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 |
More About Payments & Other Credit Cards |
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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.
