National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) are two main system of transferring funds from one bank to another. NEFT operates on a deferred net settlement (DNS) basis and settles transactions in batches. Presently, NEFT operates in hourly batches – there are twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays. Any transaction initiated after the designated time would have to wait till the next settlement time.
Individuals, firms or corporate maintaining accounts with a bank branch can transfer funds using NEFT. Even those who do not have a bank account (walk-in customers) can also deposit cash at the NEFT enabled branch with instructions to transfer funds using NEFT. Such customers have to furnish full details including complete address, telephone number, etc.


NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without the need for having a bank account.
Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. RBI has set the maximum charges which can be charged by Banks for NEFT & RTGS transfer.
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. RBI had since advised all the banks to print IFSC on cheques leaves issued to their customers. The author is a Chartered Accountant and loves to write about Personal Finance, Wealth Management, Taxation etc. Disclaimer - The articles on this website is for informational and knowledge purposes and should not be treated as financial advice, Please consult your financial advisor before taking any investment decision.


The beneficiary bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message. However, the timings that the banks follow may vary depending on the customer timings of the bank branches. There are currently 300+ comments raised in last few months, for which I need to send the response.



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