What Is The Meaning Of NEFT?
NEFT simply means National Electronic Funds Transfer and is an online mode of funds transfer introduced by the Reserve Bank of India. This transfer has the capability to transfer the funds quickly from one bank account to another bank account all over the country if the bank branch is enabled under NEFT. Also, the NEFT timings are flexible for the convenience of the people and one can transfer funds at any time from any place in India.
What Are The NEFT Timings?
Earlier, the timings for the transactions under NEFT were between 8 a.a. to 6 p.m. on the weekdays, that is from Monday to Friday and on Saturday, it was from 8 a.m. to 12 p.m. However, with the changes from December 2019, the timings have been changed, and now, one can transfer money/ funds at any time, that is 24×7 via NEFT. There is no such restriction of the timely hours as it was before. The money can also be transferred on weekends and on holidays. It is available 24 hours a day and 365 days a year and the objective behind this change is to promote digital transactions and the global integration of all the financial markets in India. You can place a request on NEFT at any time and the request will be sent to a queue. All the requests are cleared once every hour.
Benefits of NEFT Timings and Transactions
There are different benefits of NEFT, whether we talk about the flexible NEFT timings or we talk about the easy and hassle-free procedure. It is no less than a boon in the field of banking. Some of the benefits of NEFT or National Electronic Funds Transfer are listed as under:
- The whole of the system is a one-way cross border transfer of funds from India to Nepal and it is under the Indo-Nepal Remittance Facility Scheme.
- A person can easily transfer funds from one bank account to the other bank account of any branch of the bank.
- It also avoids the need for any physical presence of parties, which is really beneficial in the times of the pandemic of coronavirus. Therefore, this process is really safe.
- The process of NEFT is simple, easy and efficient at the same time.
- A person does not have to visit the bank as long as he is having a valid bank account.
- A person can initiate internet banking from any location at any time.
- The confirmation of the transaction is either via SMS or email notifications which is so handy and comfortable.
- The transaction via NEFT also gives assurance to both parties.
Who Is Eligible For A NEFT Transaction?
There is a long list of different bank branches that come under the scheme of NEFT and this list is provided by the Reserve Bank of India. Different Corporate firms and individuals who have a bank account under the NEFT scheme are eligible to make the transactions. Also, people who do not have any bank account can also make the NEFT transaction by visiting the bank branch and providing them with the necessary details.
How To Pay A Credit Bill Via NEFT Within NEFT Timings?
You can easily pay your credit bill via NEFT by following the steps mentioned below:
- Firstly, log in to the internet banking account.
- Add the credit card as a beneficiary. You should be knowing the IFSC code of your credit card as it is necessary for the procedure.
- Then, enter the credit card number in the account number and the other details too.
- After registering your credit card as a payee, go to the ‘NEFT Funds Transfer’ and make a fund transfer towards your credit card and enter the amount of the bill.
- Then, make the payment and the process will be completed.
How To Add Credit Card As A Beneficiary For NEFT Credit Card Bill Payment?
| Steps | Detail | Process |
| 1 | Name of Payee | The name of the payee will be the name printed on the credit card |
| 2 | Account Number of Payee | It will be the credit card number printed below the name |
| 3 | Name of Bank | Name of your bank |
| 4 | IFSC Code | You can get this by contacting the bank which issued your credit card |
FAQs About NEFT Timings
✅ Can I transfer my money via NEFT on Sundays?
Yes, you can easily transfer your money on Sundays too.
✅ Are the NEFT Timings 8 a.m. to 6 p.m.?
No, earlier they were like this but from December 2019, there has been a change and now, you can transfer money via NEFT 24×7.
✅ How long does it take for the NEFT transactions to be settled?
All the fund transactions are processed in a batch-wise format and therefore, the money is credited within 2 working days.
✅ How can I know if the other person’s bank is a part of NEFT or not?
You can check the list provided by the Reserve Bank of India on its website. It has mentioned in it all the banks which come under the NEFT Scheme.
