NEFT service to be unavailable for 14 hours on Sunday: Here’s what you have to know

Earlier this week, the Reserve Bank of India (RBI) introduced that the National Electronic Fund Transfer (NEFT) service for transferring funds on-line shall be unavailable for 14 hours on Sunday on account of a technical improve.
NEFT is a centralised cost system owned and operated by the RBI and supplies near-real-time funds switch to the beneficiary account.
According to a current tweet by the central financial institution, the NEFT service won’t be accessible from 00:01 hours to 14:00 hours on Sunday, April 23, 2021.

However, in its assertion, the RBI has knowledgeable that Real Time Gross Settlement (RTGS) service will proceed to be operational as ordinary throughout this era for transferring funds. RTGS solely permits transferring of funds amounting to over Rs 2 lakh.

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
 
The central financial institution has requested all public sector and personal sector lenders to tell their account holders to plan their funds accordingly. The same technical improve for RTGS was carried out final month.
What is the minimal quantity for NEFT and the way does it work?
The minimal quantity for making an NEFT transaction is Re 1 whereas the utmost transaction varies from financial institution to financial institution. At current, there aren’t any costs levied from financial savings checking account clients for making NEFT transactions on-line.
This service presently operates in batches at half-hourly intervals all through the day and is accessible around the clock on all days of the yr.