NEFT to be available 24×7
There will be no charge for using National Electronic Fund Transfer (NEFT) for online fund transfer. The Reserve Bank of India (RBI) has given this exemption for account holders with savings bank accounts. There is no charge to be levied on the savings account holders banking with the mobile banking app. The NEFT will now be available free of cost 24 hours a day, 7 days a week.
Till now, different charges had to be paid for NEFT. For example, 2.5 rupees for 10000 rupees, ₹ 2 lakhs 5 rupees for transaction upto, to 1 lakh rupees, ₹ 15 for transferring funds between 1 to 2 lakh and 25 rupees for amount above two lakhs had to be paid. These rates were applicable from 2012.
NEFT even on holidays
At the same time, from December 16, the RBI has started the arrangement of NEFT for 24 hours. NEFT will be possible on holiday days as well. For NEFT, RBI has arranged for banks to keep sufficient cash on a daily basis. According to RBI, digital payments will increase.
