NEFT Payment Date, Timings, Latest Rules Update: Good news! Big changes announced! Check details, full notification pdf from RBI

NEFT Payment Date, Timings, Latest Rules Update: Do you use National Electronic Funds Transfer (NEFT) system to electronically transfer funds from one account to another? If yes, here is good news for you! According to the latest development, the Reserve Bank of India (RBI) has announced that it has decided to make the NEFT system available on a round-the-clock basis from December 16.

Basically, the NEFT facility is used to electronically transfer funds from one account to another of banks which are members of this system.

"The system will be available on all days of the year, including holidays," RBI said in a notification.

"NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks."

DETAILS OF NEFT NOTIFICATION ISSUED BY RBI: Here are TOP THINGS TO KNOW:-

- NEFT on a 24x7 basis

- It has been decided that the above facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).

- Member banks are advised to note the following:

*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.

*NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.

*The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.

*Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.

*All provisions of NEFT procedural guidelines will be applicable for NEFT 24x7 transactions as well.

- Member banks are expected to keep adequate liquidity in their current account with Reserve Bank of India at all times to facilitate successful posting of NEFT batch settlements.

- Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers. Banks may disseminate information on the extended timings for NEFT to all their customers.

- This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

PDF of FULL NOTIFICATION of NEFT by RBI:

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT1117D12A7B98FF84045...