If you are looking forward to a NEFT transfer, you should know that the national electronic transfer will no longer be available as of tonight. According to the Reserve Bank of India (RBI), that facility will remain on hold from tonight through Sunday afternoon.
The RBI announced in a notification that the service would be interrupted on Sunday from 12.01 to 14.00 due to the NEFT system upgrade.
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“A technical upgrade of NEFT to improve performance and resilience is planned after close of business on May 22, 2021. Accordingly, NEFT service will not be available on Sunday, May, from 00:01 am to 2:00 pm 23, 2021” said RBI.
The RTGS system remains operational as usual during this time. The bank also said a similar tech upgrade for RTGS was completed on April 18, 2021.
NEFT system upgrade – downtime from 12:01 a.m. to 2:00 p.m. on Sunday, May 23, 2021https: //t.co/i3ioh6r7AY
– ReserveBankOfIndia (@RBI) May 17, 2021
The RBI had also asked the member banks to inform their customers about this so that they can plan their payment transactions accordingly.
It added that “NEFT members will continue to receive event updates via NEFT system broadcasts.”
NEFT is an electronic money transfer system that was launched in November 2005 and is managed by RBI. With the NEFT-Bank, customers can transfer money between any two NEFT-enabled bank accounts one-to-one via electronic messages.
However, customers must note that money transfers via the NEFT system are not real-time. There is also no minimum or maximum limit on the amount of funds that can be transferred using NEFT.
The State Bank of India (SBI), the country’s largest lender, also informed its clients about it via a tweet.
“Important notice for our customers regarding the technical update of NEFT by RBI.”
Important note for our customers regarding the technical NEFT update by RBI # SBI #StateBankOfIndia #ImportantNotice #InternetBanking #OnlineSBI pic.twitter.com/p3XWoeTwxj
– State Bank of India (@TheOfficialSBI) May 21, 2021
“NEFT services for Internet banking / YONO / YONO Lite will not be available on Sunday, May 23, 2021, between 00:01 am and 2:00 pm. RTGS services will be offered as usual,” tweeted SBI.
