NEFT transactions will now be available 24x7. Come December 16 and you will be able to enjoy the facility round-the-clock. In a bid to promote digital transactions, Reserve Bank of India (RBI) has made transactions possible under the National Electronics Funds Transfer (NEFT) system on all days of the year, including holidays. National Electronics Funds Transfer or NEFT system of payment is a nation-wide money transaction process by Reserve Bank of India (RBI) which helps in one-to-one funds transfer.
NEFT Online Transactions Available 24x7: 5 Things You Must Know
- NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm. Now, the NEFT online transactions have been made available on a 24x7 from December 16, 2019.
- The first settlement will take place after 00:30 hours on December 16, 2019 (night of December 15, 2019)
- The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate the successful posting of NEFT batch settlements.
- NEFT transactions after usual banking hours are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks. The existing discipline for crediting beneficiary's account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.
- Besides, member banks will ensure sending of positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24x7 transactions as well, it added.
How to do NEFT transactions online:
- Fill an application form giving details of the beneficiary and the amount to be remitted. The remitter will have to authorise their bank branch to debit their account and remit the specified amount to the beneficiary.
- Originating bank branch will prepare and send a message to its polling centre or NEFT Service Centre.
- Pooling centre will forward the message to NEFT Clearing Centre to be included for the next available batch.
- The Clearing Centre will sort fund transfer transactions destination bank-wise, prepare to account enteries to receive funds from originating banks and provide funds to destination banks.
- Destination banks will receive the inward remittance messages from Clearing Centre and pass on credit to beneficiary customers' account.
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