Big move by the RBI, NEFT facility available 24x7 now: All you need to know
In July, the RBI had waived off all charges on fund transfer through NEFT and RTGS and had also asked banks to pass on the benefits to the customers. Most of the banks like the ICICI Bank, State Bank of India (SBI) and HDFC Bank do not charge anything for online NEFT transfers.
In a major development, the Reserve Bank of India (RBI) has decided to provide an additional benefit for the smooth operation of payment system National Electronic Funds Transfer (NEFT) on a round-the-clock basis from today, ie. December 16. This move will aid the payment system to become operational on a 24x7 basis which also includes holidays. Earlier, the NEFT transactions were settled in between 8 am and 7 pm on weekdays and on first and third Saturdays, the settlement happened from 8 am to 1 pm. But after the decision by the RBI, NEFT money transfer facility will be available not just for 24 hours a day but also on all days of the year, including holidays from today onwards.
NEFT New timings:
As per the RBI notification, there will be 48 half-hourly batches every day. The settlement of the first batch will commence after 00:30 hours and the last batch will end at 00:00 hours respectively.
NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
NEFT charges:
In July, the RBI had waived off all charges on fund transfer through NEFT and RTGS and had also asked banks to pass on the benefits to the customers. Most of the banks like the ICICI Bank, State Bank of India (SBI) and HDFC Bank do not charge anything for online NEFT transfers.
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