RBI’s NEFT – Additional Details

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.

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 cgmcsd@rbi.org.in or write to -

The Chief General Manager,
Reserve Bank of India,
Customer Service Department,
1st Floor, Amar Building, Fort,
Mumbai-400001

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.

19 Responses to "RBI’s NEFT – Additional Details"

Abhishek says:

February 22, 2008 at 3:18 am

Hi,
Please help.
I have a strange problem.
I transferred 10 Rs From HDFC account to ICICI account.. it took about 4-5 Hrs to get credited to my ICICI Account.

This was just for testing

Then I moved about Rs 60000, but it didn’t got creditd to my ICICI Account till now(its already 21 hrs)
After that I again trasferred Rs 5 for testing again. and those 5 Rs again arrived to my account in 5-6 hours but those 60000 has not came yet.

Please advice on what shall I do .

Whom shall I contact.. and how long does it takes to send NEFT transfer from HDFc to ICICI

Please help

Regards,
Abhishek

Reply
1. makkad_man says:
  
  October 1, 2009 at 5:15 am
  
  @Abhishek:
  
  I faced the same problem while using NEFT.
  
  What I did was somehow time taking, but I was able to transfer all of my money safely.
  
  I transferred Rs. 50,000/- in Rs. 5/- denominations, it took a whole day doing so, but I was relieved to transfer my whole amount safely.
  
  May be you can try the same next time, when you are transferring big amounts.
  
  Best of Luck !
  
  Reply
  1. gautamsatpathy says:
    
    October 1, 2009 at 7:37 am
    
    Hello Makkad_Man,
    
    That is a good idea but will not work anymore. ICICI Bank is now charging Rs. 5/- plus taxes for every NEFT transaction to a non ICICI account. I am not sure if it also applies to transfers to other ICICI accounts in the same city or outstation. So single large transactions is the way to save money.
    
    - Gautam
    
    Reply
    1. makkad_man says:
      
      October 7, 2009 at 12:11 am
      
      @Gautam: Is the tax on Rs. 5 or the whole transfer amount ?
      
      Thanks.
      
      Reply
What Ho! » Blog Archive » ICICI Online Banking Flaws - RBI’s EFT Discontinued says:

March 5, 2008 at 10:33 am

[...] A few days ago I posted about changes to ICICI’s Online Banking Fund Transfer Feature, with a follow-up post on the same topic with additional details from RBI’s web site. [...]

Reply
A.V.Dharmadhikaei says:

April 5, 2008 at 10:31 pm

Can I transfer Rs 30000.00 Thirty thousand from My HDFC A/c to an account in Bank of India
at Chhindwara ,Both the banks are the participating in NEFT Scheame .

Reply
gautam says:

April 6, 2008 at 2:31 am

Hello A.V.Dharmadhikaei,

Yes you should be able to do so if both branches participate in RBI’s NEFT. I have no knowledge of HDFC’s net banking facilities but they should have such a feature.

Regards,

Gautam

Reply
gautam says:

April 6, 2008 at 2:34 am

Hello Abhishek,

My apologies for not responding to your comment earlier. I hope your problem with ICICI has been resolved. If not you should first take it up with ICICI’s Customer Support and if that does not work, try RBI’s web site for a NEFT related dispute resolution mechanism. I seem to remember seeing something on RBI’s web site but don’t have a link handy at this time.

Regards,

Gautam

Reply
What Ho! » Blog Archive » » HDFC Mutual Fund - Online Investments Supports ICICI Bank says:

June 17, 2008 at 9:42 am

[...] and that meant I had to keep moving money around from ICICI to Axis and vice versa. Of course with RBI’s NEFT system this too is a painless process. So now I am spoiled for choice. Good. That’s the way it [...]

Reply
chakravarthy says:

February 11, 2009 at 12:45 pm

I have transferred 12,000 from ICICI to SBI..but i gave a wrong sbi account number. what will happen to money? can i speak to neft people? how long it takes for my money to get back?

Reply
Anirban says:

April 5, 2009 at 1:26 pm

Very useful post. Actually I was searching for a comprehensive list of all branches participating in NEFT, from the RBI website. Your post landed me up right there.
Cheers
Anirban

Reply
Pithsa says:

April 19, 2009 at 2:23 pm

Where do I download the NEFT Application Form??

Reply
Narpat Singh Bhati, Siwana (Barmer) says:

February 23, 2010 at 7:38 am

I am having problem. I transferred Rs.500 from SBI to PNB Punjab National Bank. SBI Net banking shows Successful transaction, but no money in PNB Punj. National Bank. Please help me.

- Narpat Singh Bhati S/O Lal Singh Bhati
Siwana Barmer – Rajasthan

Reply
Lenny Adauto says:

June 21, 2011 at 1:24 am

haha the 1 who’s posting the comments

Reply
Boyce Honnen says:

June 24, 2011 at 10:29 am

Thanks for your aid!

Reply
shilpa says:

March 14, 2012 at 10:03 pm

dear Sir,

i need your help to take NEFT/RTGS codes listed in RBI

Reply
1. gautamsatpathy says:
  
  March 16, 2012 at 12:35 am
  
  Hello Shilpa,
  
  What exactly do you need? Are you looking for the MICR or IFSC codes for a particular bank’s branch? Or something else entirely? The MICR and IFSC codes will be available from the nank’s web site and on cheques issued by the bank. Or you could simply call the bank’s customer service number and ask them.
  
  Regards,
  
  Gautam
  
  Reply
VINIT MEHTA says:

August 12, 2012 at 10:34 am

i was transfer money via NEFT on satuday at 10.02 PM from Bank of India to SBI. I could not get money on my sbi account? please giv me suggestion when my money will transfer on my sbi acc.

Reply
gautam says:

February 11, 2009 at 1:38 pm

Hello Chakravarthy,

The money would be transferred to the SBI account you used. If I remember right ICICI has a disclaimer on their web site stating that they do not take any responsibility for such issues. You can try approaching their customer service with the details of the transaction. If they are not able to help then you should ask them for a copy of the transaction details which you can then take to SBI. I really don’t know if there is anything the banks can do other than facilitate. Do try and let us know what happens for the sake of others who might be in a similar situation and will benefit from reading about your experience.

I hope and pray that you get your money back soon.

- Gautam

Reply

Share this:

Leave a Reply Cancel reply