How to Check NEFT Transaction Status with Reference Number?
Check NEFT Transaction Status with Reference Number
NEFT stands for National Electronic Funds Transfer, a system enabling electronic money transfers between banks in India. Here is what you should know about NEFT:
- NEFT transactions operate during the bank's working hours, typically from 8:00 AM to 7:00 PM on weekdays and from 8:00 AM to 1:00 PM on Saturdays, excluding bank holidays.
- Settlements occur in batches at pre-determined intervals, influencing the time taken for funds to be credited to the recipient's account.
- No minimum or maximum transaction limits are imposed by the Reserve Bank of India (RBI), but individual banks may have their own limits.
- NEFT charges vary among banks, with outward transactions incurring nominal fees, while inward transactions are usually free.
- To initiate an NEFT transaction, provide the beneficiary's bank account number, name, and Indian Financial System Code (IFSC).
What is a Reference Number?
A reference number is a unique identifier assigned to a transaction, aiding in tracking and identification. It facilitates easy reconciliation for both the sender and receiver, proving valuable for various financial transactions.
Where can you find the Reference Number?
The Reference Number can be in the detailed bank statement under the 'online banking' section. Accessing 'transaction details' or 'narration' in your bank statement also reveals the reference number. The UTR number, with its identifiable format, is found among the details of a specific transaction.
Check NEFT Transaction Status with Reference Number
To check the status of an NEFT transaction with a reference number:
- Contact your bank: Reach out through phone, email, or in person, providing the reference number to inquire about the transaction status.
- Internet banking: Log in to your account and navigate to the transaction history or status section. Search or track transactions using the reference number.
- Mobile banking app: Open the app and find the section related to transactions or history. Use the reference number to check the NEFT transaction status.
- SMS or email alerts: Check messages or emails for updates on the NEFT transaction status. The reference number may be in the alert or guide you to a platform for checking.
NEFT Transaction Status – Points to Consider
Before worrying about your NEFT transaction status, consider the following points:
- Wait for at least 2 hours after processing before checking the NEFT transaction status.
- Ensure the correct IFSC is provided to avoid processing issues.
- While NEFT transactions are usually successful, provide accurate information during beneficiary addition.
- Do not worry about unsuccessful transactions; the deducted amount will be refunded.
- If the status remains unclear after 2 hours, contact your bank for assistance.
