HDFC Bank: NEFT Transfers May Be Unavailable on April 1st

1 Apr 2024 , 11:15 AM

On April 1, HDFC Bank issued a warning to its clients not to transfer money using the National Electronic Funds Transfer (NEFT) system.

The private sector bank said that NEFT transactions would experience delays or not be available, citing financial year-end administrative steps as the basis for the advice.

The notification from HDFC Bank said, according to a CNBC-TV18 report: “Dear Customer, We are appreciative of your HDFC Bank banking. Please be aware that owing to financial year-end procedures, outbound NEFT transactions may be unavailable or delayed on April 1, 2024. During this time, we kindly ask that you finish your transaction via IMPS, RTGS, or UPI. Any trouble this may have caused is regretted. Please call our customer service staff at 18001600 or 1800 2600 if you need any help. We appreciate your ongoing confidence in HDFC Bank.”

Additionally, the bank warned that any incoming NEFT transfers—including salaries and other payments—that were supposed to arrive on April 1 might potentially be delayed.

The usage of techniques like Real Time Gross Settlement (RTGS), Unified Payments Interface (UPI), and Immediate Payment Service (IMPS) has been advised by HDFC Bank.

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