National Electronics Fund Transfer (NEFT) – India's Retail ePayments System working overtime on 31/03/2012 !!! Wanna have a piece of the action?

Yes, it's first time, that the NEFT Settlement timings have been extended. Normally, the RTGS cut-off timings are extended depending on the requirements.

But, for the first time on 31/03/2012, NEFT will have the entire gamut of 11 batches. Normally, on Saturday's, there are only 4 batches I.e 9.00am, 10.00am, 11.00am and 12 noon.

However, on 31/03/2012, there will be the complete 11 Batches ie.

1. 9.00hrs
2. 10.00hrs
3. 11.00hrs
4. 12.00noon
5. 13.00hrs
6. 14.00hrs
7. 15.00hrs
8. 16.00hrs
9. 17.00hrs
10. 18.00hrs
11. 19.00hrs

Banks should ensure that the 'Returns', if any should be completed on the same day I.e 31/03/2012, otherwise the customers will get back the funds only after 2 days I.e 03/04/2012.

Maximum Returns settlement on the same day, will boost the customer's confidence in NEFT, and encourage bank customer's to migrate to ePayments.

Bank customer’s too need to be careful, and double-check the account number they are transferring too, so that the funds transfer goes on without any hitches.

Yes, it is up to the customer's, to make the most of the extended NEFT settlement timings.