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HDFC Bank asks customers to avoid this money transfer facility on April 1: Details here

HDFC Bank asks customers to avoid this money transfer facility on April 1: Details here

HDFC Bank informed its customers that National Electronic Funds Transfer (NEFT) transactions will not be available on April 1 owing to procedures regarding financial year-ending. Even if it is available for select HDFC Bank customers, there might be delays, the bank said advising those who are planning to transfer money to avoid NEFT. Additionally, in case you have to receive salary or other payments through NEFT transfer on April 1, it may also get delayed.

The headquarters of India’s HDFC bank is pictured in Mumbai. (Reuters)

What can HDFC Bank customers use instead?

HDFC Bank customers can use these transaction methods to transfer money on April 1: Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and Unified Payments Interface (UPI. 

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What HDFC Bank said on the delay?

In a mail to customers, HDFC Bank wrote, “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.”

It added, “If you require any assistance regarding transferring money tomorrow, you can contact the customer support team of the bank on 18001600 /1800 2600.”

Are banks open on April 1?

Banks in many states will be shut on April 1 due to the closing of year accounts, as per guidelines set by the Reserve Bank of India (RBI). Banks will remain closed in states except Mizoram, Chandigarh, Sikkim, Bengal, Himachal Pradesh, and Meghalaya. 

No exchange of 2000 note on April 1

Additionally, RBI said that the exchange and deposit of the 2,000 notes will not be available April 1. The central bank said in a notification, “The facility of exchange/deposit of 2000 banknotes will not be available on Monday, April 01, 2024, at the 19 Issue Offices1 of the Reserve Bank of India due to operations associated with the Annual Closing of Accounts. The facility will resume on Tuesday, April 02, 2024.”

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