What will happen if an NEFT transaction is held between two banks?

This is an unusual situation but sometimes it can happen due to some glitch in the online system or something unforeseen especially due to holidays or some negligence at some level.

Now you have to make a request through email to the HDFC Bank (or your employer can also do as that will have quick redressal) that they should check up with SBI giving the reference number of that NEFT to them and asking them to release it to the beneficiary account (that is your account).

Get the reference number from your employer (your admin department) and also send a request to the SBI branch by email (every SBI branch has a unique email) that against such and such reference number amount is not credited in your account.

It is unfortunate that in our system people in the bank or office do not help when such things happen and show their indifference but do not get demotivated by that and go and personally discuss with the manager of SBI and your own company office. You will have to go to them a few times but that is the only way to pressurise them to resolve it.
I am sure it must be some silly mistake at some level or a digital glitch which often happens in the system.

Very rarely such instances may happen. Probably some mistake might have happened and the fund might have been credited into another account.

Now the amount is debited from your company account in HDFC bank. But it is not credited into your SBI account. SBI can't take any action. Now You have to raise a complaint to your company accounts department and the accounts department of your company should take up the matter with HDFC bank and should get the details. Generally. HDFC bank will respond very quickly to our complaint.

In HDFC bank while transferring the amount some mistake might have happened. Either there may be an error in typing your account number or bank code. They can do the required action and get back the money to you. It may take 3 or 4 days for closing your complaint.

The transaction has not failed yet, as you said that it is not credited back to your employer's account, neither it is credited to your account. There may be a technical glitch and it can be traced by the bank, in this case, HDFC, that initiated the transaction. You approach your employer with the updated passbook and the transaction screenshot with a letter informing them to look into the matter as the amount is not credited to your account yet. They are bound to look into it and there is a provision for a penalty also if the transaction is not matured/reversed within the specified limit of two hours. If the transaction is not reflected in your SBI account, the bank may not help and then taking the help of your employer/HDFC bank is the only option you have.

There are ways to lodge complaints regarding NEFT transaction-related issues which can be found in the RBI document at the following link https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf. But I would suggest you persuade your employer to look into this issue with the references/screenshots you have as it may take some more time if you have to follow the redressal mechanism. Use this only as a last resort.

It seems quite an unusual delay. As far as I know, NEFT is a 24X7 transaction. It is settled in half hourly batches between banks. Even errors get rectified within 2 or 3 days. Problems can happen when there are errors in account details transmitted, IFSC codes error,s etc. However, if your remittance is a regular one such errors may not be there.

Then the other possibilities are technical problems. Even then the amount would have either been credited to the beneficiary or else returned back to the remitter account within 3 days. If the amount had not reached the beneficiary bank, then they cannot give you any details. However, if the transaction has failed then the reemitting bank and remitting account holder will get intimation for that. If the amount is credited to the beneficiary, then also the remitter gets the alert.

Sometimes transactions fail due to 'timed out reasons. In such a case, the amount would have been debited from the remitter account, but not reached the beneficiary bank and beneficiary account. In such cases, the remitter can know it by reviewing the remittance transaction at his end. But even in that case, the amount would have been re-credited back to the account holder within the stipulated time lapse.

So what you can do now (f it is still not credited to your SBI account), then you should ask the remitter to verify his account with the NEFT transaction number and ascertain the reason, and verify if the money is credited back to him. Accordingly, he can do necessary further action with his bank.

Transaction failure or delay may be a technical problem with banks. Once I was withdrawing some amount from an ATM but the amount debited from the account but not received. I waited 48 hours for the reverse transaction then I complained this issue with my transaction number in the main branch. After a few days, I got my amount in account with interest.

I think your employer needs to contact the branch with the Transaction details.

This is really a very disappointing situation in your case when the amount disbursed by your employer through HDFC could not be credited to your SBI on time for no fault of your own. This could be resolved either through email or through your communications with the said bank by visiting their appropriate officials. Ensure that there is no wrong entry of IFSC code while filling out the NEFT form and if such a mistake has occurred, the same is to be rectified.

Procure the reference number with which the amount has been remitted to SBI Bank and have the deliberations with SBI Banking officials. It could be quite demotivating sometimes since they would not talk to you on some pretexts or the other but this could be resolved within a day or two. You may even request your personnel department of your present employer to take up this issue with the SBI Bank to ascertain this issue.

Normally a customer may expect his payment through the NEFT within two hours once the money is credited to the beneficiary account. If the transaction fails between the credit account and beneficiary account due to any reason, the transacted money is to be redirected to the originating bank.
According to RBI, in the event of failure of the successful transaction between the two banks as stated above, the affected customer is entitled to get penal interest apart from his due payment. In the simplified term the penalty would amount to Repo Rate 4.90 % + 2.00% = 6.90%
If the beneficiary bank is not credited to the payment amount within thirty minutes to the beneficiary bank, the amount has to reversed back to the originating bank explaining the reasons for the failure of transaction.
The aggrieved customer can approach to his bank grievance department where he maintains his savings account highlighting the lapses of disputed transaction. The case can be filed under the Ombudsman Scheme if the case of the customer is not resolved within thirty days of its occurrence.

The bank account of your employer has been debited that does not mean that amount has been credited to all individual employees. Salary is deposited under the bulk deposits system by the operative bank. Suppose the total net salary of all the employees was Rs.1.51crores, your employer will issue a cheque for that amount on HDFC bank along with a statement showing the employee's name bank account number, IFSC no. and individual payment amount.
After receiving the same your HDFC bank will debit the total amount of Rs.1.51 crores and short that payee bank-wise and then post them accordingly. There are many reasons not to go and get credit for the amount to the respective payee accounts. Besides the clerical error, there may be format errors or even due to bank KYC status also. But if the amount is not credited to your accounts it must be returned and credited to the accounts of your employers immediately along with credit details advice. Bank never retained such an amount.
Therefore you must visit your accounts office of your employer to know the reasons and repayment for the same.