NEFT transaction charges

The following are the NEFT National Electronics Fund Transfer charges as  notified by RBI and are adhered to by all commercials banks including public sector banks like State bank of India (SBI), Punjab national Bank (PNB), Canara bank, Bank of India, Indian Bank etc. and private sector banks like ICICI Bank, HDFC Bank,  Axis Bank, IDBI Bank, Citibank etc. and cooperative banks. These charges are revised from time to time.

The following is the structure of charges that can be levied on the customers by banks for doing NEFT transactions. These are the maximum charges; banks are free to offer lower or no charges for NEFT transfers.

NEFT charges for receiving bank account Beneficiary

Account to which the money is being transferred. Inward transactions at destination bank branch of beneficiary are free of cost; no charges can be levied by the beneficiary bank.

NEFT charges for transferee bank account, outward transactions at originating bank branches

The remitter has to pay the following NEFT transaction charges

For NEFT transactions up to Rs. 10,000: maximum Rs 2.50 +Service Tax

For NEFT transactions above Rs 10,000 and up to Rs 1 lakh: maximum Rs 5 +Service Tax

For NEFT transactions above Rs 1 lakh and up to Rs 2 lakhs: maximum Rs 15 + Service Tax

For NEFT transactions above Rs 2 lakhs: maximum Rs 25 + Service Tax

    Related Articles
  1. NEFT timings
    National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals to electronically transfer funds from any bank branch to any other bank branch in India. As more and more bank branches are connected online this system has been a huge success in India for online fund transfers. High penetration of internet and computers...
  2. ICICI Demat Account Charges
    ICICI bank provides its customers the Demat Account or the online trading account to get easy savings and investment in the Indian stock market with easy dealings. ICICI Bank has its 24 X 7 customer care services which assist the customers to get the most essential and basic facilities. ICICI bank provides the details of...
  3. SBI demat accout brokerage charges
    SBI demat accout brokerage charges State Bank of India, which is country’s largest public sector bank, is certainly the most preferred choice of crores of Indians. It provides the facility where you can trade online through demit accounts since this account is one of the prerequisites to start with any kind of trading. SBI Demat...
  4. Difference between NEFT and RTGS
    Difference between NEFT and RTGS NEFT and RTGS are the two online systems for fund transfers between different banks in India and managed by the Reserve bank of India. The procedure followed by NEFT is different from RTGS. NEFT payment system The meaning of NEFT is National Electronic Fund Transfer. This is an online payment...
  5. RTGS / NEFT Holidays in 2017
    NEFT / RTGS Holidays in 2017 The following are the RTGS and NEFT holidays in 2017 when the National Electronics Fund Transfer facility for online bank transfers  will remain closed other than Sundays. NEFT holidays are notified by RBI and are adhered to by all commercials banks including public sector banks like State bank of India...