Faster Money Transfer using NEFT

With Inter funds transfer gaining quite a bit of momentum in India for past few years, it becomes important for us to know some tips & tricks to have money transferred from one Bank to another in the least possible time.

There are 2 types of funds transfers currently offered by RBI (Reserve Bank of India) - NEFT (National Electronic Funds Transfer) & RTGS (Real Time Gross Settlement). RTGS system is meant for amounts exceeding Rs.1,00,000.

I am currently referring to funds transfer using NEFT. In case of NEFT the transfer advices from Bank to RBI happens in 4 batches - 9:30 am, 1:30 am, 12:00 pm & 4:00 pm.

I would share a couple of tips which will enable to have the quickest funds transfer -
  1. Avoid transferring funds at the end of day (say around 3-4 pm) & on weekends (like Fridays).
  2. Transfer funds in the early hours. For eg, if you want to transfer funds from ICICI Bank to HDFC Bank, try initiating the transfer before the 1st batch timings i.e. 9:30 am. I have found out that all transfers which I have initiated before 9:30 am have resulted in credit of my funds in the destination Bank account at around 2:00 pm on the same day itself.
  3. Any transfer timings not following the above 2 rules will result in funds credit happening after 1 or 2 days.
The tips which I have shared are my personal experiences & not endorsed by RBI or any other Bank in India.

So try it with your own luck !!!


1 comment:

Anonymous said...

Thanks a lot it worked:-)