New Delhi: National Electronic Funds Transfer (NEFT) service will be available on a 24×7 basis from today (December 16). In a recent notification, the central bank said, “Availability of National Electronic Funds Transfer (NEFT) System on 24×7 basis”, it has notified that facility 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 RBI has directed banks to not charge savings account holders for NEFT with effect from January next year. The central bank had already waived NEFT processing charges that it imposed on banks with a directive that they pass on the reduction.
Member banks have been advised to note that:
1. There will be 48 half-hourly batches every day. The settlement of the first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.
2. The NEFT system will be available on all days of the year, including holidays.
3. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
4. The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to the originating bank will continue.
5. Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.
6. All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well.
Member banks are expected to keep adequate liquidity in their current account with Reserve Bank of India at all times to facilitate the successful posting of NEFT batch settlements. The member banks have also been advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24×7 facility to their customers.