Starting January 1, 2020, savings bank account holders will not be charged for National Electronic Funds Transfers (NEFT). The Reserve Bank of India has issued a notice to banks directing them not to levy any charges for savings bank account holders.
"In order to give further impetus to digital retail payments, it has now been decided that member banks shall not levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online (viz. internet banking and/or mobile apps of the banks)," the RBI said in a statement.
On December 6, the central bank announced that from December 16, you can transfer funds through NEFT 24x7.
The top bank said it had decided to offer NEFT round-the-clock and free of cost, in order to make banking easier and provide more banking tools to customers online.
“It has been decided that the NEFT shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019),” the central bank’s statement said.
The decision makes it extremely easy for bank customers to carry out large ticket transactions (up to Rs 2 lakh) at any time during the day, especially in times of emergency.
Earlier, the NEFT payment system was available for customers only between 8 am and 7 pm on all working days, except the second and fourth Saturdays of the month.