What is NEFT in banking?

NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT)

NEFT is an electronic payment system developed by RBI to facilitate transfer of funds by customers from one bank to another bank in India. It is a secured, economical, reliable and efficient system of funds transfer between banks.

How long does a NEFT transfer take?

NEFT Settlement Time: How Long Does It Take for Funds to Reach

NEFT settlements take place in half-hourly batches throughout the day. Once you have initiated the transaction, it takes up to 30 minutes for your transaction to be included in the next available batch based on the time you initiated the transfer.