New Delhi: Transferring money through National Electronic Fund Transfer (NEFT) system are set to become more convenient as the Reserve Bank of India (RBI) on Friday announced round-the-clock transactions from December 16.
As a result, customers can now transfer funds through NEFT 24X7 on all days of the year, including holidays.
The announcement 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.