Transferring money between bank accounts is about to get much easier.
Starting December 16, the Reserve Bank of India (RBI) has allowed banks to offer National Electronic Funds Transfer (NEFT) services round the clock.
This means customers can now send money any day, any time, including holidays.
Previously, NEFT transfers were only possible between 8:00 AM and 6:30 PM on weekdays, and for limited hours on the first and third Saturdays.
This change makes online fund transfers more convenient than ever.
How NEFT Works
NEFT is a method of transferring funds online from one bank account to another.
Customers can transfer up to ₹2 lakh per transaction.
The RBI has also instructed banks to ensure sufficient cash and maintain their systems so that customers face no issues during fund transfers.
With these updates, NEFT becomes a truly always-available digital payment option.
Fees and Other Transfers
The RBI recently directed banks to waive all fees for NEFT and RTGS transactions.
However, banks may still charge fees for IMPS, which is used for smaller transfers.
RTGS is typically used for larger amounts, while NEFT now provides a convenient middle-ground option available at all times.
This move is part of the RBI’s ongoing efforts to make digital banking faster, easier, and more accessible for everyone.