CitiBank online fund trasnfer query

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Ethan_Hunt

Ethan_Hunt

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I'm usually skeptical about online transactions for some reason. Yesterday I made online fund transfer from my Citibank a/c to a dealer's HDFC a/c for 13k. Since I made the transfer after 2:30PM, it got debited from my a/c today. After that I again made a 3.5k transfer to the same a/c today morning.

Can anyone tell me how long does it usually take for these funds to reflect in the recipients a/c? Both these amounts have gone out of my a/c.

Also can someone explain why does an fund transfer to a different bank a/c takes time compared to same bank transaction?

I know I'm being a bit of paranoid, but this is my hard earned 16.5k which I'm sending out. Plus I have never transfered such a huge sum online, EVER. :(
 
I have citibank acct and regularly do transfers between citibank and HDFC.

It should reflect in your hdfc account by today evening or worst case tomorrow evening.

Since tomorrow being a national holiday, it should happen by monday evening worst case.
 
Thanks for your help mohit. The HDFC a/c belongs to someone else. So I can't keep confirming every now & then from him. Hence I wanted to know what's the usual turn around time when you guys do the transactions. Thanks for your help. Appreciate it. :)
 
Transfers from Citibank to any other bank are unpredictable in terms of when they will be executed. However, fund transfers between ICICI to HDFC and vice versa can also be executed on the same day(I think they may be having some agreement or are simply efficient) or the next day.

It once took 4 days for an online transfer from Citibank to ICICI/HDFC to reflect for me. They have become better since then but Citibank seems to be lacking in this dept.
 
the amount gets deducted immediately from your account, but not sure how long it takes for the other account to receive, for all my transactions it takes an average of 36 hrs

and citibank is quite safe, ive been doing online transactions for 4 yrs now..
 
Have used Citibank transfers plenty of times. Have found it to be among the better electronic transfer medium. If you transferred at 2.30 PM next clearing is at 4 PM. Funds should reflect by next day morning.

SBI I've found is extremely bad to receive incoming funds by electronic transfer. It usually takes 2-3 days for funds to reflect.

BTW - Electronic transfers are fairly safe. Just be careful entering the account number, name and branch.
 
Have used Citibank online transfer plenty of times. The actual execution time varies for each transaction but for me it has never crossed 2 working days.
 
Dont worry friend, it takes usually 48hrs for an inter bank transfer. But I have also seen transactions getting done the very same day although not a usual trend otherwise. One should check the IFC code of the bank with correct description of the account of the other party. Dont worry if you did all this right he may have it soon. :)
 
Even if you put code wrong you would get money back in ur a/c :P unless someone is extremely lucky
 
Thanks guys. Appreciate the replies. I'll have to wait patiently on this one I guess. :)

@sakshamkatyal: I got the IFC code inserted properly & got rest of the branch details auto-populated. Even confirmed the final screenshot with the recipient. But still it's a bit annoying when the funds don't get transfered instantly, especially such large sum. :(
 
"NEFT takes a maximum of 4 working days. If the amount is not credited to the recipient by 4 working days, the system will automatically credit back the amount to your account."

This is what an ICICI rep had told me when my transfer from UBI to ICICI had not reflected for 2.5 days. And sure enough, on the 3rd day the transfer went through.
 
NEFT takes place in 4 clearings everyday - 10,12,2,4. Its upto the bank afterwards how long they take to credit the holder's account.
 
Guess what? I got a confirmation from the recipient that he had received the amount. Hurray! :hap2:

That sure was fast. Phew! Now I can finally breathe a sigh of relief. Thanks for all your help guys, as usual. ;)
 
Shouldn't online transfers be fast? My bank knowledge isn't much but, I guess it should be faster or I guess it depends from bank to bank (correct me if I'm wrong).
 
Online bank transfers are suppose to be fast, but not in India :P

Situation is almost the same like that of an offline transfer, inspite of repeated RBI guidelines. It depends on bank to bank also but overall the state of affairs of efficiency in India is pathetic. Imagine a bank taking 4 days to clear an intra-state cheque, what to talk of such novel procedures where they have to do lots of security checks.

I am happy OP could able to achieve whatever he expected to from net banking. :)
 
^^ Online transfers between accounts of the same bank would usually be instantaneous.
THe delay arises only when you transfer funds between accounts of two different banks using NEFT (NAtional Electronic Fund Transfer). In this case, information about the amount debited from your account goes to the RBI, which then forwards that to the bank which is supposed to receive your payment. THis processing takes place in 4 batches everyday. And usually, the recipient bank should reply to the RBI by the noon of next day. So, in all probability, the amount will be reflected in the recipient branch by the noon of next day, and in your account in a few hours after that.

There is another option called RTGS (Real TIme Gross Settlement). This involves larger amounts (minimum fund transfer should be at least 1 lakh); and settlement occurs real time; delay not more than may be half hour to 1 hour.
 
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