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)
- 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 Amount | SBI NEFT Charges (plus applicable GST) |
| Rs 10,000 | Rs 2.00 |
| Rs 10,001 – Rs 1 lakh | Rs 4.00 |
| Above Rs 1 lakh – Rs 2 lakhs | Rs 12.00 |
| Above Rs 2 lakhs | Rs 20.00 |
HDFC NEFT Charges
| NEFT Amount | HDFC NEFT Charges |
| Rs 10,000 | Rs 2.00 |
| Rs 10,001 – Rs 1 lakh | Rs 2.00 |
| Above Rs 1 lakh – Rs 2 lakhs | Rs 10.00 |
| Above Rs 2 lakhs | Rs 10.00 |
PNB NEFT Charges
| Transaction Amount | PNB 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 Amount | ICICI 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 Amount | ICICI 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 Amount | Axis NEFT Charges (+ applicable GST) |
| Up to Rs. 10,000 | Not more than Rs. 2.50 (+ taxes) |
| Rs. 10,0001 up to Rs. 1 lakh | Not more than Rs. 5.00 (+ taxes) |
| Above Rs. 1 lakh up to Rs. 2 lakhs | Not more than Rs. 15 (+ taxes) |
| Above Rs. 2 lakhs | Not more than Rs. 25 (+ taxes) |
Union Bank of India NEFT Charges
| NEFT Amount | Union Bank NEFT Charges |
| Rs 10,000 | Rs 2.50 |
| Rs 10,001 – Rs 1 lakh | Rs 5.00 |
| Above Rs 1 lakh – Rs 2 lakhs | Rs 15.00 |
| Above Rs 2 lakhs | Rs 25.00 |
Minimum and Maximum NEFT Charges of Different Banks in India 2023
| Name of the Bank | Minimum NEFT Charges | Maximum NEFT Charges |
| Axis Bank | NIL | NIL |
| 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 Bank | NIL | 25 |
| IDFC First Bank | NIL | NIL |
| 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 Bank | NIL | NIL |
| 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 Charges | Indian Bank NEFT Charges | PNB NEFT Charges |
| BOB NEFT Charges | NEFT Charges HDFC | SBI NEFT Charges |
| Canara Bank NEFT Charges | NEFT Charges ICICI |
NEFT Charges: FAQs
RBI does not charge any NEFT fee from the commercial scheduled banks in India to process NEFT requests by their customers.
As per the RBI guidelines, neither the commercial banks nor the RBI, levy any NEFT charges for NEFT requests initiated online.
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.
