What is NEFT?
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT. The payments are final and irrevocable.
Maximum amount for NEFT transactions:
The NEFT system is primarily meant for smaller value transactions.
Under normal circumstances the beneficiary branches are expected to receive the funds in maximum of 48 hours.
What is the maximum time for returning of NEFT transactions, which could not be credited to beneficiary's account?
If the funds are not credited to the beneficiary's account for any reason like account does not exist, account frozen etc., the funds will be returned to the originating bank within before the end of the NEFT Business day.