Of course it will make things easier for customers. Effective from December 16, it will be possible to transfer money online using the National Electronic Funds Transfer (NEFT) route 24x7. The current timing restrictions do not apply, nor will the NEFT be closed on Saturdays, Sundays and other holidays. This announcement was first made in the July monetary policy by the RBI.

Under the new system effective from December 16; there will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours. The system will be available on all days of the year, including holidays. The time taken will continue to be the same as before. The existing discipline of crediting beneficiary's account within 2 hours of settlement of the respective batch will continue as before.

All the other existing rules of NEFT will remain the same. Now you can even do NEFT transfers at midnight and get the same credited in 2 hours time. In addition, the RBI has mandated banks not to charge any fees on NEFT transactions done by savings account holders from January 1, 2020. This is expected to push the volumes of NEFT higher. On the day NEFT commenced round the clock, there were 11.5 lakh transactions in the night.