NEFT transfer available 24x7 - Reserve Bank of India

With effect from 16th December 2019, the Reserve Bank of India (RBI) has made online NEFT transfers a 24X7. You do not have to worry while transferring money online as the Reserve Bank of India (RBI) has allowed National Electronic Funds Transfer (NEFT) facility available for 24 hours a day and 365 days a year.

NEFT transfers have now been divided into half-hourly batches with the settlement of the first batch starting after 12:30 am (after midnight) and the last batch ending at midnight. This NEFT timing cycle will function 24X7.

Since the settlement of the last NEFT payment batch ends at midnight, you might not be able to make a transaction after 11:30 pm till the beginning of the next batch at 12:30 am the next day.

So far, NEFT transactions were settled in between 8 am to 7 pm. On first and third Saturdays, the settlement happened from 8 am to 1 pm.

NEFT transactions done after banking hours will be automated using ‘Straight Through Processing’ modes by the banks. The existing rule of crediting the beneficiary’s account or returning the transaction to originating bank will continue, RBI said. Banks are supposed to send confirmation messages for all NEFT credits.

The RBI has asked banks to ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers.