HDFC Bank asks customers to avoid NEFT transfers on April 1; details here

HDFC Bank has advised its customers against using the National Electronic Funds Transfer (NEFT) facility for moving money on April 1.

The private sector bank cited financial year-end procedural measures as the reason behind the advisory, saying NEFT transactions might encounter delays or not be available.

According to a CNBC-TV18 report, the notification from HDFC Bank read: "Dear Customer, Thank you for banking with HDFC Bank. 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. If you require any assistance, please contact our customer support team on 18001600/1800 2600. Thank you for your continued trust in HDFC Bank."

The bank also said any incoming NEFT transfers, including salary or other payments scheduled for April 1, might also be face delayed.