NEFT Available 24*7 From Today: Find Out New Timings, Exceptions, Charges & More About NEFT
National Electronic Funds Transfer or NEFT mode of money transfer is now available 24*7 from today, that is December 16th.
There is only one hour gap, wherein users won’t be able to use NEFT now.
Checkout the new rules, timings, charges and more about NEFT right here.
NEFT Is Now Available 24*7
As per RBI’s directives, NEFT mode of money transfer is now available 24*7, and on all days of the year.
Earlier, NEFT was only available between 8AM to 630PM, only on those days when banks used to be open: No NEFT used to be available on Sundays.
As per the old rules, on 1st and 2nd Saturday, NEFT used to happen only between 8AM to 1PM.
However now, there is no such rule, and NEFT will be available for 23 hours a day.
When Will NEFT Be Not Available
Under the new rules, NEFT money transactions has been divided into two shifts: first shift starts after 1230AM, and the second shift ends at 11.30PM.
Hence, only for an hour between 1130 PM to 1230 AM, NEFT service for money transfer won’t be available.
As per RBI’s mandate, there should be no additional charges for NEFT.
Some of the biggest banks: SBI, HDFC, ICICI Bank etc have already waived off NEFT charges for all users.
However, there are some smaller banks, who are still charging NEFT transactions, and it is expected that they will too remove the charges in the coming days.
The banks which are charging for NEFT are only charging for saving account holders, and is free for current account holders.
As per RBI’s new rule, all saving account holders will have zero NEFT charges, effective January 2020.
While IMPS, which is another popular money transfer mode, was always available for 24 hours, but its limit is only Rs 2 lakh.
With NEFT, there is no limit. However, one can transfer Rs 10 lakh max in one transaction.
We will keep you updated, as more details come in.