What are the timings for RTGS settlements on weekdays and weekends?
National Electronic Funds Transfer (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 a particular cut-off time. These transactions are netted (payables and receivables) in NEFT whereas in RTGS the transactions are settled individually.
Currently NEFT operates in hourly batches. There are 12 settlements from 08:00 hrs to 19:00 hrs on weekdays and six settlements from 08:00 hrs to 13:00 hrs on Saturdays. So any transaction initiated after the settlement time will have to wait till the next designated settlement period.
But, RTGS transactions are processed continuously throughout the RTGS business hours. The timings for RTGS are from 8:00 AM to 4:30 PM.
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