NEFT Payments
NEFT - National Electronic Fund Transfer is operated by RBI.
- 24/7, 365 days
- Transactions are settled between banks in every half an hour batch by RBI
- First batch starts at 12:30 AM and last batch i.e. the EOD batch is settled around midnight 12:00
- SFMS is the communication backbone between banks and RBI
Messages
Payment Messages
N06
- NEFT outbound transactions generates a N06 outbound payment message. This is the outbound debit message. Whenever user initiates a payment to a beneficiary, N06 message is sent
- N06 messages can be sent individually or grouped together(Maximum 10) and sent i.e multiple outgoing payments in a single message
- This message is sent from source bank to SFMS hub/RBI.
N02
- All payment messages bound to a destination bank (Messages from different source bank) is grouped together(Maximum 10) at the RBI hub and sent to the destination bank
- N06(Inward Credits) and N07(Inward Return Transactions) messages are grouped together and sent to the destination banks as N02 message
- This message is sent from SFMS hub/RBI to destination banks
- N02 cannot be processed immediately (i.e the beneficiary cannot be credited). It has to wait for N04 message(Settlement message) from SFMS Hub/RBI to complete the processing
