day has passed.
Suggestion - You will only be able to transact on the next working day. Click here to get a list of the NEFT Holidays.
NEFT Transaction Timing from Monday to Friday: Cut Off time 6:30 PM (IST). NEFT Transaction Timing on Saturday: Cut Off time 12:30 PM (IST).