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.
- 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