Good News! Now you can make NEFT 24*7; check details
Bhubaneswar: Good News for bank account holders! The Reserve Bank of India (RBI) has now made the National Electronic Funds Transfer (NEFT) available for 24 hours a day throughout the year. The initiative is aimed at promoting digital transactions in the country.
The new NEFT round-the-clock cycle has been divided into half-hourly batches with the first batch starting after 12:30 am and the last batch ending at midnight. It will function on bank holidays as well. Earlier, NEFT facility was not available on banking holidays and people had to wait for the banks to open even for online money transfers.
As per reports, banks will automate NEFT transactions after banking hours using ‘Straight Through Processing (STP)’ mode. Rules regarding crediting the beneficiary’s account or returning transactions to origination banks will remain unchanged. Moreover, banks will send confirmation messages for all NEFT credits.
The RBI has asked all banks to make necessary arrangements to provide 24*7 services to the customers and proposed to make all online transactions free for saving bank account customers from January next year.
NEFT limit: While there is no minimum limit for NEFT, money transfer of up to Rs 2 lakh generally draws the upper limit. However, the limit varies depending on the bank and customers. For instance, SBI’s maximum transfer limit is Rs 10 lakh while it is Rs 25 lakh for HDFC.