HDFC Bank, one of India’s leading private sector banks, has issued a cautionary advice to its customers, urging them to avoid National Electronic Funds Transfer (NEFT) transactions on April 1, 2024. The bank has cited impending financial year-end procedures as the reason behind this, indicating possible delays or unavailability of NEFT transactions that can impact scheduled salary and other payments.
Official Communication and Details
In a communication addressed to its customers, HDFC Bank stated that NEFT transactions may get delayed or be completely unavailable today.
It was emphasized that even if the facility is accessible to some, there can be significant delays in processing. Others transaction methods such as Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), or Unified Payments Interface (UPI) can be used to perform transactions during this time.
The communication highlighted that individuals expecting salary or other payments via NEFT transfers on April 1, 2024 might encounter delays due to financial year-end procedures.
HDFC Bank has expressed regret for any inconvenience caused and reiterated its commitment in providing efficient banking services. It has advised customers requiring any assistance regarding money transfers to reach out to its customer support team at 18001600 or 18002600.
Further Changes awaited
As the financial year 2024-25 commences on April 1, 2024, HDFC Bank’s advisory comes amidst a broader context of procedural changes across banks. In accordance with the guidelines set by the Reserve Bank of India (RBI), several banks across India are expected to remain closed today in order for yearly accounts to be closed. While banks are closed across most regions of the country, they will remain open in Mizoram, Chandigarh, Sikkim, Bengal, Himachal Pradesh, and Meghalaya.
Additionally, the RBI has notified that the exchange and deposit of Rs 2,000 notes will not be available on April 1, 2024 due to operational activities associated with the annual closing of accounts. The service is set to resume tomorrow.
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