NEFT 24×7 is applicable now and it will be Free of Charge from Jan 1, 2020

Starting December 16, you can transfer money via NEFT anytime you want. Yes, the nationwide electronic fund transfer solution is now available 24×7 as per the new RBI rule. So, funds moved between accounts as well as branches will receive the beneficiary’s account within two hours.

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National Electronic Funds Transfer (NEFT) 24×7

The apex bank claims the new initiative is part of its vision of empowering every Indian with access to a bouquet of e-payment options. Plus, it also extolls over 11.40 lakh transactions that took place between 12:am and 8:00 am this morning since the new change.

RBI has listed a number of guidelines for the member banks, which are as follows –

• There will be 48 half-hourly batches every day. The settlement of the first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.
• The system will be available on all days of the year, including holidays.
• NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
• The existing discipline for crediting the beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to the originating bank will continue.
• Member banks will ensure the sending of positive confirmation messages (N10) for all NEFT credits.
• All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well.

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NEFT will be Free of Charge

Further, another update from RBI reveals its decision to remove charges on the NEFT transactions. This will be applicable from January 1, 2020.

This comes in the wake of monetary policy 2019, by which RBI had foretold its decision to waive off charges on NEFT and RTGS.