24×7 NEFT transfer available from today. Check new details

NEFT transfer

Keeping an eye on the calendar and the watch prior to making any NEFT will be a thing of the past now. National Electronic Funds Transfer (NEFT) facility for 24 hours a day and 365 days a year will be available from today as allowed by the Reserve Bank of India (RBI).

NEFT transfer

So far, the transfer facility was only in between 8 am and 6:30 pm and on those days when banks were open.

New NEFT timings:

As per the new rules, NEFT transfers are now divided into half-hourly batches with the settlement of the first batch starting before 12:30 am (after midnight) and the last batch ending at midnight. This NEFT timing cycle will now be functioning round-the-clock.

The central bank has decided to convert NEFT money transfer facility not just for 24 hours a day but also on all days of the year, including holidays.

NEFT charges:

Most banks like the State Bank of India (SBI), ICICI Bank and HDFC Bank will not be charging anything for online NEFT transfers.

NEFT limits:

There is no minimum transaction limit for NEFT transfer but consumers generally use it for fund transfers of up to Rs 2 lakh. For high-value transactions, RTGS is used. The maximum NEFT limits varies from bank to bank and also depend on the customer category.

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