NEFT money transfer ALERT! This service won’t be available for 14 hours, says RBI—check timings

If you are looking forward to make NEFT transfer, you should know that the National Electronic Funds Transfer facility will not be available from tonight. As per the Reserve Bank of India (RBI), this facility will remain suspended from tonight till Sunday afternoon.

The RBI said in a notification that the service would be disrupted from 12.01 pm to 2 pm on Sunday due to the NEFT system upgrade.

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"A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021. Accordingly, NEFT service will not be available from 00:01 hrs to 14:00 hrs on Sunday, May 23, 2021," RBI said.

The RTGS system will continue to be operational as usual during this period. The bank also said that a similar technical upgrade for RTGS was completed on April 18, 2021.

NEFT System Upgrade – Downtime from 00.01 Hrs to 14.00 Hrs. on Sunday, May 23, 2021https://t.co/i3ioh6r7AY

— ReserveBankOfIndia (@RBI) May 17, 2021

RBI had also asked member banks to inform their customers regarding the same so that they can plan their payment operations accordingly.

It further added that “NEFT Members will continue to receive event update(s) through NEFT system broadcasts."

NEFT is an electronic funds transfer system that was started in November 2005 and is maintained by the RBI. Using NEFT bank customers can transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis via electronic messages.

However, customers need to note that fund transfers through the NEFT system do not occur on real-time basis. Also, there is no minimum or maximum limit on the amount of funds that can be transferred using NEFT.

The State Bank of India (SBI), country’s largest lender also informed its customers about the same via a tweet.

"Important Notice for our customers w.r.t. NEFT technical upgradation by RBI."

Important Notice for our customers w.r.t. NEFT technical upgradation by RBI#SBI #StateBankOfIndia #ImportantNotice #InternetBanking #OnlineSBI pic.twitter.com/p3XWoeTwxj

— State Bank of India (@TheOfficialSBI) May 21, 2021

"NEFT services on Internet Banking/YONO/YONO Lite will not be available tween 00.01 hours and 14.00 hours on Sunday, 23-May-2021. RTGS services will be as usual," SBI tweeted.