Is NEFT Not Working Today? Users Complain About Failed NEFT And RTGS Transactions

Apps

Is NEFT not working today? Most banking users have been complaining on Twitter that they are unable to make NEFT and RTGS banking transactions. Read for details

Written By Danish Ansari | Mumbai | Updated On:
Is NEFT not working today

NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement) are two of the most popular ways of transferring money online. They are a fund transfer mechanism to allow you to transfer funds from one bank to another. The fundamental difference between these two methods is that RTGS is based on gross settlement, whereas NEFT works on net-settlement.

Also Read | Heat Wave Melts 20% Of Eagle Island's Snow In Antarctica; NASA Releases Close-up Look

Are NEFT and RTGS not working today?

There have been numerous banking users who took to their Twitter handle to raise the issue of a failed NEFT or RTGS transaction. The issue seemingly still persists as users have continued to flood the social media platform with their concern while most are seeking a solution to the problem. Check out a few recent tweets:

Also Read | ISRO To Begin Testing For First Human Gaganyaan Mission As Rocket Design Sees Completion

Looking at the above tweets, it can be said that there could be a temporary issue while making NEFT and RTGS transactions; however, there is no clarification around what is causing the problem.

Also Read | Indian Scientist Finds New Way Of Counting Gir's Lions In Bid To Increase Their Population

NEFT timings

NEFT is a nationwide electronic payment system where the fund transfer is done on a half-hourly basis. The RBI has now made the National Electronic Funds Transfer facility available for 24 hours and throughout the entire year. The fund transfer takes place on a half-hourly basis which works from 12:30 am to 12:00 pm. Therefore, NEFT is now operational in India regardless of holidays.

RTGS timings

RTGS is not available to customers throughout the day,  At present, the RTGS service is available for customer transactions from 8 am to 6 pm for settlement at the RBI end. The timings that are followed by banks varies from bank to bank.

Also Read | BSNL 3G To 4G: How To Convert BSNL 3G SIM To 4G And Complete The Activation Process?

Image credits: PTI

First Published:
By 2030, 40% Indians will not have access to drinking water
SAVE WATER NOW
PEOPLE HAVE PLEDGED SO FAR
DO NOT MISS