24 hour NEFT facility available in banks from today

New delhi date. December 15, 2019, Sunday

It will be easier on Monday to transfer funds from one bank account to another. Until now, the facility was available to the customers for a fixed time, but the RBI has changed the rules so that the bank will be able to offer the facility of National Electronic Funds Transfer (NEFT) to its customers 24 hours from December 16.

As per the Reserve Bank of India (RBI) directive, from December 16, the bank will be able to facilitate customers to send funds from one account to another through NEFT (NEFT) at any time of any day. This means that online transactions will be available on any account through NEFT, seven days a week, including weekends.

The central bank had directed the banks to provide sufficient cash as needed. Through NEFT Transaction, the customer will get Rs. Up to 2 Lakhs can transfer online. Until December 15th, this feature was only available from 8:00 am to 6.30 pm.

Apart from this, the benefit could be obtained from 8.00am to 12.30pm on the first and third Saturday. The RBI recently announced a notification in this regard. The RBI told the banks that they should also look at their facilities there, so that customers do not have any problem with the funds transfer.