eKYC

What is NEFT Transfer Limit?

A centralised payment system with pan-India coverage and nearly round-the-clock availability, NEFT (National Electronic Funds Transfer) is a popular money transfer mechanism. There is no lower limit on the money you can transfer using the Reserve Bank of India-managed NEFT payment system; however, there could be a limit on the maximum amount you can transfer using this method. While RBI imposes no such limit, individual banks may set a limit on the maximum amount that can be transferred via NEFT. This is known as the NEFT limit.

What are Some Popular Terms Related to NEFT Amount Limit?

There are three types of limits you are likely to come across when exploring the NEFT limit set by your bank-

1) NEFT Maximum Limit: The maximum transfer limit in NEFT refers to the maximum amount that can be transferred per transaction.

2) NEFT Minimum Limit: This is the minimum amount of money that can be transferred per transaction. Typically, there is no lower limit to the amount you can transfer via NEFT.

3) NEFT Limit Per Day: The NEFT transfer limit per day refers to the total amount of money you can transfer from one account to another via this mechanism on a single day. It is also referred to as the NEFT maximum limit per day.

What is the NEFT Transfer Limit for Popular Banks?

The NEFT minimum and maximum limits for some of the top banks are mentioned below:

1) HDFC Bank NEFT Transaction Limit

There is no minimum limit on NEFT transfers.

2) Axis Bank NEFT Daily Limit

There is no minimum limit on NEFT transfers. Under the Indo-Nepal Remittance Facility Scheme, for cash-based remittances within India and to Nepal, the NEFT cash transfer limit is ₹50,000 per transaction.

3) State Bank of India NEFT Limit

NEFT minimum and maximum limits for retail banking:

NEFT money transfer limit for corporate internet banking:

4) Citibank NEFT Limit

5) RBL Bank NEFT Transfer Limit

There is no minimum limit for NEFT transfers.

As the NEFT limit varies from bank to bank, it is best to check with your banking partner about the terms and conditions of NEFT transfer to ensure transparency before initiating a transfer.

Apart from NEFT you can also use IMPS or RTGS to transfer money from one account to another. The RTGS transfer limit and RTGS fees and charges will however be different from that of NEFT. So will be the IMPS transfer limit and IMPS fees and charges. You can check out the difference between IMPS vs NEFT vs RTGS and select the mode that suits you best!