NEFT transfer available 24x7 from today. Check new timings, limit and charges

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You do not have to look at your watch or calendar while transferring money online from today as the Reserve Bank of India (RBI) has allowed National Electronic Funds Transfer (NEFT) facility available for 24 hours a day and 365 days a year. So far, you could transfer money only in between 8 am and 6:30 pm and on those days when banks were open.

The RBI has asked banks to ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers.

NEFT charges:

Most banks like the State Bank of India (SBI), ICICI Bank and HDFC Bank do not charge anything for online NEFT transfers. In July, the RBI had waived off all charges on fund transfer through NEFT and RTGS and had also asked banks to pass on the benefits to customers. The RBI has also proposed to mandate banks to make all online NEFT transactions free for savings bank account customers from January 2020.

NEFT limits:

There is no minimum limit for NEFT transfer but it is generally used for fund transfers of up to ₹2 lakh. For high-value transactions, RTGS is used. The maximum NEFT limits vary from bank to bank and also depend on the customer category.