NIFTY 50

NEFT money transfer facility now available 24×7

Updated : December 17, 2019 02:31 PM IST

The National Electronic Funds Transfer (NEFT) facility will now be available 24 hours a day and 365 days a year (including holidays). The facility allows individuals and companies to transfer money from a bank branch to another.

Earlier, customers could only transfer money using NEFT between 8: 00 AM and 7:00 PM on weekdays and 8:00 AM and 1:00 PM on first and third Saturdays.

Now, NEFT transfers will take place in half-hourly batches. The first batch will start at 12:30 AM and the last batch will end at midnight. This means no transactions can be made between 11:30 PM and 12:30 AM.

Transactions after the banking hours will be automated via straight-through processing (STP) system. There is no minimum limit for an NEFT transfer. However, the maximum limit varies from bank-to-bank. NEFT transactions by savings account holders will be free from January 2020.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV