My NEFT has not been credited to the recipient even after 1 day. What can I do to help myself in this situation?


My NEFT has not been credited to the recipient even after 1 day. What can I do to help myself in this situation?


NEFT transfers work as per the RBI guidelines and timings vary for weekends to weekdays. Usually the NEFT transfer happens in the next hourly batch when you give a request. As of now NEFT operates in twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays. If you had given a request on Saturday then the transfer will be done in the first batch on Monday. In case the funds have been transferred wrongly due to any bank error or technical glitch, the onus of correcting the transfer lies with the bank. Informing the bank would speed up the process as the NEFT system checks for any grievances or errors after each hourly transaction has taken place.


Does IMPS work on Sundays? What are the approx charges compared to NEFT?


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Hi Aswani,

IMPS works on all days including Sundays. It’s a 24/7 service. The difference between NEFT and IMPS is as below.

National Electronic Fund Transfer (NEFT) is the most common and widely used digital money transfer system. NEFT is not an instant transfer system and gets remitted usually in 2 – 4 hours. The money gets transferred in batches across various time slots.

The advantage of NEFT is that it can be done either over the counter, or through net-banking or through the mobile banking app. The beneficiary’s account number and IFSC are sufficient to initiate this type of transfer.

Banks generally charge a nominal fee ranging from Rs. 2.50 to Rs. 25 plus service taxes, depending on the value of the transfer. Some private banks, however, offer this service free of charge for their premium or privileged customers. NEFT can only be done during bank working days between 8 am to 7 pm. Any transfer request placed beyond the cut-off timing or on a holiday will automatically be carried forward to the next working day. Although in general there’s no such upper limit for a NEFT, some banks have capped it at Rs. 10 lakhs per day.

Immediate Payment Service (IMPS) is an instant electronic fund transfer service that can be availed by any individual holding a bank account. This inter-bank transfer is instant and real-time and can be availed round the clock – be it on a holiday or late at night. Managed by National Payments Corporation of India (NPCI), this was initiated in 2010 as a mobile payment system within 4 member banks (SBI, BOI, UBI and ICICI) which was later expanded to ATM and net banking platform with an addition of few more banks.
IMPS transfer is capped at Rs. 2 lakhs per day through net banking and the charges vary from bank to bank. A nominal charge of Rs. 5 for transfer up to Rs. 1 lakh and Rs. 15 for transfer of Rs. 1 to 2 lakhs is generally levied.

IMPS would require IFSC for net transfer and MMID (Mobile Money Identifier) code for mobile banking. IMPS through mobile doesn’t need a registered beneficiary; also, if you have netbanking, then no separate registration is required for IMPS. It can be flawlessly initiated through the net banking platform.

Looking for a Savings Account? Click here.

BB Expert


Hi Kunal,

First check if you sent the money on a holiday or if the day after you sent the money was a holiday. NEFT works only on business days. Usually, in case the NEFT amount is not credited to the recipient’s account, the bank returns the amount to the person who sent it.

Any non-credit in case of NEFT might be due to a system error which might get corrected in a day or two. If the amount has not been refunded to your account, you can contact the NEFT Customer Facilitation Centre of your bank. If you did the NEFT at a branch, visit the branch to check why the amount has not been credited. Even if you had done it online, you could visit your bank’s branch to check if the NEFT has been credited.

If the NEFT amount is neither credited to the beneficiary nor refunded to you, you can reach out to Reserve Bank of India (RBI). There is a special NEFT desk at RBI which handles all complaints related to NEFT.

Looking for a Savings Account? Click here.

BB Expert