InvestorQ : What are charges involved in NEFT and what are the timings to execute transactions through it?
Crowny Pinto made post

What are charges involved in NEFT and what are the timings to execute transactions through it?

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Aashna Tripathi answered.
2 years ago
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Major banks like State Bank of India, ICICI Bank, and HDFC Bank do not charge anything for transferring money online through NEFT. Recently, RBI has waived off all the charges involved in NEFT and RTGS and has asked banks to pass on the benefit to the customers. The RBI has also proposed to mandate banks to make all online NEFT transactions free for savings bank account holders from January 2020.

There is no minimum limit for NEFT transfer but it is generally used for fund transfers of up to ₹2 lakh. For high-value transactions, RTGS is used. The maximum NEFT limits vary from bank to bank and also depend on the customer category.
RBI has decided to make the NEFT money transfer facility available for 24 hours from 18-December-2019 onwards. 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 round-the-clock. However, the RTGS facility would be available only on the working days and during fixed hours as decided by banks. But RBI is planning to soon mandate the availability of RTGS 24x7. 

RBI has taken this step to promote digital transactions in India.
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