New Delhi: From December, the rules regarding money transactions in banks are going to change. The RTGS service has been announced to be 24x7x365 on behalf of the Reserve Bank of India. The new rules will be implemented from December 2020. Due to this, customers will be able to transfer money 24 hours a day through RTGS Currently this facility is available on all working days from 7 am to 6 pm except the second and fourth Saturday of the month.
Earlier in December last year, the NEFT service was made 24x7x365. The RBI said in its policy that the system has been working properly since then.
Real-time transfer facility is available through RTGS. This medium is used for a large amount of money transfer Money cannot be transferred below Rs 2 lakh in RTGS. This medium can be used either online or at a bank branch. In the case of online, there is no extra charge. However if you go to a bank branch and use this service, you have to pay an extra fee.
The Monetary Policy Committee of the Reserve Bank has not made any change in the interest rate. The six-member Monetary Policy Committee, headed by RBI Governor Shaktikant Das, has decided not to change interest rates. The repo rate remains unchanged at 4 percent.
NEFT-National Electronic Funds Transfer is an electronic payment mode. It is possible to easily transfer money from one account to another Money is transferred through NEFT in a short while. There is no additional fee for this. However, if NEFT is done from the bank branch, an additional fee has to be paid This service is available 24X7.