Instant Money Transfer: Charges Levied By Top Lenders For NEFT Transaction

Instant Money Transfer: Charges Levied By Top Lenders For NEFT Transaction

National Electronic Funds Transfer or NEFT is a nation-wide payment system that enables electronic transfer of funds. Under the NEFT scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the scheme, according to the Reserve Bank of India (RBI)’s website- rbi.org.in. In NEFT, fund transactions are executed in half-hourly batches. At present, most banks in the country support NEFT payments.

Major lenders in the country such as state-run SBI (State Bank of India) and private sector peers HDFC Bank and ICICI Bank charge a certain amount from their customers per NEFT transaction, depending on the mode of transaction – whether it is through online/mobile banking or through a bank branch – and amount of money.

Here’s a comparison of NEFT charges levied by SBI, HDFC Bank and ICICI Bank:

State Bank of India (SBI):

SBI charges different fee from its customers for making NEFT transactions, depending upon whether the transaction is made through online/mobile banking or by way of visiting a bank branch. Here are the NEFT charges levied by SBI as mentioned on bank’s website – sbi.co.in:

ItemTransaction SlabCharges (exclusive of Goods and Service Tax)Internet banking charges (exclusive of Goods and Service Tax)
NEFTUp to Rs. 10,000Rs. 2.50Rs. 1
Up to Rs1 lakhRs. 5.00Rs. 2
Above Rs. 1 lakh to Rs. 2 lakhRs. 15.00Rs. 3
Above Rs. 2 lakhRs. 25.00Rs. 5

HDFC Bank


HDFC Bank currently charges no fee for NEFT transactions made online while the lender charges a fee for NEFT transfers done through a bank branch. Here are the NEFT charges levied by HDFC Bank as mentioned on bank’s website – hdfcbank.com:

ItemTransaction SlabTransaction charges for NEFT from HDFC Bank branches
NEFTUp to Rs. 10,000Rs. 2.50 + Applicable GST
Above Rs. 10,000 and up to Rs. 1 lakhRs. 5 + Applicable GST
Above Rs. 1 lakh and up to Rs. 2 lakhRs. 15 + Applicable GST
Above Rs. 2 lakhRs. 25 + Applicable GST

ICICI Bank

Here are the NEFT charges levied by ICICI Bank as mentioned on bank’s website – icicibank.com:

Transaction slabTransaction Charges for NEFT
Amount up to Rs. 10,000Rs. 2.50 + Applicable GST
Amount above Rs. 10,000 and up to Rs. 1 lakhRs. 5 + Applicable GST
Amount above Rs. 1 lakh and up to Rs. 2 lakhRs. 15 + Applicable GST
Amount above Rs. 2 lakh and up to Rs. 5 lakh (Incl. Rs. 2 lakh for RTGS)Rs. 25 + Applicable GST
Amount above Rs. 5 lakh and up to Rs. 10 lakhRs. 25 + Applicable GST

Most banks in the country also offer the facility of Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS) service for transfer of funds.

Source:- ndtv

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