Details of NEFT Charges, Timings, Transaction Limits Of Elite Banks

Details of NEFT Charges, Timings, Transaction Limits Of Elite Banks
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At present, banks charge a fee for NEFT and RTGS transactions and the rate of fee is different from one bank to another.

The Reserve Bank of India (RBI) decided to eliminate the charges charged in RTGS transactions (real-time gross settlement) and NEFT (national electronic funds transfer). "Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week," the central bank said in a statement after announcing its monetary policy decision. The instructions to banks in this regard will be issued within a week time.

Currently, banks charge a fee for NEFT and RTGS transactions and the rate of fee is different from one bank to another. In accordance with the guidelines issued by the RBI, banks will be asked to eliminate or reduce the rate charged in NEFT and RTGS transactions.

Here you have everything you need to know about the NEFT services provided by major banks, such as the State Bank of India (SBI), the HDFC Bank and the ICICI Bank:

State Bank of India

Timings: Customers can make NEFT transactions between 8 am to 7 pm Monday to Friday. Whereas on Saturdays, customers can transfer money using NEFT only from 8 am to 1 pm.

Amount: Under SBI online retail banking, customer can transfer a maximum of Rs. 10 lakh. Anyhow, there is no minimum limit.

Charges: SBI charges Rs. 2.50 for transactions up to Rs. 10,000, as per the SBI website, onlinesbi.com.


Amount Existing Charges for Branch Rate for INB Channel
(exclusive of tax) (exclusive of tax)
Up to Rs. 10,000 Rs. 2.50 Rs. 2
From Rs. 10,001 to Rs. 1 lakh Rs. 5 Rs. 4
Above Rs. 1 lakh up to Rs. 2 lakh Rs. 15 Rs. 12
Above Rs. 2 lakh Rs. 25 Rs. 20
(Source: onlinesbi.com)

HDFC Bank

Timings: NEFT transactions can be done by customers from 8 am to 6:30 pm from Monday to Saturday.

Amount: According to the bank there is no minimum and maximum transfer limit.

Charges: The private lender charges Rs. 2.50 for transactions up to Rs. 10,000, mentioned HDFC Bank on its website, hdfcbank.com.


Amount Charges
Up to Rs. 10,000 Rs. 2.50 + GST
Above Rs. 10,000 and up to Rs. 1 lakh Rs. 5 + GST
Above Rs. 1 lakh and up to Rs. 2 lakh Rs. 15 + GST
Above Rs. 2 lakh Rs. 25 + GST
(Source: hdfcbank.com)

ICICI Bank

Timings: Customers can make NEFT transactions from 8 am to 6:30 pm from Monday to Saturday.

Amount: Using NEFT payments service customers can transfer a maximum of Rs. 10 lakh, as per the bank. There is no minimum limit anyhow.

Charges: For transactions up to Rs. 10,000tThe bank charges Rs. 2.50, as per the lender's website, icicibank.com.


Amount Charges
Amounts up to Rs. 10,000 Rs. 2.50 + GST
Amounts above Rs. 10,000 and up to Rs. 1 lakh Rs. 5 + GST
Amounts above Rs. 1 lakh and up to Rs. 2 lakh Rs. 15 + GST
Amounts above Rs. 2 lakh and up to Rs. 5 lakh Rs. 25 + GST
Amounts above Rs. 5 lakh and up to Rs. 10 lakh Rs. 25 + GST
(Source: icicibank.com)


Timings for RTGS transactions were increased by one-and-a-half hours, earlier this month. At present, the timings for settlement of RTGS transactions are 6 pm.



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