NEFT not working? Here’s How You Can Still Transfer Money Online | Personal finance news

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New Delhi: On May 18, the Reserve Bank of India (RBI) warned bank customers that the National Electronic Funds Transfer (NEFT) feature would remain unavailable for 14 hours on Sunday May 23 from 12:01 am to 2:00 pm.

The RBI had urged banks to ensure that their customers are made aware of the temporary outage of NEFT services so that they can schedule their payments accordingly. The central bank cited NEFT’s technical upgrade as the reason the digital payment facility will not work on Sunday.

“A technical upgrade of NEFT, aimed at improving performance and resiliency, is planned after the close of business on May 22, 2021. As a result, the NEFT service will not be available from 12:01 am to 2:00 pm on Sunday May 23, 2021. The RTGS system will continue to operate as usual during this period. A similar technical upgrade for RTGS was completed on April 18, 2021, “said a statement from RBI.

Other methods of online money transfer

Since banks are also closed on Sundays, customers might have difficulty transferring money. In this situation, customers can use the money transfer service through the immediate payment service (IMPS).

IMPS works like NEFT, but is primarily used to transfer money instantly. Funds transferred via IMPS are settled in the blink of an eye, compared to NEFT, which takes a few hours to complete the transaction. However, banks usually charge a nominal fee for IMPS transactions to provide a faster way to send and receive money.

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