The Reserve Bank of India (RBI) on Monday announced that the National electronic funds' transfer (NEFT) service for fund transfer will stay unavailable for 14 hours on May 23 due to the "scheduled technical upgrade".
"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 central bank said in a statement.
NEFT is a 24/7 "safe and secure" service that allows customers to transfer fund. However, the RBI is looking to make upgrades to the system amid concerns over cybersecurity threats. Notably, it had also made a similar upgrade last month to the Real Time Gross Settlement (RGTS) service system.
However, RBI's decision will likely impact thousands of people in India who might look to make a fund transfer on May 23. However, you need not worry as we at English Jagran are here to tell you about two other ways to transfer funds.
The RBI has said that the RGTS services will continue on May 23. Like NEFT, RTGS is also a fund transfer system that is based on gross settlement and is available 24x7x365 days. However, there is a minimum limit of Rs 2 lakh on RTGS facilities.
How to transfer money through RTGS?
Step 1) Open the net banking account of your respective bank and go to the funds' transfer tab.
Step 2) Now select "Add a beneficiary" and click on "Select Beneficiary Type". Then select "Transfer to Another Bank".
Step 3) Here you would need to write the name, bank name, IFSC code and account number of the beneficiary. After this, click on "Add".
Step 4) Once you add the beneficiary, go to the Funds Transfer tab again.
Step 5) Now select the RTGS option. Select the beneficiary to whom you want to send money.
Step 6) Write the amount you want to transfer and click on "submit". The fund will be transferred within 30 minutes.
Immediate Payment Service or IMPS is another way through which you can transfer money. However, the transfer limit is generally low in this case and often depends on bank to bank.
How to transfer money through IMPS?
Step 1) Open the app of your bank. Select the IMPS menu from the IMPS and then click on 'fund transfer' or 'send money'.
Step 2) Now you would need to enter the beneficiary's mobile number and the amount that will be transferred.
Step 3) Enter your mobile pin and click on 'submit'.