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Thursday, June 24, 2021

NEFT service to be unavailable for 14 hours on Sunday: Here’s what you need to know

The Reserve Bank of India (RBI) has said that NEFT service will not be available from 00:01 hours to 14:00 hours on Sunday, May 23, 2021. However, RTGS service will continue to be operational as usual during this period for transferring funds.

By: Express Web Desk | New Delhi |
May 19, 2021 6:53:40 pm
neft unavailable, neft not available, neft not available on sunday, neft not available today, neft currently not available, neft not working, neft not working today, neft not working on sunday, neft update time, neft payment update time, neft timings, neft newsThe NEFT service will not be available for 14 hours this Sunday, RBI has informed. (Image: Pixabay)

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.

 

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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