There is good news for individual bank customers in the country regarding transfer of money. Now they won’t be bounded by any time limits and will be able to transfer money online any time.

It will let have customers more flexibility to make payments compared to the 8 am-6:30 pm deadline applicable till now. This comes as the result of RBI giving permission for 24-hour National Electronic Funds Transfer (NEFT) facility on all 365 days of the year. The banks will automate the transactions done after banking hours.

Will boost digital scenario

The RBI’s move will further promote digital transactions in the country as bank customers will now be able to transfer amounts higher than those through Immediate Payment Service (IMPS) via NEFT. Till now, IMPS facility allowed 24×7 fund transfers online but it had a limit of Rs. 2 lakhs.

Banks to update systems

The RBI has asked banks to ensure availability of all necessary infrastructural requirements to provide smooth NEFT facility round the clock for their customers. Presently no charges are levied on NEFT transactions as RBI had waived off them all in July.

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