National Electronic Fund Transfer has become widely embraced and cheques are quickly being replaced as a way of sending and receiving funds. There are no limitations to this system, with the exception to the minimum fees that are required, as compared to free cheques. The IMPS system of transferring and disbursing money is also available these days. The Reserve Bank of India manages the NEFT method, which is an electronic fund transfer network. It took place in November 2005. The framework was developed and sustained by the Institute of Development and Research in Banking Technology. It allows bank customers throughout the country to transfer money on a one-to-one basis between two NEFT supported bank accounts.
It mostly operates on digital communications. Transfer settlement is carried out in half-hourly blocks in the NEFT fund with 23 transactions between 8:00 in the morning and 19:00 on weekdays and even on the first, third and fifth Saturdays of the billing cycle. If a transfer is undertaken after this duration, the next accessible period will settle for the same. Only when the transaction value is less than Rs 2 lakh the NEFT transaction is performed. As NEFT became increasingly familiar with customers, the RBI announced in August 2019 that it would facilitate round-the-clock settlements beginning in December 2019. There are several people, however, who sometimes pose the question: how to know if the party was credited with the NEFT amount. How can I verify the status of an NEFT transaction? Follow the ways given below for your question.
1. Via SMS
Let us clarify, when sending and receiving funds, you add a beneficiary to the NEFT transfer process. Your email and phone number will have to be provided. After you have credited the beneficiary account, you will get an instant alert, via SMS, that the beneficiary account has been funded. This is how you can realise that the NEFT payment has ended. When you make an NEFT transaction, make sure that you have an updated mobile number.
2. Via Email
If the beneficiary account was credited by email, you will also notice. Before you set up an online NEFT transaction, banks such as HDFC Bank enable you to either have your email or phone number. If you do not have internet access to the system, it is best to confirm the phone number so that you can know quickly check whether or not you have received the amount. You can verify your email directly, as well as the update of your NEFT request.
3. Contact your bank
To know if the NEFT transaction status has been accomplished, you can also contact the bank. You have to give yourself at least 2 hours for this.
What is the right time to check the NEFT transaction status?
The NEFT transaction is usually almost always done within two hours, but there may be a gap at times, which is why we suggest you need to provide at least two hours. Typically, there may be many concerns that have contributed to non-credit. For e.g., the amount will almost always be handed back if the IFSC code is incorrect. What happens in such situations is that the bank refunds the amounts directly to the user. This happens only because the account for the beneficiary is not credited. So it’s better to fill correct IFSC Codes of the bank in order to mitigate this issue.
After verifying the status of the NEFT transaction after two hours of completion, and if the balance is not credited, the bank will return the balance and the credit to the recipient. Normally, after 30 minutes to one hour, you can check your status. It is unlikely that the time taken will be beyond mentioned time in metro cities or large towns. With the introduction of newer and better technologies, NEFT transfers have become much more accelerated these days. The RTGS maybe a little quicker, but for major transactions, it is generally confined.
What is the importance of providing credentials like mobile number, email id or any?
In order to allow the bank to deliver you an SMS reminding you that the beneficiary account has been credited via the NEFT transaction, it is necessary to provide your mobile number and email ID. Currently, the method is utter confirmation and there is no doubt about the amount not being approved if the IFSC codes are accurate. Before sending money, please validate all related information in any circumstance. In particular, IFSC codes are used for the transfer of large amounts, whereas NEFT is used for the transfer of minimal or small amounts.