Good news! NEFT (National Electronic Funds Transfer) – India’s favourite bank transfer mode – will soon be available 24/7. According to a new mandate by the RBI, the NEFT transfer timings update could be rolled out by Monday, December 16, 2019.
What you should know about the new NEFT timings update:
- NEFT will be available 24/7
- It will also work on bank holidays!
- The amount will be credited in the beneficiary account within 2 hours (this remains the same)
- 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.
This is one of the biggest NEFT changes initiated by the RBI. Earlier this year, the apex bank made NEFT completely free of charge.
NEFT / RTGS or IMPS?
Which mode of online payment should you use for your business? Here’s a comparison chart so you can choose what works better:
|Device of use||Phone and website||Phone and website||Phone and website|
|Payout speed||1-2 hours||About 30 minutes||Instant transfer|
|Timings||All Time (24/7 operational)||Mon-Sat (8:00 AM – 4.30 PM) Sunday, 2nd Sat, 4th Sat, and bank holidays closed||All Time (24/7 operational)|
|Complexity||Requires IFSC, A/C no, and adding a beneficiary||Requires IFSC, A/C no, and adding a beneficiary||Requires IFSC, A/C no, and adding a beneficiary|
|Bank a/c details||Absolute must||Absolute must||Absolute must|
|Charges (for the sender)||FREE||Anything between Rs.25 and Rs.50 depending on the amount.||Anything between Rs. 3 and Rs. 15 depending on the amount.|
|Transfer limits||No upper limit. Cash-based remittances limited to Rs.50,000||No upper limit.||Rs. 2 Lakh per day|
|OTP requirement||Yes (depends on device and bank)||Yes (depends on device and bank)||No|
Reconcile NEFT Payments like a pro!
Just like the RBI, Instamojo too has zero charges on NEFT transfers. No more 2%+Rs.3 on your transactions if your customers pay you using Instamojo NEFT.
Instamojo NEFT / Direct Bank Transfer takes regular NEFT to the next level. What’s different with this is you can track, manage and reconcile your payments easily when doing your books.
Instamojo NEFT Features
- No need to share your bank account details
- Track your payments and purpose of payment
- Download NEFT sales details from the Instamojo dashboard
- Receive timely payments according to your regular payout cycle
Want faster payouts with debit/credit cards and net banking?
Get faster payouts with mojoCapital – next day, same day, and instant payouts on any mode of payment that’s not just limited to NEFT or bank transfers. Get faster payouts with Instamojo.