About
NEFT (National Electronic Funds Transfer) is India's batch-settled bank transfer system, owned and operated by the Reserve Bank of India. Customers of member banks send payments through net banking, mobile banking or a branch; the RBI clears and settles them in half-hourly batches, 48 a day, and since 16 December 2019 the system has run 24x7 all year. Beneficiary banks should credit the account within two hours of the batch settling, the RBI sets no amount limits, and online NEFT from savings accounts has been free since January 2020. Because it settles in batches, it is not instant. NEFT handled a record 41 million transactions on 29 February 2024.
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