April 26, 2023

NEFT Holidays 2022

Just to simply know about a forthcoming event, gives us a sense of control, sense of preparedness to deal with the event as and when it occurs and some peace of mind, isn't it?.
Be it your weekly weather forecast report or monthly sales target or festival holidays or your bank holiday list, knowing the details in advance gives you 'inner peace'.
In the context of banking, even though we are in era of digital banking which allows every time, everywhere banking wherein customers can avail services 247365 with just a click, knowing that your bank branch would remain closed on certain days is helpful, is useful to us.
Let us take a look at the NEFT holiday list, as a precursor to that, let us understand the concept of the digital banking transaction/payment channel, NEFT (National Electronic Funds Transfer).
Introduced in November 2005 by the RBI, NEFT allows retail customers across India to transfer funds electronically from one NEFT bank branch enabled account to either the same or any other bank within India. The NEFT service is available 24x7 ( with effect from Dec 16, 2019 as per RBI guidelines).
There is no need to visit the bank branch as
NEFT transfers are made through digital channels (net banking and mobile banking) everytime, everywhere, everyone.
Besides, the NEFT facility can also be availed for making credit card payments and for payment of loan EMI.

NEFT holiday list for 2022*

The RBI publishes the annual NEFT holiday list of the current year on the last day of the previous year.
The holiday list for calendar year 2022 is as follows.
  • Republic Day - 26th January
  • Bank’s Annual Closing- 1st April
  • Good Friday- 15th April
  • Ramadan Eid- 3rd May
  • Independence Day- 15th August
  • Gandhi Jayanti- 2nd October
  • Christmas Day- 25th December
*The dates are subject to change each year
Frequently Asked Questions (FAQs):

Q. What happens to an NEFT transaction executed on say a holiday or Sunday?

It is important to note that all NEFT transactions executed on NEFT declared holidays or Sundays or 2nd, 4th Saturday would be debited from the sender's account on the same day, however, will only be credited to the beneficiary’s account on the next working day.

Q. What are the NEFT fund transfer timings?

As per the RBI's guidelines, NEFT transactions can be executed 24*7 ( with effect from 2020).
Q. What are NEFT transaction charges?
In case of NEFT payment via digital channels, there are no charges applicable.
However, if the NEFT payment is carried out from any of the bank branches, then depending upon the amount transferred, transaction charges along with GST are applicable.
For example:
  • NEFT transfer upto ₹10,000, the transaction charge is ₹2.25 + Applicable GST.
    • For fund transfers above ₹10,000 and upto ₹1 lakh, the transaction charge is pegged at ₹4.75 + Applicable GST.
    • Above ₹1 lakh and upto ₹2 lakh, the fee is ₹14.75 + Applicable GST
    • Above ₹2 lakh and upto ₹10 lakh, the fee is ₹24.75 + Applicable GST

Q. What are the transaction limits for NEFT?

The RBI has not prescribed any minimum or maximum limit for transfer funds from one bank account to another via NEFT.
A customer can even transfer ₹1/- amount to the beneficiary.
However, individual banks have set their daily maximum threshold limits.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

Top 10 Balance Transfer Credit Cards and their Benefits

Balance transfer credit cards provide an effective way to manage credit card debt by saving on interest costs. We've compiled a list of the top 10 balance transfer credit cards, each with its set of unique benefits that include competitive introductory APR periods, cashback rewards, and lifestyle perks. These cards are super helpful for consumers and help simplify debt management making them valuable tools for improving financial health while achieving debt reduction goals. Credit cards have fast emerged as a convenient and flexible mode of payment. They, however, can quickly turn into a financial burden when there is an overdue with a high-interest rate. This overdue is usually termed as a credit balance, which can multiply quickly, taking the sum to an exorbitant amount. Thankfully, balance transfer credit cards allow you to transfer your outstanding credit card debt to a new card with a lower interest rate. This means you save on interest costs and can pay off your debt more efficiently. Read on as we explore the top 10 balance transfer credit cards available in India with the benefits they offer.

What is Blank Cheque & How to Give Blank Cheque: Meaning, Validity, & Leaf

The term “blank cheque” frequently refers to a cheque that has been signed by an authorised cheque signer but does not include any additional information like date, payee or amount. In certain cases, it becomes essential to give a blank cheque to someone depending on the requirement or demand. Now, if you are thinking about whether to give a blank cheque to someone or not, you must check some of the aspects. In the following sections, you will know everything about the blank cheque and how to use a blank cheque if required.

What is Bank Statement - How to Get Bank Statement Online & Download

- Would you like to know your account opening and closing balance amount, say at the end of every month? - Would you like to know the details of all your financial transactions such as deposits, withdrawals, transfers, service charges, etc? - Would you also like to know and keep a tab on any unauthorized transactions, besides keeping a closer watch on your expenses? - Would you also like to know if there have been any uncashed cheques or if you have made any payments twice to the same entity or whether there are discrepancies in your opening and closing balance? Welcome to the concept of a Bank statement, issued by banks to all its account holders at periodic intervals across various channels such as mail, email, SMS etc. It is a simple, yet profound way of recording every transaction not only helps you in managing your finances, it also lets you locate the red flags. Akin to the traditional bahi khata, the book reflects your transaction details, both cash inflows, and cash outflows, over a period of time. This kind of record keeping is super helpful as you know your book balance at the end of the day, you are aware of all transfers, and withdrawals and you also know the details of deposits and payments that have been made. So basically, your book tells you from where your money has come and where the money has gone/ spent. All financial entities typically maintain records of all their customers for at least a period of five years.

What is NEFT - Full Form, Meaning , Timings and How to Transfer Money

If you are into online transactions, then you must have heard of NEFT. This article is for you if you don't know what NEFT is. In this article, we will discuss what NEFT is and the prerequisite knowledge you need to carry out NEFT transactions. Further, we will be talking about the NEFT timings, its charges, and who can conduct an NEFT transaction. Lastly, we will be talking about how to go about the process of NEFT transfer and the transfer limit under NEFT.