What is the NEFT Cut-off Time?
Until December 2019, RBI had fixed timings during which NEFT transactions could be processed. Any NEFT transaction would be processed only between 8:00 AM and 6:30 PM from Monday to Friday, and 8:00 AM to 12:00 PM on Saturdays.
However, from 2020, NEFT transactions can be performed 24*7. This was done to promote digital transactions and global integration of financial markets. It must be noted that NEFT uses quite a simple mechanism to perform the transfer of funds from one bank account to another. Explained below is the process of how NEFT works.
It must be noted that while the general NEFT cut-off time remains the same, all banks have different NEFT cut-off time. Apart from this, most banks do not offer fund settlement services on 2nd and 4th Saturdays and all Sundays of every month, along with a few listed national holidays.
List of NEFT Holidays
As per the rules of RBI, NEFT-enabled banks does not provide facilities for NEFT transactions on the following national holidays-
- 1 April (Annual closing of banks)
- Good Friday
- Ramzan Eid
- Bakra Eid
- Independence Day
- Muharram
- Mahatma Gandhi Jayanti
- Vijaya Dashmi
- Christmas