Definition: The NEFT Transaction Timing refers to the period during which the electronic transaction can be made, and the same can be presented to the RBI for its clearance. If the transaction is not made within the time limit, the RBI will work on it on the next working day.
Transaction Timings for NEFT are:
All working days (except 2nd and 4th Saturday): 8 am to 7 pm
The NEFT operates in hourly batches. Currently there are 11 settlement batches on weekdays whose timings are 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs .
The payment instructions received by RBI within each settlement batch is consolidated and produced to the payee’s bank after each settlement.
For example, if the transaction has reached RBI at 12:30 PM, it will be processed at 1 PM. Payment processed in the last batch i.e. at 7 PM batch will reach the beneficiary account on the same day or the next working day.
Payments made after 6.30 on weekdays will be presented to RBI on the next working day, and the same will be processed in the first batch. Normally, it takes 15-30 minutes for the payment to reach the beneficiary’s account after the batch time.
Note: All the above timings are based on Indian Standard Time (IST) only.