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.
- 9.00hrs
- 10.00hrs
- 11.00hrs
- 12.00noon
- 13.00hrs
- 14.00hrs
- 15.00hrs
- 16.00hrs
- 17.00hrs
- 18.00hrs
- 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.
