NEFT money transfer ALERT! facility won’t be available for THESE 14 hours, CHECK RBI notification

The National Electronic Funds Transfer (NEFT) facility will not be available for at least 14 hours on Sunday, May 23, as per the information provided by the Reserve Bank of India (RBI) on Monday.

The RBI said in a notification that the service would be disrupted from 00.01 hours to 14.00 hours 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 has also asked member banks to inform their customers regarding the same so that they can plan their payment operations accordingly.

“Member banks may inform their customers to plan their payment operations accordingly,” the banking regulator said.

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.