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Business News/ Industry / Banking/  Salaries to be delayed? HDFC Bank inform customers about crucial service disruption on April 1
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Salaries to be delayed? HDFC Bank inform customers about crucial service disruption on April 1

HDFC Bank notice comes as the new financial year 2024-25 will begin on April 1 and all the banks are busy completing their fiscal year-end formalities

A customer walks outside an HDFC Bank branch in Mumbai (REUTERS)Premium
A customer walks outside an HDFC Bank branch in Mumbai (REUTERS)

HDFC Bank on Sunday shared a crucial piece of information with its customers and asked them to avoid using National Electronic Funds Transfer (NEFT) transactions on April 1, as its services are expected to be delayed due to financial year-end procedures. The notice means, that those getting salaries on the first day of the month through NEFT, may see delayed salaries, however, the bank cleared that other payment services like IMPS, RTGS, or UPI will work normally.

“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," HDFC Bank said in an email to its customers.

Screengrab of the email received the HDFC Bank customers informing about the interruptions in NEFT Services on Monday
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Screengrab of the email received the HDFC Bank customers informing about the interruptions in NEFT Services on Monday (HDFC )

The development comes as the new financial year 2024-25 will begin on April 1 and all the banks are busy completing their fiscal year-end formalities. The normal services in banks are interrupted during this period and most of the staff works overtime to finish all the required procedures.

Key financial changes from April 1

As the new financial year 2024-25 sets in from April 1, people are expecting some fiscal changes as many authorities wait for the end of the financial year to change their procedures. One should be aware of the changes in procedures to avoid unnecessary hassle in formalities.

1. SBI hike debit card maintenance charges: India's largest commercial bank, the State Bank of India has decided to hike its annual maintenance charges from the new fiscal year, starting from April 1. Now, the SBI will charge up to 75 from its customers to maintain their debit cards.

2. Mutual funds: Market regulator Securities and Exchange Board of India (Sebi) to stop the investments in schemes that invest in overseas exchange-traded funds (ETFs). The changes will come into effect from April 1 and are expected to have a major impact on several mutual fund schemes.

3. Digitisation of insurance: The insurance regulator of India- the Insurance Regulatory and Development Authority of India (IRDAI) has mandated the digitization of insurance policies in India from April 1, which means insurance policies including life, health, and general will be issued electronically from the new financial year. 

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Published: 31 Mar 2024, 04:36 PM IST
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