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

What is MMID in Bank and How to Find: Meaning and Full Form

Mobile Money Identifier (MMID) is a unique seven-digit number issued by banks to customers who use mobile banking services. It is used in conjunction with a mobile number to facilitate transactions through the [ Immediate Payment Service (IMPS)](https://upstox.com/banking/what-is-imps-meaning-full-form-charges-limits-and-how-to-transfer-money/) offered by the National Payments Corporation of India (NPCI). Now, MMID full form should not confuse you. MMIDs are issued by banks to customers who have registered for mobile banking services and have a savings or current account with the bank. The customer can then generate the MMID through their mobile banking app or by visiting the bank.

What is IMPS - Full Form, Features, Limit, Charges, & Meaning

Launched in 2010, IMPS, Immediate Payment System was developed as yet another nuanced alternative to transfer funds interbank via payment gateways such as RTGS and NEFT, electronically, in real time, everytime and everywhere using multiple access channels such as mobile banking, netbanking, ATM, SMS and IVR. Backed by the NCPI ( National Payments Corporation of India, and under the overall purview of the RBI, IMPS payment gateway can be availed by those banks and PPIs (prepaid payment instrument issuers) which have a valid licence from the RBI. Currently 652 members live on the IMPS payment gateway which includes banks & PPIs. This channel is versatile, simple and quick as in addition to fund transfers, it can also be used to pay insurance premiums, utility bills, ticket charges, fees, online purchases etc.Hope by now, you have understood the basic concept. So basically, the core objectives of introducing an alternative payment gateway was to: Incentivise customers to use the [ mobile banking](https://upstox.com/banking/what-is-mobile-banking-in-india-meaning-features-login-and-registration/) channel to transmit funds. Infact, the mobile banking channel further democratised the pace of digital adoption of banking services due to wider reach of smartphones. sides, this payment gateway is relatively simpler, as you only require the mobile number of the beneficiary and the bank generates a unique 7 digit MMID code. Given the ease, speed, 247 availability, instant notification and safety of the transaction, it is no wonder that this channel has gained significant momentum especially over the last two years ( 2020-2022) with the number of monthly IMPS transactions rising from 248 million to 420 million.

What is Beneficiary MMID & How to Get: Meaning, Number, & Benefits

Immediate Payment Service or IMPS as the name suggests facilitates immediate fund transfer electronically. You can send money to any other bank account that has IMPS service. The best part of this service is that it works through day and night irrespective of the banking hours and holidays. Thus, most account holders prefer [IMPS](https://upstox.com/banking/what-is-the-imps-full-form/) over [RTGS](https://upstox.com/banking/what-is-rtgs-meaning-full-form-timings-charges-and-transfer-limit/) or [NEFT](https://upstox.com/banking/what-is-neft-meaning-timings-full-form-charges-and-how-to-transfer-money/). However, you need a beneficiary MMID code to perform IMPS transactions. Both the receiver's and sender's MMID code is required to process an IMPS transaction. Keep reading to know more about this identification code!

What is Telegraphic Transfer?

- Working overseas! Do you seek to send money back home to India in Indian currency for your parents? - Studying overseas! Do you seek to receive funds from your parents in India, to meet your tuition fee in foreign currency? - To address these needs, are you seeking a swift, safe, secure , cashless, cardless, economical with minimum currency fluctuation channel to make payments, interbank and cross borders? - You are willing to part with a transaction fee, as long as the fund transfer is safe, secure, swift, simple,seamless and traceable. Welcome to the concept of ' telegraphic transfer', a euphemism for interbank fund transfers that are now carried out electronically, through a variety of channels, netbanking, mobile banking through the SWIFT platform. Way back in the 1990s, the overseas payments were executed between the sender's and recipient bank over the cable wire or telegraph system through the exchange of coded messages. It usually takes anywhere between one to four working days to fulfil the transaction and such payments can be initiated, anytime, anywhere in multiple currencies across multiple geographies. In such overseas payments, the amount is denominated in the currency of the beneficiary bank's country at the prevailing exchange rate. The participating entities usually charge a fee to facilitate such a service.