NEFT Charges: What are NEFT Transaction Charges and Fees?

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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.

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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.

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

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

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.

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.

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

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