NEFT Now Available 24×7

National Electronic Funds Transfer (NEFT) transactions are now available round-the-clock.

Starting Monday, the first settlement took place at 00:30 hours on December 16.

“The system will be available on all days of the year, including holidays,” RBI said in a notification. “NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.”

Uptil now, NEFT transactions could be done only during the bank’s working hours.

RBI had earlier in July directed banks to waive off NEFT charges. However, some banks are still charging a fee to do the same. From January 2020, NEFT transactions from savings accounts will be free, RBI has notified.

Currently, State Bank of India (SBI), ICICI Bank and HDFC do not charge online NEFT.