NEFT money transfer will be unavailable on May 23rd, 2021 for a straight 14 hours starting from 12:01 AM to 02:00 PM. Now, this action has been taken to upgrade the NEFT payments system, as tweeted by the RBI itself on their official Twitter handle.
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
Now, if you have ever used NEFT RTGS service to transfer payment before then you must be familiar with the process. You have to start with the account number, IFSC, and other details to make a transfer.
Different banks have their own rules and regulations for proceeding with the transfers. This is why the banks will also notify their customers about the upcoming downtime.
Additionally, in the same manner, as the NEFT system upgrade, RTGS systems are also getting an update on the 18th of May 2021.
If you’re a customer of any bank using these facilities, you might already have been notified about this or will be getting the ping anytime soon.
Moreover, as you’re already reading this article, we advise you to furnish any of your pending NEFT RTGS payments in time before the downtime occurs to not get stuck.
The update is a regular one to the systems and there might be some additional changes that they would want to embed this time. One such thing might be making the NEFT facility available for non-bank payment system firms. Now, for this upgrading, the system is a must.
Now, keep in mind that for starting with NEFT, you have to first register the receiver account on your side (net banking users). Which is a time taking process as every other bank have a different time for verification of the registered account for making an NEFT money transfer.
So, following this timeline, you should make sure that you do not wait for the very last moment to furnish your payments but make some amends now.