Bank newb with many queries :)

[Sarath]

I have only started taking active interest in banking activities and want to know more about NEFT. I got as much information as I could from my Dad but I think there is a little more I still don't understand. I hope I will find answers to my simple queries here.

1. Does NEFT have timing restrictions?

2. Can NEFT be done on a public holiday? Festivals? Sunday?

3. More coming up

What I know/did:
~Applied for NEFT
~Learnt about IFSC code
~Know same bank transactions can be done on sundays

The declared holidays beside Sunday in the NEFT System for the calendar year 2011 are as under :

January 26, 2011 - Republic Day
April 01, 2011 - Annual Closing of Banks
April 22, 2011 - Good Friday
July 01, 2011 - Annual Closing of RBI
August 15, 2011 - Independence Day
August 31, 2011 - Ramjan Id (Id-Ul-Fitar) (Shawal-1)
September 30, 2011 - Half-yearly closing of Banks
October 06, 2011 - Dasara / Dashami
October 26, 2011 - Diwali Amavasya (Laxmi Pujan) / Kali Puja
November 07, 2011 - Bakri Id (Id-Ul-Zua)
December 06, 2011 - Moharrum

found the answer

[rhitwick]

Okz...u had questions with answers...why post then?

[Sarath]

I don't just post here and sit back for other's to do my bidding. Everything I find I put it back here so that it may help others too.

Coming to the point , Still clueless about the first query ...anyone?

[Sarath]

Also using tapatalk so can't use strikethrough BB code

[Faun]

^^yes, there is restriction on timing. I think it's from 9-5 or something (google it for the accurate time). If you transfer money at 10pm then it will be credited to the recipient's account on next day.

[sujoyp]

to transfer through NEFT you have to add the account in your list...and that process takes nearly 5-6 hrs...once that account is added to your recipient list then you can transfer the money between the bank timings(maybe 9-5)

After the bank timings you can initiate the transfer process or add recipient but it will be done next working day.
Good thing is that we can do shopping with bank transfer any time of the day

[coolpcguy]

Originally Posted by Sarath

1. Does NEFT have timing restrictions?

Yes.

Reserve Bank of India

Q.6. What are the operating hours of NEFT?

Ans : Presently, NEFT operates in hourly batches - there are eleven settlements from 9 am to 7 pm on week days (Monday through Friday) and five settlements from 9 am to 1 pm on Saturdays.

2. Can NEFT be done on a public holiday? Festivals? Sunday?

That depends on which bank you're operating from. Some banks accept NEFT requests and queue them for the transfer window, while others such as ICICI refuse to take up transactions and allow for transfers only during allowed periods

to transfer through NEFT you have to add the account in your list...and that process takes nearly 5-6 hrs...once that account is added to your recipient list then you can transfer the money between the bank timings(maybe 9-5)

Again, that depends on bank implementation

[Faun]

Originally Posted by sujoyp

to transfer through NEFT you have to add the account in your list...and that process takes nearly 5-6 hrs...once that account is added to your recipient list then you can transfer the money between the bank timings(maybe 9-5)

Takes minutes to authorize payee.

[sujoyp]

Originally Posted by Faun

Takes minutes to authorize payee.

u mean authorize payee by our bank it takes few minutes...which bank??

SBI takes 5-6 hours weather its local branch, or other bank

[gopi_vbboy]

icici bank is great...fund transfer are immediate n fast..even i dont get charged for more than 5 atm transactions from other branch...

sbi is slow in everything

[Sarath]

I would be using HDFC. Thanks guys I've got some idea of things now.

So I need to authorise someone first. Only then can I do the transfer.

Now I need to check the neft working hours for HDFC.

Also if I try to do a transaction at say 11pm then it would either get qued for the next day or get rejected. Right.

Thanks again

[asingh]

Originally Posted by sujoyp

u mean authorize payee by our bank it takes few minutes...which bank??

SBI takes 5-6 hours weather its local branch, or other bank

My experience:

1. CITIBANK : 1 minutes. You get an auth. code and you plug it on the port, portal is added, active, ready for transaction.
2. HDFC : ~24 hours.
3. SBI : Any thing. Depends.

[sriharsha_madineni]

Originally Posted by sujoyp

to transfer through NEFT you have to add the account in your list...and that process takes nearly 5-6 hrs...once that account is added to your recipient list then you can transfer the money between the bank timings(maybe 9-5)

It depends, HDFC takes 24hrs for authorization, where as with Axis bank it was instant the last time I tried.
But Axis bank server is down most of the times, friend is pissed off most of the times coz the bank server goes down just before he makes payment, happened many times with Axis bank

Originally Posted by Sarath

I would be using HDFC. Thanks guys I've got some idea of things now.

So I need to authorise someone first. Only then can I do the transfer.

Now I need to check the neft working hours for HDFC.

Also if I try to do a transaction at say 11pm then it would either get qued for the next day or get rejected. Right.

Thanks again

Answer for your question, even I'm using HDFC.
Capture.jpg
Again the same after the working hours, the transaction is processed the next working day.

[reniarahim1]

For ICICI it will just take mins.. Add the payee giving the acct no and bank details, get the one time confirmation code through SMS, enter it and you are through to the payment.

[Sarath]

Thanks again guys. Thanks for the snapshot and the comparison.

HDFC seems to indeed take 24hours. That is a lot in comparison to the others you have put up.

I will be shifting base to my brother's ICICI account in that case. A wait that long can potentially ruin some of the deals I might undertake.
HDFC seems to be a slouch.

Should have got my new account in ICICI