NEFT Transactions Now 24×7: Over 11 lakh Transactions Settled

Bhubaneswar: As earlier announced by Reserve Bank of India (RBI), the National Electronic Funds Transfer (NEFT) has been made available round-the-clock basis from today. With this, customers will be able to transfer money online NEFT process all throughout the day without any restriction.

Moreover, NEFT settled over 11.40 lakh transactions between 12:00 am and 8:00 am today, the Central bank said in a statement.

The facility will now be available on any day of the week or month, including holidays. Earlier, the NEFT facility was available for customers between 8 am and 6:30 pm on only the days when banks were open.

In a bid to give further impetus to digital retail payments, it has now been decided that member banks shall not levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online (viz. internet banking and/or mobile apps of the banks).

This directive is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007) and shall be effective from January 1, 2020.