Now, NEFT transaction around-the-clock

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The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions.The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country."

Currently, the National Electronic Funds Transfer (NEFT) operated by the RBI as a retail payment system is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.

In its Payment System Vision 2021 document, the RBI had said that it will make available the NEFT system on a 24x7 basis from December 2019.

The Reserve Bank of India (RBI) in the month of June announced the removal of charges levied by the Central Bank for transactions processed in the Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. It became effective from July 1. However, it depends on the  banks to pass on the benefit because beside RBI charges for online transfer facility which is waived now, bank also have their own cost for providing the facility to its customers.


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