Charges of NEFT

NEFT Charges

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What are the NEFT Charges?

The National Electronics Funds Transfer (NEFT) has transformed the Indian payments mechanism completely. Its pan-India reach and accessibility over both online and offline channels has contributed to its convenience. Moreover, the fact that NEFT transactions are managed and operated by the Reserve Bank of India (RBI) makes the system extremely safe and secure for carrying out fund transfers. Savings account holders who initiate NEFT transactions via online channels, debit card, or credit card payments via offline channels can attract certain charges. However, these charges may vary depending on the bank.

 

Do note, there are no NEFTcharges levied on receiving funds via NEFT.

 ON THIS PAGE: NEFT Charges of Top Banks | FAQs

NEFT Transfer Charges Levied by Top Banks

The NEFT money transfer charges for some of the top banks are mentioned below:

HDFC Bank NEFT Charges 

Transaction Type

Amount

NEFT Transaction Charges

NEFT Tax Charges

Online NEFT Transactions

No Limit

No online NEFT charges

Nil

NEFT transactions at branches

Up to ₹1,00,000

₹2

Applicable NEFT GST charges

Above ₹1,00,000

₹10

Applicable NEFT GST charges

State Bank of India (SBI) NEFT Charges 

Transaction Type

Amount

NEFT Fees

Other NEFT Payment Charges

Online NEFT Transactions

No Limit

No NEFT charges for online payment

Nil

NEFT transactions at branches

Less than or equal to ₹10,000

₹2

Applicable GST charges on NEFT

₹10,001 to ₹1,00,000

₹4

Applicable GST charges on NEFT

₹1,00,001 to ₹2,00,000

₹12

Applicable GST charges on NEFT

Greater than ₹2,00,000

₹20

Applicable GST charges on NEFT

ICICI Bank NEFT Charges 

Transaction

Charges

Up to ₹10,000

₹2.25 + GST

Above ₹10,000 and upto ₹1 lakh

₹4.75 + GST

Above ₹1 lakh and upto ₹2 lakh

₹14.75 + GST

Above ₹2 lakh and upto ₹10 lakh

₹24.75 + GST

Punjab National Bank (PNB) NEFT Charges 

Inward Transaction

Free

Outward Transaction

Transaction Value

From Branch

From IBS/MBS

Upto ₹10,000

₹2 + GST

NIL

Above ₹10,000 - ₹1 lakh

₹4 + GST

Above ₹1 lakh - ₹2 lakh

₹12 + GST

Above ₹2 lakh

₹20 + GST

Canara Bank NEFT Charges

Online Transactions by Savings Account Holder

NIL

Offline Transactions made at Branch

Up to ₹10,000

₹2.25

₹10,001 and up to ₹1 Lakh

₹4.75

Above ₹1 Lakh and up to ₹2 Lakh

₹14.75

Above ₹2 Lakh

₹24.75

RBL Bank NEFT Charges

Amount

NEFT Charges

Upto ₹10,000

₹2.50 + GST

₹10,000 to ₹1 Lakh

₹5 + GST

₹1 Lakh to ₹2 Lakh

₹15 + GST

₹2 Lakh to ₹5 Lakh

₹25 + GST

 

₹5 Lakh to ₹10 Lakh

₹25 + GST

 

Bank of Baroda NEFT Charges

Amount

NEFT Charges

Upto ₹10,000

₹2.50

Upto ₹1 Lakh

₹5

₹1 Lakh-₹2 Lakh

₹15

₹2 Lakh and above

₹25

IndusInd Bank NEFT Charges

Inward NEFT Transfer

Free

Outward Charges

Upto ₹10,000

₹2.50

Upto ₹1 Lakh

₹5

₹1 Lakh to ₹2 Lakh

₹15

₹2 Lakh to ₹5 Lakh

₹25

Above ₹5 Lakh

₹50

Kotak Bank NEFT Charges

Savings Account

Current Account

Inward

Free

Inward

Free

Outward (Through Mobile Banking)

Free

Outward (Through Mobile Banking)

Free

Outward (Through Branch)

Upto ₹10,000

₹2.50

Outward (Through Branch)

Upto ₹1 Lakh

₹5

₹10,001 to ₹1 Lakh

₹5

Above ₹1 Lakh

₹25

₹1 Lakh to ₹2 Lakh

₹15

-

-

Above ₹2 Lakh

₹25

-

-

South Indian Bank NEFT Charges

 

Branch Level

Mobile/ Internet Banking [For SB Accounts ONLY]

Mobile/ Internet Banking [For all other Accounts

Upto ₹10,000

₹2

Nil

₹1.25

₹10,000 to ₹1 Lakh

₹4

Nil

₹2.50

₹1 Lakh to ₹2 Lakh

₹14

Nil

₹7.50

Above ₹2 Lakh

₹22

Nil

₹12.50

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.