NEFT News

Beneficiary Account Name Lookup Feature: The Reserve Bank of India (RBI) highlighted that payment systems like Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) already enable remitters to verify the beneficiary's name before completing a transfer.

Beneficiary Account Name Look-up facility will enable the remitter to verify the name of the account holder before effecting funds transfer to him/her through RTGS or NEFT. 

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).

RBI is planning to introduce a lightweight payment and settlement system (LPSS) that can operate from anywhere with minimal staff. The LPSS will be activated on a need basis and will operate independently of existing payment systems, such as RTGS, NEFT, and UPI.

PO saving account customers, on the other hand, will be able to use the RTGS service starting May 31, 2022. Customers can now effortlessly transfer funds from other bank accounts to POSB accounts in DoP-CBS.

SBI enhanced the limit on IMPS transactions. IMPS Limit hiked from Rs 2 lakh upto Rs 5 lakh. Bank to charge customers along with GST on IMPS.

Though SBI will charge customers along with GST on IMPS through bank branches from next month, there will be no charges on transactions through Digital Channels.

RBI has assigned this 11-digit alpha-numeric code (Reserve Bank of India). Every bank's branch is assigned its own IFSC code, hence each branch has its own IFSC Code. The IFSC code is used in online banking systems such as NEFT, IMPS, and RTGS.

The National Payments Corporation of India is in charge of the Immediate Payment Service (IMPS). This service is available every day of the week, including holidays, 24 hours a day, seven days a week. The RBI has changed the maximum transaction limit for IMPS, which was formerly Rs 2 lakh.

Since July 2019, RBI stopped levying charges on transactions through NEFT and RTGS, with an aim to promote digital transactions in the country.

This is your checklist before NEFT. Know 5 major beneficiary details. Go ahead with NEFT fund transfer after checking these details.

Technical upgradation of NEFT has led to the temporary suspension of the service. Customers might face difficulties in transferring money online. They can use IMPS to send/receive money online.

A technical upgrade of NEFT. Upgrade to enhance performance and resilience. RTGS system continues to be operational.

A technical upgrade of NEFT. Upgrade to enhance performance and resilience. RTGS system continues to be operational.

RTGS facility will remain unavailable till 2 pm on Sunday. The RBI has cited the technical upgrade as the reason behind this temporary shut down. RTGS service is preferred for transferring large sums of money.

The temporary halt is due to a technical upgrade of the RTGS services. Users can take advantage of the National Electronic Fund Transfer (NEFT) service in the meanwhile. RTGS transactions deal with only large amounts of money.

In a press note, the central bank said about “non-availability of service – 00.00 Hrs to 14.00 Hrs on Sunday, April 18, 2021.” The RBI said in a statement that Real-time gross settlement (RTGS) service will not be available from 12 am on April 18 till 2 pm on Sunday. The National Electronic Funds Transfer (NEFT) system will continue to remain operational from 12 am on April 18 till 2 pm on Sunday, RBI said in a statement.

Earlier, RTGS was now available from 7.00 am to 6.00 pm. It is available on all working days. You cant avail services on 2nd and 4th Saturdays.

RTGS is now available from 7.00 am to 6.00 pm. It is available on all working days. You cant avail services on 2nd and 4th Saturdays.

Move aimed to expand adoption of digital payment Well-suited to make payments safe. Safe payment during current pandemic.