With National Electronic Funds Transfer (NEFT), you can transfer funds from your account to another using Net banking. Normally, it takes a few hours for the funds to be transferred and is usually done within the same day. However, at times there could be a delay.
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 If for some reason, the CFC details displayed on the bank's website is outdated or you do not get a response, get in touch with RBI's banking ombudsman.