Live
- Nizamabad MP Dharmapuri Arvind and Jagtial MLA Dr. Sanjay Kumar Meet CM Revanth Reddy
- Hyderabad CP CV Anand Issues Stern Warning to Bouncers
- MP Laxman Criticizes Police Conduct, Calls for Support for Victims' Families
- Fire Breaks Out in Kachiguda-Chennai Egmore Express, Passengers Evacuated Safely
- CM Revanth Reddy Condemns Attacks on Film Personalities' Homes, Calls for Strict Action
- Victory Venkatesh and Nandamuri Balakrishna to Set Screens on Fire with Unstoppable Season 4
- Over 71.81 crore Ayushman Bharat Health Account numbers generated: Centre
- In special gesture, Kuwait's Prime Minister sees-off PM Modi at airport after conclusion of historic visit
- Veer crowned PGTI Ranking champion, Shaurya wins emerging player honour
- Sr National Badminton: Unseeded Rounak Chauhan, Adarshini Shri reach singles semis
Details of NEFT Charges, Timings, Transaction Limits Of Elite Banks
At present, banks charge a fee for NEFT and RTGS transactions and the rate of fee is different from one bank to another.
The Reserve Bank of India (RBI) decided to eliminate the charges charged in RTGS transactions (real-time gross settlement) and NEFT (national electronic funds transfer). "Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week," the central bank said in a statement after announcing its monetary policy decision. The instructions to banks in this regard will be issued within a week time.
Currently, banks charge a fee for NEFT and RTGS transactions and the rate of fee is different from one bank to another. In accordance with the guidelines issued by the RBI, banks will be asked to eliminate or reduce the rate charged in NEFT and RTGS transactions.
Here you have everything you need to know about the NEFT services provided by major banks, such as the State Bank of India (SBI), the HDFC Bank and the ICICI Bank:
State Bank of India
Timings: Customers can make NEFT transactions between 8 am to 7 pm Monday to Friday. Whereas on Saturdays, customers can transfer money using NEFT only from 8 am to 1 pm.
Amount: Under SBI online retail banking, customer can transfer a maximum of Rs. 10 lakh. Anyhow, there is no minimum limit.
Charges: SBI charges Rs. 2.50 for transactions up to Rs. 10,000, as per the SBI website, onlinesbi.com.
| Amount | Existing Charges for Branch | Rate for INB Channel |
| (exclusive of tax) | (exclusive of tax) | |
| Up to Rs. 10,000 | Rs. 2.50 | Rs. 2 |
| From Rs. 10,001 to Rs. 1 lakh | Rs. 5 | Rs. 4 |
| Above Rs. 1 lakh up to Rs. 2 lakh | Rs. 15 | Rs. 12 |
| Above Rs. 2 lakh | Rs. 25 | Rs. 20 |
| (Source: onlinesbi.com) | ||
HDFC Bank
Timings: NEFT transactions can be done by customers from 8 am to 6:30 pm from Monday to Saturday.
Amount: According to the bank there is no minimum and maximum transfer limit.
Charges: The private lender charges Rs. 2.50 for transactions up to Rs. 10,000, mentioned HDFC Bank on its website, hdfcbank.com.
| Amount | Charges |
| Up to Rs. 10,000 | Rs. 2.50 + GST |
| Above Rs. 10,000 and up to Rs. 1 lakh | Rs. 5 + GST |
| Above Rs. 1 lakh and up to Rs. 2 lakh | Rs. 15 + GST |
| Above Rs. 2 lakh | Rs. 25 + GST |
| (Source: hdfcbank.com) | |
ICICI Bank
Timings: Customers can make NEFT transactions from 8 am to 6:30 pm from Monday to Saturday.
Amount: Using NEFT payments service customers can transfer a maximum of Rs. 10 lakh, as per the bank. There is no minimum limit anyhow.
Charges: For transactions up to Rs. 10,000tThe bank charges Rs. 2.50, as per the lender's website, icicibank.com.
| Amount | Charges |
| Amounts up to Rs. 10,000 | Rs. 2.50 + GST |
| Amounts above Rs. 10,000 and up to Rs. 1 lakh | Rs. 5 + GST |
| Amounts above Rs. 1 lakh and up to Rs. 2 lakh | Rs. 15 + GST |
| Amounts above Rs. 2 lakh and up to Rs. 5 lakh | Rs. 25 + GST |
| Amounts above Rs. 5 lakh and up to Rs. 10 lakh | Rs. 25 + GST |
| (Source: icicibank.com) | |
Timings for RTGS transactions were increased by one-and-a-half hours, earlier this month. At present, the timings for settlement of RTGS transactions are 6 pm.
