Do you do business round the clock? Then there’s some good news in store for you!
The Reserve Bank of India (RBI) stated on Friday that NEFT Transfer will be 24*7 soon, so you can carry out your online money transfer through National Electronic Funds Transfer (NEFT) anytime!
The revised NEFT transfer timings will be effective from December this year, RBI announced in Friday’s Monetary Policy Meet.
What is the soon to be old timings?
Currently, you can carry out NEFT transfers between 08:00 AM – 07:45 PM on all working days except the 2nd and 4th Saturdays of the month.
A few features and benefits of NEFT everyone must know:
NEFT -National Electronic Funds Transfer is a type of online payment that allows you to electronically transfer money using a payment gateway. Probably the most popular feature of NEFT is that there is no upper limit on the amount you wish to transfer.
With this, individuals can transfer money online from any bank branch to another bank account. Small businesses can also use NEFT to track payments. For example, with Instamojo NEFT, all bulk payments are tracked using VAN. This helps ease the manual customer mapping process for every transaction.
Therefore, this mode of payment is quite useful for businesses that must transfer large funds regularly or individuals with similar requirements.
Besides this, some of the features of NEFT payments are:
- NEFT is used for fund transfers of a minimum of ₹1 and the receiver gets the money between 2 – 24 hours.
- Zero transaction fees.
- Carried out over a secure online platform.
How will 24*7 NEFT transfers benefit your business?
Round-the-clock NEFT transfer facility will strengthen the fund management system of banks.
This also increases convenience fees for businesses that work round the clock – and need to pay vendors outside the country.
“In order to facilitate smooth settlement of NEFT transfer transactions in the accounts of the banks maintained with RBI, it has been decided that the Reserve Bank will extend the NEFT collateralised liquidity support, which is currently available till 07:45 PM on NEFT working days” the RBI announced in its Monetary Policy Review meeting.
“This is also expected to revolutionise retail payments system in the country,” the RBI further said.
Recent incentives by RBI for NEFT and RTGS include:
- Earlier, in June, to promote digital payments among small businesses, the RBI had waived NEFT/RTGS processing charges and asked banks to pass on the benefits to customers.
- The RBI also increased RTGS timings by 1 hour to facilitate online payments. The new RTGS transactions timings are 7:00 AM-6:00 PM.
RBI’s 2021 Vision Document expects NEFT to grow at 40% annually, while payment systems like UPI will register average annualised growth of more than 100%
Instamojo NEFT transfer made easy for online payments:
Just like the RBI, Instamojo too has enabled zero charges on our 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.
Features of Instamojo NEFT
- No need to share your bank account details
- Track your payments and purpose of payment
- Download NEFT sales details from Instamojo dashboard
- Receive timely payments according to your regular payout cycle
Start your free online payments journey with Instamojo today.