The Reserve Bank of India (RBI) has decided to make available the National Electronic Funds Transfer ( NEFT ) system for transfer of money on a 24x7 basis from December 2019, according to its Statement on Development and Regulatory policies.Currently, the NEFT payment system operated by the Reserve Bank as a retail payment system is available for customers from 8.00 am to 7.00 pm on all working days of the week (except 2nd and 4th Saturdays of the month). As mentioned in the Payment System Vision 2021 document, the Reserve Bank will make available the NEFT system on a 24x7 basis from December 2019. This is expected to revolutionise the retail payments system of the country.In June this year, RBI had removed charges for payments via NEFT and had asked banks to pass on the benefits to customers.Earlier, The Reserve Bank use to levy minimum charges on banks for transactions routed through the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levied charges on their customers. The RBI decided to do away with the charges it levied for transactions processed in the NEFT systems in order to provide an impetus to digital funds movement.NEFT is a payment system facilitating funds transfers from one bank account to another. One can access this service either by using Internet banking or by visiting the bank branch. (Not all bank branches are enabled with this service.)Once you initiate the transfer, the money reaches the beneficiary account within hours. There is no limit on the minimum or maximum amount you can transfer, individual banks may put restrictions on the per transaction amount.As per a press release issued by the State Bank of India (SBI), with effect from July 1, 2019, no NEFT charges are levied on customers for transactions done via YONO app, Internet banking and mobile banking. Further, with effect from August 1, 2019, the SBI bank has waived-off IMPS charges as well.