In an earlier post titled ICICI Bank Online Banking – Fund Transfer Changes, I wrote about the changes in ICICI’s online fund transfer system. This is a follow up post on the same topic.
First of all the promised NEFT Holiday list. This was retrieved from ICICI Bank’s web site.
The declared holidays beside Sunday in the NEFT System for the calendar year 2008 are as under :
- January 26, 2008 - Republic Day
- April 1, 2008 - Annual closing of banks
- July 1, 2008 - Annual closing of RBI
- August 15, 2008 - Independence Day
- September 30, 2008 - Half-yearly closing of banks
- October 2, 2008 - Gandhi Jayanti
- October 9, 2008 - Dasara / Dashami
- December 25, 2008 - Christmas
I still haven’t understood the logic behind this holiday business.
Anyway, the RBI web site has a lot of information about NEFT.
- Frequently Asked Questions (FAQ) on ational Electronic Funds Transfer (NEFT) System
- NEFT page – For Bankers
- List of NEFT enabled bank branches
Excerpts from RBI’s web site:
- As on December 29, 2007, 34510 branches of 82 banks are participating.
- Presently, NEFT is settled in six batches at 0930, 1030, 1200, 1300, 1500 and 1600
hours on weekdays and 0930, 1030 and 1200 hours on Saturdays
- There is no value limit for individual transactions.
- While RBI has waived the processing charges till March 31, 2008, levy of service charges by banks is left to the discretion of the respective banks. The bank-wise details of charges levied are available on the RBI website.
And how does the system work?How does the NEFT system operate?
- Step-1: The remitter fills in the NEFT Application form giving the particulars of the beneficiary (bank-branch, beneficiary’s name, account type and account number) and authorises the branch to remit the specified amount to the beneficiary by raising a debit to the remitter’s account. (This can also be done by using net banking services offered by some of the banks.)
- Step-2: The remitting branch prepares a Structured Financial Messaging Solution (SFMS) message and sends it to its Service Centre for NEFT.
- Step-3: The Service Centre forwards the same to the local RBI (National Clearing Cell, Mumbai) to be included for the next available settlement. Presently, NEFT is settled in six batches at 0930, 1030, 1200, 1300, 1500 and 1600 hours on weekdays and 0930, 1030 and 1200 hours on Saturdays
- Step-4: The RBI at the clearing centre sorts the transactions bank-wise and prepares accounting entries of net debit or credit for passing on to the banks participating in the system. Thereafter, bank-wise remittance messages are transmitted to banks.
- Step-6: The receiving banks process the remittance messages received from RBI and effect the credit to the beneficiaries’ accounts.
Finally, the most important question:
Whom I can contact, in case of non-credit or delay in credit to the beneficiary account?
Ans: Contact your bank / branch. If the issue is not resolved satisfactorily, the Customer Service Department of RBI may be contacted on firstname.lastname@example.org or write to -
The Chief General Manager,
Reserve Bank of India,
Customer Service Department,
1st Floor, Amar Building, Fort,
I will leave you with a picture. The screen shot below was taken a few minutes ago on ICICI’s Online Banking web site. Can you find all the stupidities? Click the image for a full size view.