The National Electronic Funds Transfer (NEFT) service will not be available from 12:01 AM to 2 PM on Sunday, May 23, 2021, as the Reserve Bank of India (RBI) will undertake a technical upgrade of the service.
The Central bank, in a statement, said the upgrade is targeted to enhance the performance and resilience and is scheduled after the close of business on May 22, 2021.
RBI asked member banks to inform their customers to plan their payment operations accordingly.
The Real Time Gross Settlement (RTGS) system, which is used to send and receive funds of ₹2 lakh and above, will continue to be operational as usual during this period.
The advantages of NEFT for funds transfer or receipt include round the clock availability on all days of the year; near-real-time funds transfer to the beneficiary account and settlement in a secure manner; positive confirmation to the remitter by SMS/e-mail on credit to beneficiary account; and no charges to savings bank account customers for online NEFT transactions.
While there is no minimum amount for NEFT transactions, the maximum amount is Rs 10 lakh.
RBI had completed a technical upgrade for RTGS on April 18, 2021.