Money transfer ALERT! This service won’t be available till this time today - Know how you can still transfer money online

The National Electronic Funds Transfer (NEFT) facility will remain unavailable till 2 pm on Sunday, May 23. The Reserve Bank of India (RBI) had warned customers about the same and had said that the NEFT facility will remain unavailable for 14 hours on Sunday from 00.01 am to 14:00 pm.

The RBI had urged banks to ensure that their customers are aware of the temporary blackout of the NEFT services so that they can schedule their payments accordingly.

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Technical upgradation of NEFT is the reason behind why the digital payments facility won’t work on Sunday.

"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. The RTGS system will continue to be operational as usual during this period. Similar technical upgrade for RTGS was completed on April 18, 2021," an RBI statement said.

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

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.

As banks also remain closed on Sunday, customers may face difficulties in transferring money. In this situation, one can make use of the money transfer facility through Immediate Payment Service (IMPS), as per a report by zeenews.india.com.

IMPS works like NEFT but is majorly used to transfer money instantly. However, you need to know that banks usually charge a small fee to IMPS transactions for offering a faster way to send and receive money.