How much Time NEFT Transfer Takes in SBI?

The NEFT transfer time SBI depends on several factors, including the time of initiation and the bank's processing schedules. Usually, beneficiaries can anticipate receiving their money two hours after the transaction was finalised in the batch.

What is SBI NEFT Transfer Time?

NEFT transactions are processed in batches, usually during bank working hours from 8:00 AM to 7:00 PM on weekdays and from 8:00 AM to 1:00 PM on Saturdays (except the second and fourth Saturdays of the month when banks are closed). Transfers initiated during these timings are usually processed within 2 hours.

• If you initiate an NEFT transfer after business hours or on a bank holiday, the transaction will be processed in the next available batch on the next working day. This might delay the transfer until the next business day.

• Although NEFT is not a real-time payment system like IMPS (Immediate Payment Service), transactions are often completed within 30 minutes to 2 hours during business hours. However, this can vary depending on factors like the receiving bank’s processing times.

NEFT transactions are processed in hourly batches, which means there could be a delay of up to an hour if you initiate the transfer just after a batch has been processed.

• Bank Holidays: NEFT is not available on Sundays, public holidays, or during RBI-declared bank holidays.

• Inter-Bank Processing: If the receiving bank has a different processing schedule, it could further delay the transaction.

NEFT transfers in SBI are generally quick, with most transactions being completed within 2 hours during working hours. However, the exact time can vary based on the time of initiation and other factors. 

For faster transfers, you might consider using IMPS or UPI (Unified Payments Interface), which offer real-time processing. This is all about NEFT transfer time SBI.

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Fund transfers via NEFT can be done online or through the bank by account holders. The RBI sets the SBI NEFT timings. At this moment, NEFT transfers are accessible 24/7, or around-the-clock. 

What is the NEFT Timings SBI?

• With the exception of the second and fourth Saturdays, Sundays, and holidays, NEFT currently runs half-hourly batches from 8 am to 7 pm on all days.

• Customers wishing to process NEFT in person at the bank will be unable to do so on banking holidays. In this situation, they should contact the local branch of their bank and find out which days are off-limits for NEFT transactions.

• Regarding the NEFT transfer time SBI, from the batch in which the transaction was settled, the beneficiary should anticipate receiving credit for the NEFT transactions within two hours. 

After understanding how much time NEFT takes in SBI, let us focus on,

Within two hours after the clearing batch, if the money is not credited to the beneficiary's account, it is transferred to the remitter's bank. The money is then credited to the remitter's account by the bank.

I hope this information helps you with the SBI NEFT transfer time to other banks.

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Hello,

I remember how worried I got when I used NEFT for the first time and the money didn’t get transferred instantly. I called my brother to ask him how much time NEFT transfer takes in SBI. He called me stupid and told me that an NEFT fund transfer isn’t an instant transfer like BHIM UPI app transactions. An NEFT fund transfer or settlement takes some time. He explained it in detail to me:

How Much Time it Takes for NEFT Transfer

One thing you should keep in mind is that NEFT works every day, even on a bank holiday. All NEFT fund transfer requests are settled in batches once in 30 minutes. We know that there are twenty-four hours in a day and two batches of NEFT transactions take place in one hour. This means that NEFT transactions are settled 48 times a day.

The settlement starts at 12:30 AM and ends at 00:00 AM (midnight).

Here, the objective is to fulfill the maximum amount of NEFT settlements in a day. This is done to ensure the customer’s convenience. As per the RBI’s December 2019 regulations, the new NEFT timings for every online transaction are 24x7. This includes weekends (Saturday-Sunday) and bank holidays. The idea behind this was to encourage more online fund transfers and promote a digital mode of payment and transfer.

If a transaction by NEFT takes place automatically after banking hours are over, then it’s carried out using the STP (Straight Through Processing) mode.

Now you know how much time does NEFT transfer take.

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I hope you liked my answer on how much time NEFT transfer takes in SBI.