According to the RBI directive, from today, bank customers will get the facility to send money from one account to another through NEFT. The central bank recently said that from December 16, banks will provide 24-hour National Electronic Fund Transfer (NEFT) facility to their consumers. The central bank had directed banks to provide adequate cash as per requirement. NEFT is the process of transferring funds to account holders of other banks online.
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RBI has written a letter to banks in this regard, saying that they should keep sufficient funds in their current account at all times, so that there is no problem in fund transfer. Also, keep in mind the facilities here so that consumers do not face any problem in fund transfer. Funds are transferred in various batches through NEFT as per RBI regulations.
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As of now, NEFT is available only from 8 am to 6:30 pm. It could be availed only from 8 am to 12:30 pm on Saturday. Recently, the RBI had instructed NEFT and RTGS not to charge any fee. However, IMPS is still charged by banks. Small amounts of transfers are done through IMPS. Through this facility, you can send money to any bank account instantly. At the same time, an amount of up to two lakh rupees can be transferred through NEFT. In addition, a large amount is transferred via RTGS.