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.