National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals to electronically transfer funds from any bank branch to any other bank branch in India. As more and more bank branches are connected online this system has been a huge success in India for online fund transfers. High penetration of internet and computers has also added to its success. NEFT is controlled by the reserve Bank of India
NEFT Timings on weekdays and Saturday
Weekdays: 8:00 AM to 7:00 PM
Saturday 8:00 AM to 1:00 PM
NEFT timings have been revised from time to time by the Reserve bank of India. As of now in 2014 , NEFT operates in batches from 8 AM to 7 PM on weekdays and 8 AM to 1 PM on Saturday. NEFT settlements are done in hourly batches. There are hourly twelve settlements from 8 AM to 7 PM on weekdays and six hourly settlements from 8 AM to 1 PM on Saturdays. IF you miss the hourly settlement batch you will be accommodated in the first batch the next NEFT working day.
There are no NEFT transactions on Sundays and NEFT holidays. NEFT holidays in 2014
NEFT schedules as notified by RBI are adhered to by all commercials banks including public sector banks like State bank of India (SBI), Punjab national Bank (PNB), Canara bank, bank of India, Indian Bank etc. and private sector banks like ICICI Bank, HDFC Bank, Axis Bank, IDBI Bank, Citibank etc. and cooperative banks.