After the new notification from RBI, NEFT fund transfer to get faster from July 10, 2017. What does it mean and how will it impact you :
1) Currently NEFT batches are processed on hourly basis.
2) Now NEFT settlement would process every half an hour.
3) The amount sent through NEFT shall be credited much faster.
4) If the Bank is unable to credit the beneficiary account for any reason, amount shall be returned to the remitting bank within two hours of completion of batch in which transaction was processed. Bank will credit the amount quickly to the remitter.
5) No change in NEFT processed at 8am and 7pm. It shall be processed in hourly bacth as earlier.
6) No minimum amount for funds transfer thru NEFT.
Life getting easier!