HDFC Bank customers take note! NEFT facility for money transfer may not be available on April 1, 2024 – here’s why – Times of India

by The Technical Blogs

Important update for HDFC Bank customers: HDFC Bank has informed its customers that the National Electronic Funds Transfer (NEFT) transactions may not be available on April 1, 2024, due to year-end financial procedures. In case NEFT is accessible for some HDFC Bank clients, there might be delays.
Therefore, individuals planning money transfers should avoid NEFT on Monday, that is April 1, 2024.If you are expecting salary or other payments through NEFT on April 1, 2024, anticipate delays for the same reason, states an ET report.
HDFC Bank has suggested using alternative transaction methods like Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and Unified Payments Interface (UPI) for money transfers on that day.
The bank stated, “Please note, outward NEFT transactions may get delayed/ may not be available on 1st April 2024 due to financial year-end procedures. We request you to please complete your transaction using IMPS, RTGS, or UPI during this period. We regret any inconvenience this may cause.”
For any assistance with money transfers on April 1, customers can reach out to the bank’s customer support team at 18001600 /1800 2600.
Also Read |Bank holidays April 2024: Banks are closed for 14 days in April 2024; check full list here
Banks in several states will be closed on April 1, 2024, due to year-end accounts closing as per RBI guidelines. Most places will observe bank closures except for Mizoram, Chandigarh, Sikkim, Bengal, Himachal Pradesh, and Meghalaya. It is advisable to check the list of bank holidays before visiting your bank branch on Monday.
Meanwhile, the Reserve Bank of India (RBI) has announced that the exchange and deposit of Rs 2,000 notes will not be available on April 1, 2024.
RBI has mentioned that the exchange/deposit of Rs 2000 banknotes will not be facilitated on April 01, 2024, at the 19 Issue Offices of the Reserve Bank of India due to the Annual Closing of Accounts. The service will resume on April 02, 2024.

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