Starting Monday, December 16, transferring money between bank accounts is set to become much easier.
The Reserve Bank of India (RBI) has updated its rules, allowing banks to offer NEFT (National Electronic Funds Transfer) services 24 hours a day, seven days a week, including holidays.
Earlier, NEFT was available only during specific hours—from 8:00 AM to 6:30 PM on weekdays, and limited hours on the first and third Saturdays.
With this change, customers can transfer money anytime without worrying about banking hours.
How NEFT Works
NEFT is an online fund transfer system that allows money to be sent to account holders at other banks. Customers can currently transfer up to ₹2 lakh at a time.
The RBI has instructed banks to maintain adequate facilities and cash to ensure that consumers face no issues during transfers.
This step is aimed at making digital transactions smoother and more convenient for everyone.
Fees and Other Fund Transfer Options
The RBI has also waived charges for NEFT and RTGS transactions, making fund transfers more affordable.
However, banks still charge fees for IMPS, which is mainly used for smaller transfers.
RTGS, on the other hand, is designed for large-value transactions.
With these changes, transferring money online has become faster, easier, and more convenient, giving customers greater control over their finances at any time of the day.
