This will provide customers with more flexibility to make payments at any time compared to the 8 am-6:30 pm deadline applicable till now. NEFT services, which were only available on days when banks are open, will now operate round the clock on all days.
The move is expected to further promote digital transactions in India as bank customers will now be able to transfer amounts higher than IMPS via NEFT on any given day. So far, only IMPS facility was available on all days, but with online money transfer capped at Rs two lakh. The Reserve Bank of India (RBI) also asked banks to update their systems to provide smooth NEFT facility round the clock for customers.
For those who are not aware, there are no charges levied on NEFT transactions as RBI had waived off all such charges earlier. Customers should also note that there is no minimum limit on fund transfers while the maximum limit differs from bank to bank.