HDFC Bank Alerts Customers to Possible NEFT Transaction Delays on April 1

HDFC Bank has issued a notification to its customers, advising them to refrain from using National Electronic Funds Transfer (NEFT) transactions on April 1 due to anticipated delays resulting from financial year-end procedures. While this announcement suggests potential delays in NEFT transactions, HDFC Bank assured its customers that other payment services like IMPS, RTGS, or UPI will continue to operate normally.

In an email to customers, HDFC Bank stated, “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.”

As the new financial year 2024-25 commences on April 1, banks across the country are engaged in completing their fiscal year-end formalities. During this period, normal banking services may experience interruptions, with most staff working overtime to finalize necessary procedures.

Key Financial Changes Effective April 1

With the onset of the new financial year 2024-25, various fiscal changes are expected to come into effect, as many authorities typically wait for the end of the financial year to implement procedural adjustments. Being aware of these changes can help individuals avoid unnecessary hassle in formalities.

1. SBI Debit Card Maintenance Charges: The State Bank of India (SBI), India’s largest commercial bank, has decided to increase its annual maintenance charges for debit cards from the new fiscal year starting April 1. Customers will now be charged up to ₹75 for maintaining their debit cards.
2. Mutual Funds Regulations: Market regulator Securities and Exchange Board of India (SEBI) will cease investments in schemes that invest in overseas exchange-traded funds (ETFs) effective April 1. These changes are anticipated to have a significant impact on several mutual fund schemes.
3. Insurance Digitization: The Insurance Regulatory and Development Authority of India (IRDAI) has mandated the digitization of insurance policies in India from April 1. This means that insurance policies, including life, health, and general policies, will be issued electronically from the new financial year.