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NEFT Timings

Last Updated 24th Jan 2022

  • NEFT or National Electronic Funds Transfer is a one-to-one payment facility.
  • NEFT transactions can be made only across NEFT-enabled banks.
  • NEFT timings for Monday to Friday are 8 am to 6:30 pm, and for Saturdays, it is 8 am to 12 pm.
  • Funds can be transferred via NEFT, by adding beneficiaries on the internet banking portals of the required bank.
  • There are no restrictions on the minimum and maximum amount of transactions that can be made with NEFT.
  • NEFT transfer charges range between Rs 2.5 to Rs 25, based on the amount transferred.
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List of Top Banks Offering NEFT Money Transfer Facility

Bank NEFT Limit NEFT Charges NEFT Timings
SBI 10 Lakhs Upto ₹10,000 - ₹2 + GST, Above ₹10,000 and upto ₹1 lakh - ₹4 + GST, Above ₹1 lakh and upto ₹2 lakh - ₹12 + GST, Above ₹2 lakh - ₹20 + GST 8 AM to 7 PM, Monday to Saturday
HDFC Bank 25 Lakhs Upto ₹1,00,000 - ₹ 2 + GST and Above ₹ 1,00,000 - ₹10 + GST 7 AM to 7 PM on RBI working day
ICICI Bank 25 Lakhs Upto Rs 10,000-Rs 2.25 + Applicable GST, Above Rs 10,000 and upto Rs 1 lakh-Rs 4.75 + Applicable GST, Above Rs 1 lakh and upto Rs 2 lakh-Rs 14.75 + Applicable GST, Above Rs 2 lakh and upto Rs 10 lakh-Rs 24.75 + Applicable GST 7 AM to 6 PM
Citibank 25 Lakhs Nil 24*7
Axis Bank Nil Nil 24*7
Bank of Baroda 5 Lakhs Rs. 2.25- Rs.14.75 24*7
PNB Nil Upto Rs.10000-Rs.2.00, Above Rs.10000 upto 1 Lakh-Rs.4.00, Above Rs.1 Lakh upto Rs. 2 Lakh- Rs.14.00 & Above Rs. 2 Lakh-Rs.24.00 Nil
Kotak Bank 10 Lakhs Upto 10k-Rs.2+ GST, 100001 to Rs. 200000- Rs. 4+ GST & Above Rs. 2 Lakh- Rs. 24 +GST Nil
Yes Bank Nil Upto Rs. 10K- Rs. 2.5, Rs.10,001 to upto 1 Lakh- Rs. 5, Rs. 1,00,001 to upto Rs 2 Lacs- Rs.15 and Above Rs. 2 Lakh- Rs. 25 9 AM to 7 PM
RBL Bank 6 Lakhs Nil Nil
Standard Chartered Bank Nil Nil 8 AM to 4 PM

What is NEFT?

NEFT stands for National Electronic Funds Transfer. NEFT is a one-to-one payment facility that is regulated by the Reserve Bank of India across various public and private sector banks. As per NEFT, one can transfer funds to another individual with an account in a different bank. However, to enable this facility, the concerned bank accounts must be NEFT-enabled. The payments as per the NEFT are processed and settled in half-hourly batches.

NEFT Timings

Unlike IMPS, NEFT does not function 24*7 and only works as per the bank's prescribed time. Though the NEFT timing may vary across different banks yet, in general, the timings for Monday to Friday are 8 am to 6:30 pm, and for Saturdays, it is 8 am to 12 pm.

How to Transfer Funds via NEFT?

In order to transfer funds via the NEFT process, one needs to follow the below-mentioned steps:

  • Firstly, log in to the internet banking facility of the concerned bank.
  • On the homepage of the internet banking facility, choose the option 'Fund Transfer'.
  • Under this option, choose the 'NEFT' option by clicking on it.
  • Proceed further by choosing and selecting the name of the beneficiary to whom you wish to send the money.
  • However, it must be noted that you can only choose a beneficiary if he/she has been already added to the list.
  • In order to add a new beneficiary, click on the option 'Add Beneficiary' appearing on the bottom of the page and enter the required details such as name, account number, and IFSC code among others.
  • On entering the details, verify the details, and click on 'Confirm'.
  • For further confirmation, enter the 4-digit OTP received on your registered mobile number.
  • You can transfer funds to the newly added beneficiary after a prescribed time is taken to add him or her.
  • On successful addition, select the account details form which the transfer is to be made, and click on 'Confirm'.

Who Can Make NEFT Transactions?

NEFT transactions can be made by all kinds of account holders, whether individuals, firms or corporates. However, this can be done, when the bank which holds the user account is NEFT-enabled by the RBI. In some cases, one can also transfer funds via NEFT even without a bank account. This can be done by making cash deposits at an NEFT enabled branch and providing information such as name, address, email id, and contact number. However, this can be done only for transactions up to Rs. 50,000 and not beyond.

What is the NEFT Transfer Limit?

There are no restrictions on the minimum and maximum amount of transactions that can be made with NEFT. While minimum transactions can begin from Rs 1, maximum can range up to any amount. However, the only restriction on NEFT transfer mounts is in case of a cash deposit, as mentioned above, that range up to Rs 50,000.

Charges Applicable on NEFT

NEFT enabled payments to charge the transferring charge form the users on the basis of the quantity of the funds transferred. It is listed in the table below:

Amount Charges
Less than and up to ₹ 10,000 ₹ 2.5
More than Rs ₹ 10,000 to upto ₹ 1 Lakh ₹ 5
More than ₹ 1 Lakh to upto ₹ 2 Lakh ₹ 15
More than ₹ 2 Lakh ₹ 25

Benefits of NEFT

Some of the benefits offered by NEFT payments are listed as follows:

  • Transferring funds is time saving, convenient and feasible.
  • NEFT payments are solely electronic; thus, no party is required in person for payments of funds.
  • The payment method is safe and encrypted with firewalled gateways. Thus, safety from frauds and thieves.
  • Instant confirmation of transfer of funds to both the sender and the receiver.
  • This payment method can be used as per the user's convenience within the prescribed time.
  • NEFT dismantled the use of cheques and Demand Drafts for the transfer of funds; thus, it is economical.


NEFT or National Electronic Funds Transfer and RTGS or Real Time Gross settlement are payment methods that allow the electronic transfer of funds. However, the main difference between NEFT and RTGS is that RTGS is a gross-settlement payment method, while NEFT is based out of net-settlement. This means that transactions as per RTGS are settled on one to one basis, without being considered with other transactions, and that for NEFT are settled in batches at specific intervals of time. In addition to that, another difference between NEFT and RTGS is based on the transaction limit. There are no minimum and maximum restrictions on the transaction limit for NEFT, however for RTGS, a minimum transaction limit of ₹ 2 Lakh is applicable.


The difference between NEFT (National Electronic Funds Transfer), RTGS (Real-time gross settlement) and UPI (Unified Payments Interface) is listed in the table below:

Parameters NEFT RTGS UPI
Payment method Offline and Online Offline and Online Online
Minimum transaction limit ₹ 1 ₹ 2 Lakh ₹ 1
Maximum transaction limit No limit No limit ₹ 1 Lakh
Duration Minimum 2 hours Immediate Transfer Immediate Transfer
Timing Monday to Friday: 8 am to 6:30 pm Saturdays:8 am to 12 pm. Monday to Saturday: 8:00 AM to 6:00 PM 24*7
Required Details Account No. and IFSC Code Account No. and IFSC Code VPA of beneficiary and MPIN


Are there any charges on NEFT?

Yes, the transfer of funds via NEFT involves charges ranging between ₹ 2.5 to ₹ 25, not inclusive of GST.

What are NEFT charges in SBI?

NEFT charges in SBI range between ₹ 2.5 to ₹ 25, based on the value of the fund transferred via NEFT.

What is NEFT and how it works?

NEFT meaning is National Electronics Funds Transfer. It is an electronic payment method that allows NEFT enabled bank accounts via the transfer of funds without using a cheque or DD.

What is the limit of NEFT?

There is no minimum or maximum transaction limit imposed on NEFT.

What is the time of NEFT?

The NEFT transaction time for Monday to Friday is 8 am to 6:30 pm, and for Saturdays, it is 8 am to 12 pm.

Is NEFT safe?

Yes, NEFT is a safe and secure payment method that is encrypted with a firewalled server. So, it is completely safe and secure.

Does NEFT work 24 hours?

No NEFT does not function 24 hours but within the prescribed time limit. NEFT transfer time for Monday to Friday is 8 am to 6:30 pm, and for Saturday it is 8 am to 12 pm.

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