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NEFT transfers will not be operational on May 23. Here’s why

A similar technical upgrade for RTGS was completed on 18 April 2021.

SNS Web | New Delhi |

The Reserve Bank of India (RBI) on Monday said that due to NEFT system upgrade, this service will not be available from 00:01 hrs to 14:00 hours on Sunday, May 23, 2021.

“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,” the RBI tweeted today.

Member banks may inform their customers to plan their payment operations accordingly.

A similar technical upgrade for RTGS was completed on 18 April 2021.

NEFT is available 24X7 that happens in batches of half an hour. There is no maximum limit on the amount that one can transfer through NEFT, but different banks have various limits on the amount that can be transferred.