NEFT timings 24x7 now possible- RBI
Created on 10 Dec 2019
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Updated on 10 Sep 2022
Many people might have blessed RBI after the announcement of the new NEFT transfer time. What’s the new NEFT timings and what can be the potential advantages of the new NEFT transfer time?
Read and find out below.
Who says, “Nothing is Impossible”? Try making an NEFT transfer after the usual working hours or on a sunday. You’ll feel helpless like anything. Whether you’re the richest person around or a poor fellow, it’s just impossible.
Here’s the other side of it. Urgency or exigency do not follow systems. They knock your door arbitrarily and give you a surprise. In that case, if you require to transfer or receive lakhs of rupees, you’ll be stuck. Reason - National Electronic Fund Transfer (NEFT) timings. But, it’s going to be changed from the 16th of December.
NEFT Timings 24x7: NEFT working hours changed
Reserve Bank of India (RBI) has announced that bank customers will be able to perform NEFT transactions 24 x 7 from 16th of this month. This is important because till now, these transactions were possible only on NEFT working hours (excluding 2nd and 4th Saturday) from NEFT timings - 8 AM to 7 PM.
It is usually said that destiny plays an important role in what you get, so you won’t get more than what’s destined and also, you won’t get before the destined time. We’re not sure about other things but, this is so true for banking services! You see, banks decide the limitations for us and we just cannot overcome them.
There’s a current discipline that within 2 hours of transaction, either the beneficiary’s account is credited, or the transaction is returned. This will continue as it is.
Besides this, RBI had decided earlier this year, not to levy any charges on NEFT or Real Time Gross Settlement (RTGS) to promote digital transactions. This will go on as it is.
NEFT transfer time: what are the new expectations?
RBI has asked the partner banks to develop infrastructure and ensure that transactions according to new NEFT Timings could be carried out smoothly. But, it’s completely upon the institutions to follow. Although, in a broader way it can be said that people will get benefited and exigencies could be tackled in a better way because of the new NEFT timings. The actual benefits will only be visible with time though.
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