RBI to make NEFT available 24x7 from this date

New Delhi, Aug 07: In a bid to boost digital payments, the Reserve Bank of India (RBI) on Wednesday announced that it would make National Electronic Fund Transfer (NEFT) available 24x7 from December.

Currently, this NEFT facility for fund transfer is available from 8.00 am to 7.00 pm on all working days of the week (except 2nd and 4th Saturdays of the month).

"The Reserve Bank will make available the NEFT system on a 24x7 basis from December this year. This is expected to revolutionise the retail payments system of the country," governor Shaktikanta Das said during the Monetary Policy press conference.

As mentioned in the Payment System Vision 2021 document, the Reserve Bank will make available the NEFT system on a 24×7 basis from December 2019.

Several banks including SBI had removed such NEFT and RTGS charges for their account holders. Since July 1, SBI NEFT Charges and SBI RTGS Charges are not being levied when one makes a fund transfer through any of this mode of payment either on SBI net banking or through mobile. Irrespective of the amount of fund transfer, SBI NEFT and SBI RTGS charges is Nil from July 1, 2019.