The important source of money transfer the National Electronic Fund Transfer (NEFT) will be unavailable for 14 hours on Sunday due to technical upgrade. Earlier this week, the Reserve Bank of India (RBI) announced the same.
NEFT- the centralised payment system owned and operated by the RBI and provides near-real-time funds transfer to the beneficiary account.
According to official twitter handle it is stated that 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. But the Real Time Gross Settlement (RTGS) service will continue to be operational as usual during this period.
RTGS only allows transferring of funds amounting to over Rs 2 lakh. While the minimum amount for making an NEFT transaction is Re 1 while the maximum transaction varies from bank to bank. Also, at present, there are no charges levied from savings bank account customers for making NEFT transactions online.
All public sector and private sector lenders have to plan their payments accordingly. Last month also similar upgrade was done.
NEFT service presently operates in batches at half-hourly intervals throughout the day and is available round the clock on all days of the year.