In the last month of the year i.e. December 2020, your bank is going to change the rules of rupee transaction. The Reserve Bank of India (RBI) has announced this to make real time gross settlement available 24x7x365. This decision will take effect in December 2020. Literally means you can transfer money in 24 hours with the help of RTGS. Currently the RTGS system operates from 7 a.m. to 6 p.m. on weekdays except the second and fourth Saturdays of the month.
RBI announces Rs
Your bank is changing this rule in December 2020
Money can be transferred in 24 hours with the help of RTGS
Last year NEFT was launched for 24 hours
The National Electronic Funds Transfer System was launched 24x7x365 in December last year.
The RBI said in its policy that the system has been working properly since then. The decision was taken in an effort to develop India's international financial centers to support the ongoing work to support the global integration of Indian markets on a central bank basis and to ensure greater flexibility of payments for domestic corporates and institutions.
RTGS service is very useful
Funds can be transferred instantly with the help of RTGS i.e. Real Time Gross Settlement. This works in large transactions. No amount less than Rs 2 lakh can be transferred with the help of RTGS. It can be used through both online and bank branches. There is no fund transfer charge. There is also a charge for transferring RTGS funds to the branch. The Reserve Bank's Monetary Policy Committee has not made any change in interest rates. Right now the repo rate is forever at 4 percent.
What is NEFT
National Electronic Funds Transfer (NEFT) is an electronic payment mode. It involves the transfer of money from one account to another. This facility can be availed with the help of internet banking. It can also be used by going to the bank. This allows funds to be transferred in seconds.
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There is no extra charge for it. There is a charge for transferring funds from the branch.
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