NEFT Charges

What are NEFT Charges

Technological advancements have made banking transactions significantly easy and seamless. Today, you can complete a host of banking tasks in just a few clicks, without actually having to visit the bank. These advancements have been especially useful for sending and receiving money.

A lot of people use the NEFT mode of transferring money from their accounts to that of their friends, relatives, business associates, and others. It can also be used to make debit card and credit card payments. These transfers can be initiated via online channels, cards but they attract some charges and fees levied by the bank. These charges are called the ‘NEFT charges’ in banking terms and can change from one bank to another.

Let us look into detail at the NEFT charges and fees levied by various banks.

What are the Charges Applicable for NEFT Transactions?

All banks extend the National Electronic Fund Transfer (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 Fee of Different Banks in India

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

1. State Bank of India

2. HDFC Bank

3. ICICI Bank

4. Canara Bank

5. IndusInd Bank

6. Union Bank

7. Bank of Baroda

8. Central Bank of India

9. Punjab National Bank

10. Indian Overseas Bank

11. Bandhan Bank

12. IDBI Bank

13. Kotak Mahindra Bank

14. Yes Bank

15. South Indian Bank

16. Federal Bank

17. Bank of India

It is to be noted that all the charges mentioned above are applicable when you make the NEFT transfer by visiting the respective bank branch. The charges shall be different if you make the NEFT through Net Banking or Mobile App.