NEFT Limit is the maximum amount one can transfer from their bank account or in cash to another bank’s account. NEFT limit differs from bank to bank and in some cases, it differs basis timings (for instance HDFC NEFT limit differs as per the timings).
Here, we provide NEFT limit per day in major banks in India.
NEFT Limit Per Day
Before we dive deep into the topic, India’s apex bank RBI does not impose any NEFT limit per day. This means RBI has left it on the banks to decide NEFT max limit basis their risk-taking tolerance, among the other factors.
There is no limit by RBI on NEFT transfers from bank account digitally or via cheque but there is NEFT maximum limit on transfers done in cash at a bank of Rs 50,000.
NEFT Limit by Major Banks in India
In this section, we provide information about NEFT amount limit set by top banks in India. It may differ as per the transfer amount, customer’s bank account profile, etc.
NEFT Transfer Limit in HDFC Bank
The following-mentioned is the transfer limit for HDFC NEFT:
- 7AM to 7PM on RBI working Days: Rs 50 lakhs (may change as per the customer’s TPT** limit)
- 7AM to 7PM on working days and holidays*: Rs 2 lakhs per transaction and Rs 50 lakhs in total per day (may change as per customer’s TPT**)
NEFT Limit by SBI Bank
SBI has kept the minimum limit for NEFT transfers at Re 1 for all of its customers. That said, there is no maximum NEFT transaction limit set by SBI when done at the bank using the SBI NEFT Form.
- NEFT Maximum Limit for Online Transactions by SBI: Rs 10 lakhs for Retail Banking
- NEFT Max Limit for Online Transactions by SBI: Rs 50 lakhs for Corporate Banking (can be more for certain corporate accounts)
Suggested Read: SBI NEFT
NEFT Limit Per Day by ICICI Bank
ICIC NEFT Limit via Internet Banking and Mobile Banking:
- Minimum: Re 1
- Maximum: Rs 10 lakhs/ Rs 25 lakhs, as per customer segment, (from 1AM to 7PM)
- Maximum: Rs 2 lakhs* (from 12AM to 1AM and from 7PM to 1AM)
*Also on 2nd and 4th Saturdays
NEFT Limit by PNB
PNB NEFT limit per day at the bank:
- No maximum NEFT limit
PNB NEFT Transfer Limit for Online Transfers:
- Up to Rs 2 lakhs per transaction and Rs 15 lakhs per day for Retail Banking customer
- No NEFT max limit for Corporate Banking customers
NEFT Transfer Limit by Axis Bank
As per the Axis Bank website: “Although there is no minimum or maximum limit on the amount of funds that could be transferred using Axis Bank NEFT, there is a limit of Rs 50,000/- per transaction for cash-based remittances within India and for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.”
Benefits of Using NEFT
There are several benefits of using NEFT for transferring funds:
- Speed: It is a fast and efficient way to transfer funds electronically. The transaction is usually completed within a few hours, and in some cases, the same day.
- Convenience: NEFT can be initiated through various channels like online banking, mobile banking, or by visiting the bank branch. This makes it a convenient option for users.
- Security: The transactions are highly secure and encrypted, ensuring that the transfer of funds is safe and secure.
- Low Transaction Fees: Charges of NEFT are nominal, which makes it an affordable option for users.
- Availability: It is available 24×7, and can be used to transfer funds to any bank account in India that is NEFT-enabled.
- Paperless: NEFT is a paperless payment system, which means there is no need for physical documentation or paperwork.
Overall, NEFT is a reliable and convenient way to transfer funds electronically, and its benefits make it a popular payment system among users in India.
Also, check other bank’s NEFT Limit in the below table:
NEFT Limit: FAQs
RBI has not set any limit for NEFT fund transfers. However, Banks do apply certain NEFT maximum limit rules for customer doing NEFT digitally.
If doing NEFT via cash at the bank, you can transfer up to Rs 50,000 only.
No. There is no limit imposed by the RBI for NEFT funds. That said, NEFT limit may differ from bank to bank, and in certain cases, basis the customer’s Third Party Transfer limit.
Online NEFT – 24×7 all around the year; At the branch – As per the bank timings
Yes, you can use NEFT system if you don’t have a bank account. You will be asked to attach the necessary documents to support your transfer request which will include ID & Residence Proof along with your contact details. You can make a maximum cash transaction of Rs. 50,000 in such cases.
RBI has not imposed any maximum limit for NEFT and RTGS fund transfers. Most of the banks follow this NEFT limit and RTGS limit rule when customers do transactions at the bank. However, there are certain limitations on NEFT maximum amount when done digitally. Also, RTGS is available only when the amount is Rs 2 lakhs or more, unlike NEFT.
