By RBI instructions to Banks that when NEFT (National Electronic Fund Transfer) transfer fund to another account, it takes a few hours but when it would be late transferred and is usually done with the same day then it could be a delay transfer fund and thus the benefit of interest of 10.5% takes place on this NEFT Credits.
Types of delay Sometimes there is a delay in crediting the beneficiary customer's account. When you transfer funds via NEFT to a friend's account and there is a delay in the funds being credited to his/her account. Then there is a delay in returning the un-credited amount to the remitter. At times, there is a delay from the bank's side in doing so.
The rule The Reserve Bank of India (RBI) had issued some guidelines for banks. According to these, banks are required to pay a penal interest at the current RBI's repo rate plus 2% for the delayed period, or until the date of refund, as per the case. The repo rate is currently 8.5%, so you should get 10.5% as penal interest on any delay.
What you can do If you find that your NEFTs are delayed, get in touch with the bank customer facilitation centres (CFCs). If for some reason, the CFC details displayed on the bank's website is outdated or you do not get a response, get in touch with RBI's banking ombudsman.
Types of delay Sometimes there is a delay in crediting the beneficiary customer's account. When you transfer funds via NEFT to a friend's account and there is a delay in the funds being credited to his/her account. Then there is a delay in returning the un-credited amount to the remitter. At times, there is a delay from the bank's side in doing so.
The rule The Reserve Bank of India (RBI) had issued some guidelines for banks. According to these, banks are required to pay a penal interest at the current RBI's repo rate plus 2% for the delayed period, or until the date of refund, as per the case. The repo rate is currently 8.5%, so you should get 10.5% as penal interest on any delay.
What you can do If you find that your NEFTs are delayed, get in touch with the bank customer facilitation centres (CFCs). If for some reason, the CFC details displayed on the bank's website is outdated or you do not get a response, get in touch with RBI's banking ombudsman.
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