The RBI is gradually increasing the time window for the NEFT and RTGS fund transfer system. Since December 2019, the NEFT would be available round the clock. As of now It has limited hours of operations. Similarly, The RBI has also increased the time for RTGS operations. Meanwhile, you should pay attention on following points as well.
- Banks provide NEFT and RTGS facility online and offline as well. For the Offline transaction, you have to visit the bank branch. Thus the timing for such transaction depends upon the bank working hours.
- However, You can do online transaction anytime. But the settlement takes place only at the prescribed timing of the NEFT and RTGS.
NEFT Settlement Timings of RBI
The reserve bank of India settles NEFT transaction in batches. That is why the NEFT settlement does not happen instantly. The RBI gathers all the money transfer mandates and settles them after every half an hour.
Daily Timings of NEFT Operations
- The settlement of the first batch takes place at 8 AM.
- The last batch of settlement takes place at 7 PM.
- There are total 23 settlements of NEFT in a day.
Holiday of RBI NEFT Settlement
The RBI settles the NEFT transaction in all working days. It does not take place on the following days
- There is No Settlement on Sundays
- No Settlement on 2nd and 4th Saturdays of a Month.
- No Settlement on Declared Bank Holidays.
NEFT Timings of SBI, ICICI, HDFC and Other Banks
The RBI has its own time of NEFT settlement. But banks can tweak there timing within the time range of RBI settlement. Hence, there can be slight difference of NEFT timings of different banks.
| Bank | NEFT Starts | NEFT ends |
|---|---|---|
| SBI | 8 AM | 6:30 PM |
| ICICI Bank | 8 AM | 6:30 PM |
| HDFC Bank | 8 AM | 7:00 PM |
| PNB | 8 AM | 7:00 PM |
| BoB | 8 AM | 6:45 PM |
| Axis Bank | 8 AM | 7:00 PM |
Recommended: NEFT fund transfer Charges of SBI, ICICI and HDFC
Latest SBI ATM Withdrawal Limit
RTGS Settlement Timings of RBI
The RTGS settlement takes place continuously. In this system, you do not wait for the next batch of settlement. Every RTGS mandate is settled immediately. But, the RTGS does not transfer less than ₹2 lakhs. There is no maximum limit. The RTGS also has cut off timings.
Recommended: Fund Transfer Limits of NEFT, RTGS, IMPS and UPI
Daily Timings of RTGS
| Sr. No. | Time Event | Regular days including Saturdays, except Second and Fourth Saturdays of the Month |
|---|---|---|
| 1. | Open for Business | 07:00 hours |
| 2. | Initial Cut-off (Customer transactions) | 18:00 hours |
| 3. | Final Cut-off (Inter-bank transactions) | 19:45 hours |
| 4. | IDL Reversal | 19:45 hours – 20:00 hours |
| 5. | End of Day | 20:00 hours |
Holiday of RBI RTGS Settlement
The RTGS settlement takes place on all working days. It does not work on following days.
- Sunday is off
- No Settlement on 2nd and 4th Saturdays of a Month.
- The RTGS settlement does not happen on declared holidays.
Also Read- Detailed Comparison of NEFT and RTGS
RTGS Timings of SBI, ICICI, HDFC and Other Banks
The RBI has its own time of NEFT settlement. All the banks follow the schedule given by the RBI. Thus for customers, the RTGS timings end at 4:30 PM. Few banks stop taking RTGS transaction at 4 PM.
| Bank | RTGS Starts | RTGS ends |
|---|---|---|
| SBI | 8 AM | 4:30 PM |
| ICICI Bank | 8 AM | 4:30 PM |
| HDFC Bank | 8 AM | 4:00 PM |
| PNB | 8 AM | 4:15 PM |
| BoB | 8 AM | 4:30 PM |
| Axis Bank | 9 AM | 4:30 PM |
Also Read: SBI Charges of NEFT, IMPS and RTGS
RBI Holidays For RTGS
- Republic Day – 26 January
- Annual Closing of Banks- 1st April
- Good Friday –
- B R Ambedkar Birthday – 14 April
- ID- ul- Fitr
- Independence Day – 15 August
- Bakri ID
- Vijaya Dashami
- Mahatma Gandhi Jayanti – 2 October
- Christmas – 25 December
Do you find NEFT or RTGS timings unsuitable for you? Why don’t you try the IMPS or UPI? These two fund transfer systems are available all days 24 hours.
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