NEFT service will not be available for 14 hours on May 23, here’s why

NEFT is available 24 hours a day, 7 days a week. In the case of NEFT, though, the transfer is done in half an hour batches and there is no limited amount that can be transferred via NEFT. To send money through NEFT, an individual must include the IFSC code, the beneficiary's name, and the name and bank account number of the person to whom the money is being sent. However, the Reserve Bank of India (RBI) has announced that the National Electronic Funds Transfer (NEFT) facility for fund transfers will be unavailable for 14 hours on May 23.

According to a press release of RBI "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. Similar technical upgrade for RTGS was completed on April 18, 2021. Member banks may inform their customers to plan their payment operations accordingly. NEFT Members will continue to receive event update(s) through NEFT system broadcasts". On its Twitter handle RBI has also stated that 'NEFT System Upgrade - Downtime from 00.01 Hrs to 14.00 Hrs. on Sunday, May 23, 2021'.