NEFT Charges
Here’s what you need to know about charges levied on NEFT transactions.
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NEFT, otherwise known as ‘National Electronic Funds Transfer’ is an electronic payment mechanism. This mode of fund transfer is simple, quick, and convenient. However, there are a few charges and fees associated with NEFT. Keep reading to learn all about them.

What are the Charges Applicable for NEFT Transactions?

All banks extend NEFT service to their customers. You can make NEFT transactions by logging into the net banking portal or signing into the bank’s mobile app. While NEFT transactions are extremely convenient, banks levy nominal NEFT charges to facilitate this service. 

Furthermore, the beneficiary or individual receiving the amount won’t have to bear any NEFT transaction charges.

 

Additionally, if you have a savings account and are initiating the transaction online via internet banking or mobile banking, you won’t have to pay NEFT charges. However, if you are visiting the bank branch to transfer the amount via NEFT, you will have to pay certain fees. Moreover, this fee varies from one bank to another, and you should check with your bank to know about NEFT charges.

 

That said, here is what you are typically charged while transferring the amount through NEFT.

  • 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)

 

Furthermore, while certain banks charge a flat ₹2.50 for transfers up to ₹10,000, other banks levy GST charges on NEFT transfers, in addition to ₹2.50. Depending on your account type, you may also be eligible for free NEFT transfers within the same bank. You can talk to a bank representative and figure out how much you will be charged for NEFT transactions.

NEFT Charges and Fees of Different Banks in India

Here’s a list showing the charges and fees associated with NEFT transactions: 

Bank

NEFT Charges (Minimum)

NEFT Charges (Maximum)

State Bank of India (SBI)

₹2 + GST

₹25 + GST

HDFC Bank

₹2 + Applicable GST

₹10 + Applicable GST

ICICI Bank

₹2.25 + Applicable GST

₹24.75 + Applicable GST

Axis Bank

NIL

NIL

RBL Bank

NIL

NIL

Canara Bank

₹2.25 + GST

₹24.75 + GST

IndusInd Bank

₹2.5 + GST

₹50 + GST

Union Bank of India

₹2.5 + Taxes

₹25 + Taxes

Bank of Baroda

₹2.25 + Applicable GST

₹24.75 + Applicable GST

Central Bank of India

₹2.5 + GST

₹25 + GST

Punjab and National Bank

₹2 + GST

₹20 + GST

Indian Overseas Bank

₹1

₹19

Bandhan Bank

₹2

₹14

IDFC First Bank

NIL

NIL

IDBI Bank

NIL

25

Kotak Mahindra Bank

₹2.5 + GST

₹25 + GST

Yes Bank

₹2.5 + GST

₹25 + GST

South Indian Bank

₹1.25 + GST

₹22 + GST

Federal Bank

₹2.5 + GST

₹25 + GST

Bank of India

₹2.5 + GST

₹25 + GST

Let us look at the charges of each bank in detail:

1. State Bank of India

Amount

NEFT Charges

Up to ₹ 10,000

₹2

₹ 10,000 to ₹ 1 Lakh

₹5

₹1 Lakh to ₹2 Lakhs

₹15

Above ₹2 Lakhs

₹25

2. HDFC Bank

Amount

NEFT Charges

Up to ₹ 1 Lakh

₹2 + GST

Above ₹1 Lakh

₹10 + GST

3. ICICI Bank

Amount

NEFT Charges

Up to ₹10,000

₹2.25  + GST

₹10,000 to ₹1 Lakh

₹4.75 + GST

₹1 Lakh to ₹2 Lakhs

₹14.75 + GST

Above ₹2 Lakhs

₹24.75

4. Canara Bank

Amount

NEFT Charges

Up to ₹10,000

₹2.25  + GST

₹10,000 to ₹1 Lakh

₹4.75 + GST

₹1 Lakh to ₹2 Lakhs

₹14.75 + GST

Above ₹2 Lakhs

₹24.75

5. IndusInd Bank

Amount

NEFT Charges

Up to ₹10,000

₹2.50  + GST

₹ 10,000 to ₹1 Lakh

₹5 + GST

₹1 Lakh to ₹2 Lakhs

₹15 + GST

Above ₹2 Lakhs and up to ₹5 Lakhs

₹25

Above ₹5 Lakhs

₹50

6. Union Bank

Amount

NEFT Charges

Up to ₹10,000

₹2.50  + GST

₹10,000 to ₹1 Lakh

₹5 + GST

₹1 Lakh to ₹2 Lakhs

₹15 + GST

Above ₹2 Lakhs and up to ₹5 Lakhs

₹25

7. Bank of Baroda

Amount

NEFT Charges

Up to ₹10,000

₹ 2.25  + GST

₹10,000 to ₹1 Lakh

₹4.75 + GST

₹1 Lakh to ₹2 Lakhs

₹14.75 + GST

Above ₹2 Lakhs

₹24.75

8. Central Bank of India

Amount

NEFT Charges

Up to ₹10,000

₹2.50  + GST

₹10,000 to ₹1 lakh

₹5 + GST

₹1 Lakh to ₹2 Lakhs

₹15 + GST

Above ₹2 Lakhs and up to ₹5 Lakhs

₹25 + GST

9. Punjab National Bank

Amount

NEFT Charges

Up to ₹10,000

₹2

₹10,000 to ₹1 Lakh

₹4

₹1 Lakh to ₹2 Lakhs

₹12

Above ₹2 Lakhs

₹20

10. Indian Overseas Bank

Amount

NEFT Charges

Up to ₹10,000

₹1

₹10,000 to ₹1 Lakh

₹3

₹1 Lakh to ₹2 Lakh

₹11

Above ₹2 Lakhs

₹19

11. Bandhan Bank

Amount

NEFT Charges

Up to ₹10,000

₹2

₹10,000 to ₹1 Lakh

₹4

₹1 Lakh to ₹2 Lakhs

₹14

Above ₹2 Lakhs

₹14

12. IDBI Bank

Amount

NEFT Charges

Up to ₹10,000

NIL

₹10,000 to ₹1 Lakh

₹5

₹1 Lakh to ₹2 Lakhs

₹15

Above ₹2 Lakhs

₹25

13. Kotak Mahindra Bank

Amount

NEFT Charges

Up to ₹10,000

₹2.5

₹10,000 to ₹1 Lakh

₹5

₹1 Lakh to ₹2 Lakhs

₹15

Above ₹2 Lakhs

₹25

14. Yes Bank

Amount

NEFT Charges

Up to ₹10,000

₹2.5

₹10,000 to ₹1 Lakh

₹5

₹1 Lakh to ₹2 Lakhs

₹15

Above ₹2 Lakhs

₹25

15. South Indian Bank

Amount

NEFT Charges made through the Branch

Up to ₹10,000

₹2

₹10,000 to ₹1 Lakh

₹4

₹1 Lakh to ₹2 Lakhs

₹14

Above ₹2 Lakh

₹22

 

Amount

NEFT Charges made through the mobile app or net banking

Up to ₹10,000

₹1.25

₹10,000 to ₹1 Lakh

₹2.50

₹1 Lakh to ₹2 Lakhs

₹7.50

Above ₹2 Lakhs

₹12.50

16. Federal Bank

Amount

NEFT Charges

Up to ₹10,000

₹2.5 + Taxes

₹10,000 to ₹1 Lakh

₹5 + Taxes

₹1 Lakh to ₹2 Lakhs

₹15 + Taxes

Above ₹2 Lakhs

₹25 + Taxes

17. Bank of India

Amount

NEFT Charges

Up to ₹10,000

₹2.5

₹10,000 to ₹1 Lakh

₹5

₹1 Lakh to ₹2 Lakhs

₹15

Above ₹2 Lakhs

₹25

Disclaimer: Please note that the charges mentioned above are only indicative and may vary. So, it’s best to get in touch with your banking partner before making a NEFT transaction.

FAQs on NEFT Charges

What are the charges on NEFT?

The NEFT fund transfer charges vary from bank to bank. While most banks do not impose NEFT service charges for online transactions, you may be charged a fee for initiating NEFT transactions offline from bank’s branches.

How are NEFT charges calculated?

The NEFT rates vary based on the amount you transfer; the fees would include the applicable GST charges too.

Can NEFT charges be waived off?

As per the Reserve Bank of India notification, NEFT charges are waived off for savings account holders who initiate NEFT transactions via online channels.

Can I make NEFT transfers on Sundays?

Yes, NEFT service is available 24/7 and 365 days a year if you are initiating the transfer online through net banking or mobile banking channels. However, if you wish to visit the bank branch for NEFT service, you can do it only on working days.

What is the repo rate and how does it affect personal loans?How long does it take for NEFT payments to be processed?

Transactions made through NEFT are instantaneous, and usually reflect in the beneficiary’s account within minutes. However, there can be instances where there is a slight delay, and NEFT payments take up to two hours to reflect in the account. However, these transactions are usually swift with minimal to no delays.

Is NEFT tax-free?

NEFT remittances are not taxable as only income is subjected to taxation. However, tax will be applicable on income that is received through NEFT.

Is NEFT or IMPS chargeable?

NEFT and IMPS transactions may attract nominal charges depending on the amount you transfer and your banker’s policies. 

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