NEFT & RTGS 24X7X365

RBI bi-monthly monetary policy review: No change in repo rate, loan EMI will not increase

RBI alerts people who use NEFT for money transfer

The Reserve Bank of India (RBI) has sent an alert on Monday to those who use the National Electronic Fund Transfer (NEFT) service for online money transfer. The RBI has said in this alert that NEFT service will not be available for 14 hours on May 23. The central bank has said in its statement …

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RBI

RTGS Service will be Unavailable for 14 Hours on 18th April 2021

The Reserve Bank of India (RBI) has issued a Press Release to inform that: A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from …

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NEFT & RTGS 24X7X365 by RBI

NEFT & RTGS 24X7X365 by RBI

What is NEFT? NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country.

24X7 Availability: NEFT allows individuals, firms, corporate to transfer money from one bank branch account to another one anywhere in the country. Earlier, this facility could be availed only on working days between 8:00 Am and 7:00 PM. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The Reserve Bank of India stated earlier in December 2019 that bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, 2019.
No charges on online NEFT transactions: RBI has mandated banks to not to charge any fees on NEFT transactions done by savings account holders from January 1, 2020. According to the central bank’s press release, this move is aimed at pushing savings bank account customers to transfer money using electronic modes via NEFT.
 RTGS – Real Time Gross Settlement