NEFT 24 hours: The facility of 24-hour National Electronic Fund Transfer (NEFT) will start in all banks from December 16. No fee will be charged from bank customers for this. The NEFT facility now operates from eight in the morning to seven in the evening. On the first and third Saturdays of the month, it lasts from 8 am to 1 pm. The Reserve Bank of India (RBI) has instructed banks to do so.
To promote digital banking
The RBI has taken this step to promote digital banking across the country. Along with this, RBI has asked mobile wallets, all types of cards and UPI to link it to pay Fastag so that it can also be used at parking, petrol pumps.
Digital transaction growing at 60 percent
The RBI said that retail digital transactions are growing at a rate of 60 per cent annually. Between October 2018 and September 2019, it has been an average of Rs 2846 crore. Total transactions worth Rs 302 lakh crore have been done during this period. 1126 crore transactions were done through NEFT and UPI. In this, the growth rate of UPI is 263 percent. The growth rate of NEFT was 20 percent.
Transactions through NEFT will be able to do 24 hours
The customer will get the facility of transaction through NEFT 24 hours from December. Currently, customers are availing this service on every working day except the second and fourth Saturday of the month. It is available from 8 am to 7:45 pm.
NEFT 24 hours facility was free from July 1
In a review meeting of the RBI’s Monetary Policy Committee held on June 6, the RBI had made the transaction free through real time gross settlement (RTGS) and National Electric Fund transfers free of cost to the general public. This rule was implemented from July 1.
What is NEFT?
NEFT stands for National Electronic Funds Transfer. NEFT is used for transactions up to two lakh rupees via the internet. Through this, money can be sent from any bank account of any branch to the bank account of any branch.The only condition is that both the sender and the recipient are required to have internet banking service. If both accounts belong to the same bank, then in normal situation, money can be transferred within a few seconds.
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