NEFT Service Interruption Expected For HDFC Bank Customers On 1 April

Today, 1 April 2024, marks the beginning of the new financial year (FY24-25). On this occasion, the Reserve Bank of India (RBI) has directed all banks to close their branches. This directive will result in procedural adjustments for many banks, potentially impacting certain services. For instance, HDFC Bank customers may experience a disruption in National Electronic Funds Transfer (NEFT) services on 1 April, as indicated by the bank's statement.

According to HDFC Bank's communication, outbound NEFT transactions may encounter delays or may not be available on 1 April 2024, due to year-end financial procedures. Customers are encouraged to utilise alternative transaction methods such as Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS) or Unified Payments Interface (UPI) during this period. HDFC Bank expresses regret for any inconvenience caused and advises customers to reach out to their customer support team for assistance.

Regarding salary payments and other incoming NEFT transfers scheduled for 1 April, HDFC Bank warns of potential delays due to procedural changes.

In light of the NEFT disruptions, HDFC Bank advises customers to explore alternative transactional avenues like IMPS, UPI and RTGS to avoid potential delays.

The RBI has mandated the closure of banks across India on 1 April to facilitate year-end account closing procedures.

Throughout April 2024, banks will remain closed for a total of 14 days across various regions in India.