Can I schedule recurring NEFT transfers?
Curious about NEFT (National Electronic Funds Transfer)
Yes, you can schedule recurring NEFT transfers. Many banks offer the facility to set up standing instructions for NEFT transfers, which allows you to automate regular transfers such as rent payments, loan EMIs, and utility bill payments. You can specify the frequency and amount of the transfer and the dates on which the transfers should be made. Once you set up a standing instruction, the transfer will be executed automatically on the scheduled dates without you having to initiate it manually each time. This can save you time and help ensure that your payments are made on time.
It's important to ensure that you have sufficient funds in your account on the scheduled transfer dates to avoid any delays or penalties. You should also review your standing instructions periodically to make sure they are up to date and still needed.