Discovering How Long NEFT Settlement Takes

Discovering How Long NEFT Settlement Takes

At 10/6/2023

How long does NEFT transfer take?

The aim here is to fulfill maximum amount of NEFT settlements in a day. This is to ensure user’s convenience. According to RBI’s regulations of December 2019, the new NEFT timings for all online transactions is 24 hours, 7 days a week. This includes weekend (Saturday- Sunday and Bank holidays). This was introduced to encourage more online fund transfers and promote digital mode of transfer and payment. Any transactions by NEFT which take place automatically after banking hours are over are carried out using the Straight Through Processing (STP) mode.

What is STP mode?

STP or Straight Through Processing mode is used by the financial market to automate transactions and facilitate them without any manual intervention. It is used by financial institutions, e-commerce businesses and others to fast-forward the payment by authenticating the parties involved, tracking or any transaction, and efficient collection of money. Rather than going for manual approval from various departments involved in the payment process, STP does everything automatically!

Charges for NEFT transactions

There are no charges to conduct a NEFT transaction anymore. RBI has removed all the charges from the online NEFT transactions to promote more digital payments. Remember, no bank can charge any fee for NEFT transactions anymore.

Steps to make NEFT transactions

NEFT fund transfer is extremely convenient. The NEFT settlement time is also average as we discussed above. Just follow these steps to make a NEFT online transaction.

  • Use your internet banking credentials to login (on your Bank’s website)
  • Choose Fund transfer and select fund transfer type as NEFT
  • Now, you need to add details of the beneficiary to whom you want to transfer the fund. The required info includes name of the beneficiary, bank account number, IFSC code, etc.
  • Either click on confirm or add.
  • The above steps help in adding a beneficiary to your list of approved beneficiaries. It takes 24 hours for the same.
  • Once the beneficiary is added in the list, you select the same and enter the amount that needs to be transferred.
  • Confirm the transaction and the amount will be transferred.
  • You can also make NEFT transfers using the Airtel Thanks app in an easier way.

Steps to make NEFT transfer using Airtel Thanks

Airtel Thanks enabled 24*7 NEFT transfer for its customers in 2019. You can head over to the banking section of the app to conduct a NEFT transfer.

  • Select ‘Transfer Money’ option in the payment section of the app
  • Then select ‘Transfer to Bank’ to conduct a NEFT transaction
  • You will see a screen asking you to add a beneficiary detail. A beneficiary is the person/company you want to transfer the funds to.
  • Post beneficiary registration, you can do a NEFT transfer easily.

Why choose NEFT mode of fund transfer?


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