After making the facility of National Electronic Funds Transfer System i.e. NEFT 24 hours and seven days, now the Reserve Bank of India (RBI) has instructed banks to make all online payments through savings account holders through NEFT and RTGS. Have to do it for free. Many banks have already made it free and now the remaining banks have been asked to do so from next month. "In order to promote digital retail payments, it has been decided that member banks will not charge any fees for transfer of funds by their savings account holders through the online NEFT system," RBI said in a notification issued this week. This new rule will be effective from the new year i.e. January 1, 2020.

In July, the RBI removed all charges levied from banks for NEFT and RTGS transactions. RBI had directed the banks to make this benefit available to the public. After this, SBI and ICICI Bank (ICICI BANK) made online NEFT transactions free. SBI, the country's largest bank, has made transactions free through YONO, Internet Banking and IMPC, RTGS and NEFT for mobile banking customers. Similarly, HDFC Bank (HDFC BANK) also does not levy any charges on NEFT transactions.

The Reserve Bank of India has now allowed customers 24 hours a day to conduct transactions with NEFT. Now customers can make transactions under NEFT at any time of the year, including holidays. Earlier the transaction from NEFT was only during the working days of the bank from eight am to half past six.

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