NEFT charges vary for different banks. SBI does not charge any transaction charges for online NEFT transfers. But for offline NEFT transfer transaction charges are applied for each transfer.
Due to the fact that it is now possible to transfer money quickly across accounts, India’s payment system has progressed during the past 20 years. Many people transfer money from their accounts using the NEFT payment method. However, are you aware of the NEFT Fees or Charges that a bank applies to the transferred funds? You can therefore review the Fees or Charges assessed by several banks when you send money using NEFT. These fees, commonly referred to as NEFT Charges, vary from bank to bank and from amount to amount. As a result, you must examine all of the banks’ fees in this article.
Contents
- 1 What is NEFT?
- 2 NEFT Charges and Fee of Different Banks in India
- 2.1 SBI NEFT Charges
- 2.2 NEFT Fee of the HDFC Bank
- 2.3 ICICI Bank Charges for NEFT
- 2.4 Axis Bank fee for NEFT
- 2.5 NEFT Charges of Canara Bank
- 2.6 NEFT Charges of the Indusind Bank
- 2.7 Union Bank of India Fee for NEFT
- 2.8 Bank of Baroda Charges for NEFT
- 2.9 NEFT Fee of the Central Bank of India
- 2.10 NEFT Charges Punjab and National Bank
- 2.11 Indian Overseas Bank NEFT Fee
- 2.12 Bandhan Bank NEFT Charges
- 2.13 Charges for NEFT of the IDFC First Bank
- 2.14 Fee for NEFT for the IDBI Bank
- 2.15 Kotak Mahindra Bank NEFT Charges
- 2.16 YES BANK NEFT Charges
- 2.17 NEFT Charges South India Bank
- 2.18 Fee and Charges of NEFT for Federal Bank
- 2.19 NEFT Charges for the Bank of India
What is NEFT?
NEFT (National Electronic Fund Transfer) is a digital payment system that allows individuals, businesses, and companies to transfer money electronically between bank accounts. NEFT is a secure and reliable Electronic Fund Transfer system that helps users to transfer funds/money quickly and easily.
NEFT Charges and Fee of Different Banks in India
| Name of the Bank | Minimum NEFT Charges | Maximum NEFT Charges |
|---|---|---|
| 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 |
SBI NEFT Charges
- ₹2 for the NEFT up to ₹10000
- ₹5 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15.
- ₹25 for the NEFT amount above ₹2 Lacs.
NEFT Fee of the HDFC Bank
- ₹2 + GST for the NEFT of up to ₹1 Lac.
- ₹10 + GST for the NEFT of above ₹1 Lac.
ICICI Bank Charges for NEFT
- ₹2.25 + GST for the NEFT up to ₹10000.
- ₹4.75 + GST for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹14.75 + GST.
- ₹24.75 for the NEFT amount above ₹2 Lacs.
Axis Bank fee for NEFT
There are no charges for the National Electronic Fund Transfer if you transfer money from your Axis Bank Savings or current account.
NEFT Charges of Canara Bank
- ₹2.25 + GST for the NEFT up to ₹10000.
- ₹4.75 + GST for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹14.75 + GST.
- ₹24.75 for the NEFT amount above ₹2 Lacs.
NEFT Charges of the Indusind Bank
- ₹2.50 + GST for the NEFT up to ₹10000.
- ₹5 + GST for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15 + GST.
- ₹25 for the NEFT amount above ₹2 Lacs and up to ₹5 Lacs.
- ₹50 for the NEFT amount above ₹5 Lacs.
Union Bank of India Fee for NEFT
- ₹2.5 + Taxes for the NEFT up to ₹10000.
- ₹5 + Taxes for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15 + Taxes.
- ₹25 + Taxes for the NEFT amount above ₹2 Lacs.
Bank of Baroda Charges for NEFT
- ₹2.25 + GST for the NEFT up to ₹10000.
- ₹4.75 + GST for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹14.75 + GST.
- ₹24.75 for the NEFT amount above ₹2 Lacs.
NEFT Fee of the Central Bank of India
- ₹2.5 + GST for the NEFT up to ₹10000.
- ₹5 + GST for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15 + GST.
- ₹25 + GST for the NEFT amount above ₹2 Lacs.
NEFT Charges Punjab and National Bank
- ₹2 + GST for the NEFT up to ₹10000.
- ₹4 + GST for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹12 + GST.
- ₹20 for the NEFT amount above ₹2 Lacs.
Indian Overseas Bank NEFT Fee
NIL for the Savings account and below are the charges for NEFT for other than savings account:-
- ₹1 for the NEFT up to ₹10000.
- ₹3 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹11.
- ₹19 for the NEFT amount above ₹2 Lacs.
Bandhan Bank NEFT Charges
- ₹2 for the NEFT up to ₹10000.
- ₹4 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹14.
- ₹14 for the NEFT amount above ₹2 Lacs.
Charges for NEFT of the IDFC First Bank
The IDFC First Bank doesn’t have any NEFT Charges for transferring money from your IDFC First savings account to any other account but you can do a maximum NEFT of ₹20 Lacs only.
Fee for NEFT for the IDBI Bank
- NIL for the NEFT up to ₹10000.
- ₹5 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15.
- ₹25 for the NEFT amount above ₹2 Lacs.
Kotak Mahindra Bank NEFT Charges
- ₹2.5 for the NEFT up to INR 10000.
- ₹5 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15.
- ₹25 for the NEFT amount above ₹2 Lacs.
YES BANK NEFT Charges
No charges shall be applicable if the NEFT is done through mobile or net banking. If the individual visits the branch then the following rate will apply:-
- ₹2.5 for the NEFT up to ₹10000.
- ₹5 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15.
- ₹25 for the NEFT amount above ₹2 Lacs.
NEFT Charges South India Bank
If the NEFT is made through the branch:-
- ₹2 for the NEFT up to ₹10000.
- ₹4 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹14.
- ₹22 for the NEFT amount above ₹2 Lacs.
If the NEFT is done through Mobile Application or Net Banking:-
- ₹1.25 for the NEFT up to ₹10000.
- ₹2.50 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹7.50.
- ₹12.50 for the NEFT amount above ₹2 Lacs.
Fee and Charges of NEFT for Federal Bank
- ₹2.5 + Taxes for the NEFT up to ₹10000.
- ₹5 + Taxes for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15 + Taxes.
- ₹25 + Taxes for the NEFT amount above ₹2 Lacs.
NEFT Charges for the Bank of India
- ₹2.5 for the NEFT up to ₹10000.
- ₹5 for the NEFT of Above ₹10000 to ₹1 Lac.
- For the NEFT above ₹1 Lac to ₹2 Lacs the fee will be ₹15.
- ₹25 for the NEFT amount above ₹2 Lacs
Note:- All the charges will be applicable when you visit the bank’s branch to do the NEFT and the charges might differ if you make the NEFT through Net Banking or Mobile Applications.
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