NEFT transaction to be held 24 hours a day from 16 December.

NEFT transaction to be held 24 hours a day from 16 December.

If you conduct online transactions through NEFT, then there is great news for you. Tomorrow, ie from December 16, you will get this facility 24 hours a day, seven days a week. Earlier this facility was not available 24 hours. The Reserve Bank said in a statement that now the facility of transaction under NEFT will be available seven days a week including holidays. NEFT is a method of online transaction, in which you can transfer online up to Rs 2 lakhs at a time.

Facility was from 8 am to 7 pm

NEFT transactions are settled on normal days between 8 am and 7 pm and on the first and third Saturdays from 8 am to 1 pm on an hourly basis.

 
Now service will be available round the clock

The Reserve Bank said in a notification that it has been decided to start the NEFT transaction round the clock, seven days. The Reserve Bank has asked all member banks to keep sufficient funds in the current account with the regulator at all times so that there is no problem in NEFT transactions.

Already expired fees on NEFT

The central bank said that all banks have also been instructed to maintain all the necessary infrastructure to ensure smooth NEFT transactions. He said that banks can inform consumers about the changes in NEFT. It is noteworthy that the Reserve Bank has already decided to abolish the fees on NEFT and RTGS transactions.