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 charges and fees levied by various banks.
NEFT Charges and Fee of Different Banks in India
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 |
More About Payments & Other Credit Cards |
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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.
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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.
