NEFT Charges

Operated by the RBI, National Electronic Funds Transfer (NEFT) is a centralised payments system that facilitates near real-time fund transfers. However, to enjoy this quick, simple, and convenient mechanism of money transfer, you may have to pay certain NEFT fees.  

As per the RBI guidelines, banks do not levy any fee for inward transactions at destination bank branches through this facility. For outward transactions, the RBI ceased to charge any fee on member banks from July 1, 2019. 

The RBI has also advised banks to not levy NEFT charges on savings bank account holders to promote digital retail transactions. However, banks can levy a fee on these charges on other outward transactions if they prefer.

Here’s the maximum limit for bank NEFT charges as outlined by the RBI:

• For transfers up to ₹10,000, you must pay a maximum amount of ₹2.50 (plus GST)

• For transfers above ₹10,000 and less than ₹1 Lakh, you must pay a maximum amount of ₹5 (plus GST)

• For transfers above ₹1 Lakh and less than ₹2 Lakhs, you must pay a maximum amount of ₹15 (plus GST)

• For transfers above ₹2 Lakhs, you must pay a maximum amount of ₹25 (plus GST)

The NEFT bank charges may vary depending on where you have opened your savings account. Here are the charges levied by a few banks:

Disclaimer: The charges can vary at the discretion of the bank. Please check the bank website to get the exact charges.