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).
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.
