Availability of National Electronic Funds Transfer (NEFT) System on 24×7 basis
RBI has decided NEFT facility will be available 24*7*365 DAYS from 16th December, 2019.
Features of new NEFT facility:
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There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.
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The system will be available on all days of the year, including holidays.
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NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
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The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.
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Banks will ensure sending of positive confirmation message (N10) for all NEFT credits.
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All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme
Read full text @
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11750&Mode=0
Waiver of charges for NEFT@
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11756&Mode=0