New Delhi: Transferring money online has become a lot easier from today as the Reserve Bank of India (RBI) has allowed National Electronic Funds Transfer (NEFT) facility available for 24 hours a day and 365 days a year. So no more checking the deadlines or referring the calendar while making transactions because the 24X7 NEFT system will be available on all days of the year, including holidays.

The move which is aimed at promoting digital transactions, comes in line of the RBI’s Payments Settlement Vision 2019 to 2021 wherein it was first proposed to make all NEFT and RTGS transfer available for customers round the clock and free of cost.

Currently, NEFT transactions are settled in hourly batches – from 8 AM to 7 PM on weekdays and 8 AM to 1 PM on Saturdays (first and third). The electronic transfer system is closed on all Sundays, and second and fourth Saturdays, apart from public holidays.

Making the announcement earlier this year during the Monetary Police press conference Governor Shaktikanta Das said, “This is expected to revolutionise the retail payments system of the country.”

NEFT does not have any minimum transaction limit, whereas RTGS can only be used for high-value transactions with a minimum limit of Rs 2 lakh. The central bank had, in July, announced that transactions routed through NEFT would no longer levy an RBI fee on banks, which will, in turn, pass on to the customers who would have to pay the fees earlier.

RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh.