NEFT transactions will now be available 24×7 from December 16 and you will be able to enjoy the facility round-the-clock. In a bid to promote digital transactions, Reserve Bank of India has made transactions possible under the National Electronics Funds Transfer on all days of the year, including holidays.
NEFT system of payment is a nation-wide money transaction process by Reserve Bank of India which helps in one-to-one funds transfer.
NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm. Now, the NEFT online transactions have been made available on a 24×7 from December 16, 2019.
The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate the successful posting of NEFT batch settlements.
member banks will ensure sending of positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24×7 transactions as well.
Bank customers will be able to transfer funds through NEFT around the clock on all days