The NEFT service will not be available until Sunday afternoon, according to the Reserve Bank of India (RBI). To make an immediate payment, bank customers can use Real-Time Gross Settlement (RTGS).
"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," RBI statement said.
The Reserve Bank of India maintains the National Electronic Funds Transfer (NEFT) scheme for electronic funds transfers (RBI).
State Bank of India (SBI), has announced that "NEFT services on Internet Banking/YONO/YONO Lite will be unavailable between 00.01 and 14.00 hours on Sunday, May 23, 2021." RTGS services will continue to operate as usual." SBI sent an important notice to its customers about RBI's NEFT technological upgrade.
Previously, on April 18, 2021, RBI made a similar technological update to RTGS (Real Time Gross Settlement).
The NEFT service, which is used to move funds from one bank branch to another, is normally available 24 hours a day, seven days a week. Different banks have set different thresholds for when a NEFT transfer will begin. The quantity that can be transferred, however, is unrestricted.
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