New Delhi, May 22: Popular online money transfer facility National Electronic Funds Transfer (NEFT) will be unavailable for 14 hours tomorrow, May 23. According to the Reserve Bank of India (RBI), the NEFT money transfer service will not be available due to a scheduled technical upgrade. NEFT is a nationwide centralised payment system owned and operated by the RBI.
"A technical upgrade of NEFT, targeted to enhance the performance and resilience, is scheduled after the close of business of May 22, 2021," the RBI said in a notification earlier this week. The online payment service will remain unavailable for 14 hours from Saturday mid-night till 2 pm on Sunday, may 23. Usually, the service is available round the clock on all days of the year. SBI Net Banking, YONO, YONO Lite, UPI Services to Remain Unavailable Tonight and on May 23 Due Maintenance, Check Timings Here.
However, the Real Time Gross Settlement (RTGS) services will continue to be operational as usual during this period. A similar technical upgrade for RTGS was carried out on April 18 this year. Banks have been told to inform their customers about the unavailability of NEFT service on May 23. RTGS Money Transfer FAQs: From 'What Are the RTGS Charges And Timings' to 'What is Difference Between RTGS And NEFT', Here Are Some Frequently Asked Questions Answered.
Besides money transfer, NEFT, a near-real-time funds transfer facility, is also used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, and inward foreign exchange remittances, among others.