Till now, the NEFT transfer facility was available between 8 am and 6:30 pm also when the Banks were open. For example, On Bank holidays, one can’t avail of NEFT services. Also, on the first and third Saturday of every month, one can make transactions between 8 am to 1 pm only. However, now, RBI has allowed National Electronic Funds Transfer to operate round o clock i.e. (24×7, 365 days). So we could now avail NEFT transfer facility 24×7.
Commenting more on timing, NEFT transfer slots have a length of Half and Hour, where the First slot starts at 12:30 am-midnight every day and ends at midnight. Now, Since the last slot i.e., 11:30 pm to 12:00 am-midnight, is for settlement, one can’t make a transaction in the last slot.
Now, Talking about How much money one can transfer via NEFT, Generally, the method is used for the transfer of funds upto 2 Lakh rupee. However, transferring funds higher than Rs. 2 Lakh varies from bank to bank as well as one account to another. For example, ICICI Bank allows transferring funds upto Rs. 10 Lakh; however, for some account, it allows Rs. 25 Lakh. Similarly, HDFC allows transferring of funds upto Rs. 25 Lakh via NEFT. SBI allows upto Rs. 10 lakh for retail customers and so on.
Back in July this year, RBI waived off charges on fund transfer via NEFT or RTGS. Therefore, most of the banks won’t charge for fund transfer via NEFT or RTGS. Examples of those banks include names like SBI, ICICI, HDFC.
So, that is it. If you are regularly using NEFT for transferring funds, I hope that’s good news for you.