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