May 19, 2021 6:53:40 pm
Earlier this week, the Reserve Bank of India (RBI) announced that the National Electronic Fund Transfer (NEFT) service for transferring funds online will be unavailable for 14 hours on Sunday due to a technical upgrade.
NEFT is a centralised payment system owned and operated by the RBI and provides near-real-time funds transfer to the beneficiary account.
According to a recent tweet by the central bank, the NEFT service will not be available from 00:01 hours to 14:00 hours on Sunday, April 23, 2021.
However, in its statement, the RBI has informed that Real Time Gross Settlement (RTGS) service will continue to be operational as usual during this period for transferring funds. RTGS only allows transferring of funds amounting to over Rs 2 lakh.
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
The central bank has asked all public sector and private sector lenders to inform their account holders to plan their payments accordingly. A similar technical upgrade for RTGS was done last month.
What is the minimum amount for NEFT and how does it work?
The minimum amount for making an NEFT transaction is Re 1 while the maximum transaction varies from bank to bank. At present, there are no charges levied from savings bank account customers for making NEFT transactions online.
This service presently operates in batches at half-hourly intervals throughout the day and is available round the clock on all days of the year.
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