NEFT Charges

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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

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.

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.