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Operated by the RBI, National Electronic Funds Transfer (NEFT) is a centralised payments system that facilitates near real-time fund transfers. However, to enjoy this quick, simple, and convenient mechanism of money transfer, you may have to pay certain NEFT fees.  

Charges Applicable for NEFT Transactions

As per the RBI guidelines, banks do not levy any fee for inward transactions at destination bank branches through this facility. For outward transactions, the RBI ceased to charge any fee on member banks from July 1, 2019. 


The RBI has also advised banks to not levy NEFT charges on savings bank account holders to promote digital retail transactions. However, banks can levy a fee on these charges on other outward transactions if they prefer.


Here’s the maximum limit for bank NEFT charges as outlined by the RBI:

  • 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)

NEFT Charges of Different Banks in India

The NEFT bank charges may vary depending on where you have opened your savings account. Here are the charges levied by a few banks:


NEFT Charges (Minimum)

NEFT Charges (Maximum)

State Bank of India (SBI)

₹2 + GST

₹20 + GST


₹2 + Applicable GST

₹10 + Applicable GST


₹2.25 + Applicable GST

₹24.75 + Applicable GST

Axis Bank



RBL Bank



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

₹1.75 + GST

₹24.25 + GST

Indian Overseas Bank

₹1 + GST 

₹19 + GST

Bandhan Bank

₹2 + GST

₹14 + GST

IDFC First Bank






Kotak Mahindra Bank

₹2 + GST

₹24 + GST

YES Bank

₹2 + GST

₹20 + GST

South Indian Bank

₹1.25 + GST

₹22 + GST

Federal Bank

₹2.5 + GST

₹25 + GST

Bank of India

₹2.5 + GST

₹25 + GST

Disclaimer: The charges can vary at the discretion of the bank. Please check the bank website to get the exact charges.

Frequently Asked Questions

What are the charges on NEFT?

While there are generally no NEFT charges for online transactions, banks levy a fee if you make an outward transaction offline from the bank. These charges may vary depending on your bank’s policies.

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?

The RBI has advised banks not to levy a fee when retail customers opt for the NEFT facility.

Can I make NEFT transfers on Sundays?

Yes, if you make these transactions online, you can use this electronic payment mechanism 24/7, even on weekends and holidays. 

How long does it take for NEFT payments to be processed?

It may take 2 hours for the settlement of transactions made through this payment system.

Is NEFT or IMPS chargeable?

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

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