HDFC Bank Advises Customers To Avoid Using NEFT Money Transfer Method On April 1: Check Details

New Delhi: HDFC Bank has notified its customers that National Electronic Funds Transfer (NEFT) transactions might not be accessible on April 1, 2024 due to financial year-ending procedures. Even if NEFT is available for certain HDFC Bank customers, there could be delays.There might be a delay in receiving your salary or other payments if you receive it via NEFT transfer on April 1.

Alternative transaction methods:

However, to transfer money HDFC Bank customers can utilize alternative transaction methods like Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and Unified Payments Interface (UPI). ()

HDFC Bank emails its customers 

In an email sent to customers, HDFC 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." (RBI To Not Accept, Exchange Rs 2,000 Notes Today, 01 April 1 --Know Why)

Will banks remain closed on April 1st?

Following guidelines from the Reserve Bank of India (RBI) many banks in several states will be closed on April 1 for year-end accounting purposes. The banks will remain open only in Mizoram, Chandigarh, Sikkim, West Bengal, Himachal Pradesh, and Meghalaya.

RBI: No Exchange for Rs 2,000 Notes on April 1

RBI had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. The status of withdrawal of Rs 2,000 banknotes has been periodically published by the RBI.