NEFT Transaction Service will be closed from 1 am to 2 pm on 23rd.
This service will be at a standstill for all banks.
Canara Bank has just issued a tweet and shared an information to its customers. In this tweet, it is said that on May 23, NEFT’s service will be interrupted for some time, so customers do not have to worry. This is due to technical upgradation regarding NEFT transaction.
Actually, the Reserve Bank is doing technical upgradation work for the NEFT payment system. NEFT service will be closed from 1 am to 2 pm on 23rd. However, IMPS and RTGS service will continue during this period. This upgrade is being done by the Reserve Bank. Therefore, NEFT service will be disrupted for Canara Bank as well as all other banks.
— Canara Bank (@canarabank) May 22, 2021
State Bank of India has also warned its customers about this towards Canara Bank. SBI Bank has also given information about it by tweeting. It has also been said that there will be no impact on RTGS service. Earlier in the month of April, the Reserve Bank had upgraded the RTGS system. This updation was done on 18 April. Due to this upgrade, this service was stopped for 14 hours.
— State Bank of India (@TheOfficialSBI) May 22, 2021
Money transfer can be done in online banking service in three ways. These are IMPS, NEFT, RTGS service. IMPS service is available 24 hours but its one day limit is 2 lakh rupees. More than that, money cannot be transferred in one day with its help. This transaction takes place in real time. At the same time, NEFT transaction does not happen in real time. There are money transfers in batches, so it can take up to an hour to transfer money.
According to the information available on the SBI website, the minimum limit for NEFT transactions is zero and the maximum limit is Rs 10 lakh. At the same time, the minimum limit for RTGS can be transferred to 2 lakh rupees and maximum of 10 lakh rupees. Less than 2 lakhs cannot be transferred through RTGS.