Bank Charges You Have To Pay For Making NEFT, RTGS Transactions

Most banks today offer three wire money transfer or electronic money transfer services. These are National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). The charges levied from the customers vary from one bank to another. Under certain conditions, some banks offer NEFT, RTGS or IMPS transactions free of cost. Instant money transfer services are specially useful in case an account holder wants to send money to another account holder without dealing in cash. Money transfer services NEFT, RTGS and IMPS are also useful in case the remitter, or the sender of money, wants to avoid meeting the beneficiary, or receiver, in person. State Bank of India (SBI), Bank of Baroda, ICICI Bank and Canara Bank, for example, charge a fee ranging from Rs 3 to Rs 15 per transaction from their customers for making a money transfer of Rs 1 lakh-Rs 2 lakh through NEFT. (Read: How NEFT, RTGS, IMPS transactions work)

Explained below are charges levied by SBI, ICICI Bank, HDFC Bank, Canara Bank and Oriental Bank of Commerce for their money transfer services NEFT, RTGS and IMPS:

State Bank of India (SBI) NEFT/RTGS transactions made online

For transactions made through net banking or mobile banking, SBI charges a fee of Rs 1 (plus GST) per NEFT transaction of an amount up to Rs 10,000. For amounts between Rs 10,000 and Rs 1 lakh, SBI charges Rs 2 (plus GST), and Rs 3 (plus GST) for amounts between Rs 1 lakh and Rs 2 lakh. For transfers above Rs 2 lakh, SBI charges a fee of Rs 5 (plus GST) per transaction. In case of money transfer through RTGS, SBI charges Rs 5 per transaction for an amount between Rs 2 lakh and Rs 5 lakh. For amounts above Rs 5 lakh, the bank charges a fee of Rs 10 per transaction, according to the bank's website

SBI NEFT/RTGS transactions made through a bank branch

For transactions made by way of visiting a bank branch, SBI charges a fee of Rs 2.5 (plus GST) per NEFT transaction up to Rs 10,000. For amounts between Rs 10,000 and Rs 1 lakh, the bank charges Rs 5 (plus GST) per transaction. For amounts between Rs 1 lakh and Rs 2 lakh, SBI charges Rs 15 (plus GST) per transaction. In case of RTGS transfers, SBI charges a fee of Rs 25 (plus GST) per transaction for an amount between Rs 2 lakh and Rs 5 lakh. For amounts above Rs 5 lakh, SBI charges a fee of Rs 50 (plus GST) per transaction, according to the bank's website. SBI currently charges a fee of Rs 1 (plus taxes) per transaction for money transfer of an amount between Rs 1,001 and Rs 10,000 through IMPS, according to the SBI website.

SBI IMPS transactions up to Rs 1,000 are free, according to the bank's website. This includes IMPS transactions made through a bank branch as well as those made online (through either mobile banking or net banking).

Bank of Baroda

For making a money transfer through NEFT, Bank of Baroda charges a fee of Rs.15 per transaction for amounts between Rs.1 lakh and Rs.2 lakh. For amounts above Rs 2 lakh, the bank charges Rs 25 per transaction. Transactions up to Rs 1 lakh do not attract any charges, according to the bank's website.

For money transfer of an amount between Rs 2 lakh and Rs 5 lakh through RTGS, Bank of Baroda charges a fee of Rs 25 (excluding GST) per transaction from 8:00 am to 11:00 am. From 11:00 am to 1:00 pm, the bank charges Rs 27 per transaction, and Rs 30 per transaction after 1:00 pm.

For RTGS remittances of an amount above Rs 5 lakh, Bank of Baroda charges a fee of Rs 50 per transaction between 8:00 am and 11:00 am, Rs 52 per transaction between 11:00 am and 1:00 pm, and Rs 55 per transaction after 1:00 pm, according to the bank's website.

Oriental Bank of Commerce (OBC) charges for NEFT and RTGS money transfer

For money transfer through NEFT, Oriental Bank of Commerce (OBC) charges no additional fee for transactions up to Rs 1 lakh. For amounts between Rs 1 lakh and Rs 2 lakh, the bank charges a fee of Rs 10 (plus taxes) per transaction. For amounts above Rs 2 lakh, OBC charges a fee of Rs 25 (plus taxes) per transaction, according to its website - obcindia.co.in.

In case of RTGS, the bank charges a fee of Rs 25 (plus taxes) per transaction for the money transfer service for an amount between Rs 2 lakh and Rs 5 lakh. For amounts above Rs 5 lakh, the bank charges a fee of Rs 50 (plus taxes) per transaction, according to its website.

HDFC Bank money transfer online

HDFC Bank currently charges no fee for NEFT and RTGS transactions made online, according to its website.

HDFC Bank money transfer through bank branch

For money transfers made through bank branches, HDFC Bank charges a fee of Rs 2.5 plus GST per transaction of amount up to Rs 10,000 in case of NEFT. For amounts between Rs 10,000 and Rs 1 lakh, HDFC Bank charges Rs 5 plus GST per transaction. In case of RTGS money transfers, HDFC Bank charges a fee of Rs 25 plus GST per transaction between Rs 2 lakh and Rs 5 lakh. For transactions above Rs 5 lakh, State Bank of India (SB) charges Rs 50 plus GST per transaction, according to the bank's website.

HDFC Bank IMPS transactions

HDFC Bank levies a fee of Rs 5 plus GST per IMPS transaction of an amount up to 1 lakh. For amounts between Rs 1 lakh and Rs 2 lakh, HDFC Bank charges a fee of Rs 15 plus GST, according to its website.

ICICI Bank

ICICI Bank charges a fee of Rs 2.5 plus GST per transaction for money transfer of an amount of Rs 10,000 through NEFT. For amounts between Rs 10,000 and Rs 1 lakh, ICICI Bank charges a fee of Rs 5 plus GST per transaction. For amounts between Rs 1 lakh and Rs 2 lakh, ICICI Bank levies a fee of Rs 15 plus GST per transaction. For amounts between Rs 2 lakh and Rs 10 lakh, the bank levies a fee of Rs 25 plus GST per transaction. In case of RTGS transactions, ICICI Bank charges Rs 25 plus GST per transaction of an amount between Rs 2 lakh and Rs 5 lakh. For amounts between Rs 5 lakh and Rs 10 lakh, the bank charges Rs 50 plus GST per RTGS transaction.

For IMPS transfers, ICICI Bank charges a fee of Rs 5 plus GST per transaction for amounts up to Rs 1 lakh. For amounts between Rs 1 lakh and Rs 2 lakh, ICICI Bank levies Rs 15 plus GST per transaction.

Kotak Mahindra Bank NEFT, RTGS, IMPS charges

For making NEFT transactions through a bank branch, Kotak Mahindra Bank charges a fee of Rs 2.5 per transaction for amounts up to Rs 10,000. For transfer of an amount between Rs 10,000 and Rs 1 lakh through NEFT, the bank charges a fee of Rs 5 per transaction. For NEFT transactions between Rs 1 lakh and Rs 2 lakh, it charges a fee of Rs 15 per transaction, and for those above Rs 2 lakh, the bank charges Rs 50 per transaction, according to Kotak Mahindra Bank's website - kotak.com.

For RTGS transactions, Kotak Mahindra Bank charges a fee of Rs 25 per transaction for an amounts between Rs 2 lakh and Rs 5 lakh, and Rs 50 per transaction for an amount above Rs 5 lakh, according to the bank's website. 

For money transfer using IMPS, Kotak Mahindra Bank charges a fee of Rs 5 per transaction for an amount up to Rs 1 lakh. For an amount from Rs 1,00,001 to Rs. 2 lakh, the bank levies a fee of Rs 15  per transaction, according to the bank's website.

Canara Bank NEFT and RTGS charges

For RTGS transactions of amounts between Rs 2 lakh and Rs 5 lakh, Canara Bank charges a fee of Rs 27 per transaction (excluding taxes) between 11:am to 1:00 pm. Canara Bank charges a fee of Rs 30 per transaction for such money transfers between 1:00 pm and 4:30 pm, according to its website. For RTGS transactions above Rs 5 lakh, the bank levies a fee of Rs 52 per transaction between 11:00 am and 1:00 pm. For transactions made between 1:00 pm and 4:30 pm, the bank charges Rs 55 per transaction. There are no charges for RTGS transactions made between 8:00 am and 11:00 am, according to Canara Bank's website.

For NEFT transfers, Canara Bank charges a fee of Rs 2.5 per transaction for amounts up to Rs 10,000. For amounts ranging from Rs 10,001 to Rs 1 lakh, Canara Bank levies a fee of Rs 5 per transaction. NEFT transfers of amounts between Rs 1 lakh and Rs 2 lakh are charged at Rs 15 per transaction, and amounts above Rs 2 lakh at Rs 25 per transaction, according to Canara Bank's website.