NEFT system operates from 9am to 7pm on week days and 9am to 2pm on Saturdays (see footnote). Any transaction initiated in the first 9 hours of Week days or first 4 hours on Saturday will most likely be settled (amount credited to beneficiary) on the same day. On the other hand, if the transfer is initiated in the last two hours of week days or on Saturday, the credit will happen in the opening sessions on the next working day. This is no hard rule, but on average, taking into account the number settlements to be processed every day, this is what happens.
The Bank from which you’ve initiated a NEFT will have access to the transfer status from time to time. You may contact your branch to know the transfer status or if you have Internet Banking access, you can check it yourself. If the transfer is done from a State Bank, the process to check NEFT status from its Internet Banking is as follows:
Log in to your IB Account
Go to Payments/ Transfers
Select Inter Bank transfer (same bank transfers happen instantly using bank’s own internal network without NEFT, so there’s no need to check for status)
On the left side, you’ll find Status; select that
Choose the date on which the transfer was initiated; Enter
On the next page, select Status to see the Credit and Debit status of each banks (yours and Beneficiary’s)
If the transfer is successfully completed you’ll see an appropriate notice, and if the funds are yet to be credited, you’ll see ‘confirmation from the other bank awaited‘ notice.
Note: Some banks process NEFT transactions till 6pm itself. In very rare cases you may also observe that the transfer takes more than a day or two. It could be due to a system failure or there could be a problem in completing your transfer. If there is any problem, the amount will be credited back to sender in appropriate time. Unfortunately, if you have mentioned wrong account number and it belongs to some other active account, funds will be transferred to them. NEFT only work on the basis of account numbers and IFSC code so the beneficiary account holders name is not verified before crediting the amount.