How Does NEFT Transfer transaction System Works ?

National Electronic Fund Transfer (NEFT) payment system are online fund transfer between different banks in India.

There are different times slots are fixed by RBI which is known as RBI NEFT counter in

day for settlement of NEFT transaction online.

The various common time slots are 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.

The process of settlement is entirely depends on these time slots only i.e. suppose if any NEFT transaction are made prior to 10 AM in the morning the status of transaction will be settled during the 10 AM slot.

If it doesn’t get settle or returned it will be reflected in next slot i.e. at 11AM.

It means within one hour time slots the details of transaction will be known if it is made through NEFT transaction.

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