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Investment Simplified > Banking > NEFT Charges – Fee you Need to Pay on NEFT Transactions
Banking

NEFT Charges – Fee you Need to Pay on NEFT Transactions

Monika Mohan
Last updated: 2023/05/22 at 1:00 AM
Monika Mohan Published January 23, 2023 5 Min Read
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NEFT Charges – RBI GuidelinesNEFT ChargesNEFT Charges of Top Banks in India 2023Minimum and Maximum NEFT Charges of Different Banks in India 2023NEFT Charges: FAQs

NEFT or National Electronic Funds Transfer is an electronic system of transferring funds from one bank account to another bank account. It can be done online (via internet banking or mobile banking) and at-the-bank as well. RBI controls and regulates this fund transfer system.

In this post, we are talking about the NEFT charges levied by banks.

NEFT Charges – RBI Guidelines

The following are the important guidelines forwarded by the apex banking body of India – RBI:

  • RBI does not levy any charges on commercial banks for NEFT
  • No charges to savings bank account customers for online NEFT transactions
  • The transaction charges have been capped by RBI
  • No charges to be levied for inward (received from an overseas bank account) transactions at destination bank branches for giving credit to beneficiary account
  • No levy of any charges from savings bank account holders for NEFT funds transfers initiated online with effect from January 01, 2020

NEFT Charges

The below-stated are the NEFT charges for outward transactions using the NEFT service in any commercial scheduled bank in India:

  • Transactions up to Rs 10,000: ₹2.50 (+ Applicable GST)
  • Transactions above Rs 10,000 to Rs 1 lakh: ₹5 (+ Applicable GST)
neft charges
  • Transactions above Rs 1 lakh to Rs 2 lakhs: ₹15 (+ Applicable GST)
  • Transactions above Rs 2 lakhs: ₹25 (+ Applicable GST)

Note: There are zero NEFT charges for inward transactions.

NEFT Charges of Top Banks in India 2023

Please check the NEFT charges by some of the top banks in India:

SBI NEFT Charges

SBI NEFT AmountSBI NEFT Charges (plus applicable GST)
Rs 10,000Rs 2.00
Rs 10,001 – Rs 1 lakhRs 4.00
Above Rs 1 lakh – Rs 2 lakhsRs 12.00
Above Rs 2 lakhsRs 20.00

HDFC NEFT Charges

NEFT AmountHDFC NEFT Charges
Rs 10,000Rs 2.00
Rs 10,001 – Rs 1 lakhRs 2.00
Above Rs 1 lakh – Rs 2 lakhsRs 10.00
Above Rs 2 lakhsRs 10.00

PNB NEFT Charges

Transaction AmountPNB NEFT Charges (at the bank) Applicable from 20th May ‘22
Up to Rs 10,000₹ 2.25
Above ₹ 10,000 – ₹ 1 lakh₹ 4.75
Above ₹ 1 lakhs – ₹ 2 lakhs₹ 14.75
Above ₹ 2 lakhs₹ 24.75

ICICI Bank NEFT Charges

Transaction AmountICICI NEFT Charges (+ Applicable GST)
Up to Rs 10,000₹ 2.25
Above ₹ 10,000 – ₹ 1 lakh₹ 4.75
Above ₹ 1 lakhs – ₹ 2 lakhs₹ 14.75
Above ₹ 2 lakhs – ₹ 10 lakhs₹ 24.75

Bank of Baroda NEFT Charges

Transaction AmountICICI NEFT Charges (+ Applicable GST)
Up to Rs 10,000₹ 2.50
Above ₹ 10,000 – ₹ 1 lakh₹ 5.00
Above ₹ 1 lakhs – ₹ 2 lakhs₹ 15.00
Above ₹ 2 lakhs – ₹ 10 lakhs₹ 25.00

Axis Bank NEFT Charges

Transaction AmountAxis NEFT Charges (+ applicable GST)
Up to Rs. 10,000Not more than Rs. 2.50 (+ taxes)
Rs. 10,0001 up to Rs. 1 lakhNot more than Rs. 5.00 (+ taxes)
Above Rs. 1 lakh up to Rs. 2 lakhsNot more than Rs. 15 (+ taxes)
Above Rs. 2 lakhsNot more than Rs. 25 (+ taxes)

Union Bank of India NEFT Charges

NEFT AmountUnion Bank NEFT Charges
Rs 10,000Rs 2.50
Rs 10,001 – Rs 1 lakhRs 5.00
Above Rs 1 lakh – Rs 2 lakhsRs 15.00
Above Rs 2 lakhsRs 25.00

Minimum and Maximum NEFT Charges of Different Banks in India 2023

Name of the BankMinimum NEFT ChargesMaximum NEFT Charges
Axis BankNILNIL
Bandhan Bank₹2₹14
Bank of Baroda₹2.25 + Applicable GST₹24.75 + Applicable GST
Bank of India₹2.5 + GST₹25 + GST
Canara Bank₹2.25 + GST₹24.75 + GST
Central Bank of India₹2.5 + GST₹25 + GST
Federal Bank₹2.5 + GST₹25 + GST
HDFC Bank₹2 + Applicable GST₹10 + Applicable GST
ICICI Bank₹2.25 + Applicable GST₹24.75 + Applicable GST
IDBI BankNIL25
IDFC First BankNILNIL
Indian Overseas Bank₹1₹19
IndusInd Bank₹2.5 + GST₹50 + GST
Kotak Mahindra Bank₹2.5 + GST₹25 + GST
Punjab National Bank₹2 + GST₹20 + GST
RBL BankNILNIL
South Indian Bank₹1.25 + GST₹22 + GST
State Bank of India (SBI)₹2 + GST₹25 + GST
Union Bank of India₹2.5 + Taxes₹25 + Taxes
Yes Bank₹2.5 + GST₹25 + GST

Also, check other bank’s NEFT charges in the below table:

Axis Bank NEFT ChargesIndian Bank NEFT ChargesPNB NEFT Charges
BOB NEFT ChargesNEFT Charges HDFCSBI NEFT Charges
Canara Bank NEFT ChargesNEFT Charges ICICI

NEFT Charges: FAQs

Does RBI levy NEFT charges to banks?

RBI does not charge any NEFT fee from the commercial scheduled banks in India to process NEFT requests by their customers.

What are the NEFT charges for requests initiated online?

As per the RBI guidelines, neither the commercial banks nor the RBI, levy any NEFT charges for NEFT requests initiated online.

Can my bank levy any NEFT charges on my outward NEFT transactions?

No. Your bank cannot charge just about any random NEFT charges on your outward NEFT requests. It cannot charge more than Rs 25 (plus applicable GST) for outward transactions, as per the RBI guidelines.

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By Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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