Currently, the NEFT payment system operated by the RBI as a retail payment system is available for customers from 8.00 am to 7.00 pm on all working days of the week.
Come December and you will be able to make National Electronic Funds Transfer (NEFT) every day of the week and at any time. Unlike now, when you have to schedule your NEFT payments after the cut-off time, which goes through the next working day, the time limit is going to be scrapped soon. The Reserve Bank of India (RBI) in its Statement on Developmental and Regulatory Policies issued on August 7, 2019, has stated that there will be round-the-clock availability of the National Electronic Funds Transfer System from December 2019.
Currently, the National Electronic Funds Transfer (NEFT) payment system, operated by the Reserve Bank as a retail payment system, is available for customers from 8.00 am to 7.00 pm on all working days of the week (except 2nd and 4th Saturdays of the month). As mentioned in the Payment System Vision 2021 document, the Reserve Bank will make available the NEFT system on a 24×7 basis from December 2019.
RBI has been taking steps to revolutionize the payment system in the country. Earlier in June 2019, RBI had issued a statement stating that in order to provide an impetus to digital funds movement, it had decided to do away with the NEFT, RTGS charges. “It has been decided that with effect from July 1, 2019, processing charges and time-varying charges levied on banks by RBI for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system, will be waived by the Reserve Bank.” The inward transactions were, however, free for all.
Several banks including SBI had removed such NEFT and RTGS charges for their account holders. Since July 1, SBI NEFT Charges and SBI RTGS Charges are not being levied when one makes a fund transfer through any of this mode of payment either on SBI net banking or through mobile. Irrespective of the amount of fund transfer, SBI NEFT and SBI RTGS charges is Nil from July 1, 2019.
It is, however, important to note that the IMPS charges are still there and the banks may levy it. Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones and through other channels such as ATM, Internet Banking, etc. The funds in the case of IMPS gets credited into the beneficiary account immediately. With NEFT available any time of the day, the payment transfer system will be of great help to the account holders.