Can We Make Online Transfers from/to Banks During Bank Strikes in India?

Understanding Online Transfers During Bank Holidays or Strikes

During bank holidays or strikes in India, making online transfers from or to banks can be possible, but the methods and limitations vary depending on the mode of transfer you choose. This article will guide you through the available options and provide information on how to make such transfers effectively.

Available Modes for Online Fund Transfer

There are different methods available to transfer funds online in India, including:

IMPS: Immediate Payment Service

IMPS allows you to transfer money instantly between accounts of any bank, provided both parties are members of the NPCI (National Payments Corporation of India). IMPS operates 24/7 for 365 days, offering convenience and flexibility for users.

However, there are daily transaction limits. The maximum amount you can transfer via IMPS is Rs. 2 lakhs (200,000) in a single day. This means you can make transfers around the clock, even during bank holidays or strikes.

To make an IMPS transfer, you can use the following methods:

IMPS is a reliable option, but it does have certain limitations. Users can transfer up to Rs. 25,000 per day without any restrictions.

NEFT and RTGS: National Electronic Funds Transfer and Real Time Gross Settlement

NEFT and RTGS are not available on bank holidays. These services operate on normal working hours and thus, are not operational during strikes or when banks are closed.

PNB IMPS: A Convenient Option

PNB's IMPS service is designed to facilitate instant inter-bank fund transfers 24/7. It uses either a Mobile Money ID (MMID) or an account number for transfers. This service is available throughout the year, including Sundays and bank holidays.

Some banks, including PNB, allow you to initiate a transfer anytime with an immediate credit. However, for others like HDFC, the transfer might take effect only when the bank resumes operations on the next working day.

To ensure the ease and success of your transfer, it is advisable to confirm the transfer procedure from your bank, as the options may vary from bank-to-bank.

Conclusion

During bank strikes, you can still make online transfers using IMPS or UPI. Both services are not subject to the limitations of NEFT or RTGS. However, it is important to be aware of the daily transaction caps and to confirm the procedure with your bank.

Stay informed and utilize the right services to facilitate smooth and hassle-free online fund transfers during any banking holidays or strikes in India.