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NEFT, RTGS Transactions: SBI Vs ICICI Bank Vs Canara Bank Vs BoB Vs HDFC Bank

Banks charge a fee for providing the NEFT, RTGS and IMPS services. Most banks charge Rs 50 per transaction for any of these services today.

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NEFT, RTGS Transactions: SBI Vs ICICI Bank Vs Canara Bank Vs BoB Vs HDFC Bank

NEFT, RTGS, IMPS charges: Banks such as SBI and ICICI Bank charge a fee up to Rs 50 per transaction

Need to make a money transfer online? National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) are three options available today. NEFT, RTGS and IMPS services are provided by most banks today. Online money transfer or wire transfer refers to remittance of funds from one bank account to another bank account - not necessarily in the same bank - without the intervention of banking staff. For example, you can send money from your bank account in a bank, let's say State Bank of India (SBI), to your friend's account in another bank, say ICICI Bank. Banks charge a fee for providing the NEFT, RTGS and IMPS services. In major banks today, a fee of Rs 55 per transaction (excluding GST) is charged for any of these services.

(Read: How NEFT, RTGS, IMPS transactions work)

Explained below are various transaction charges levied by SBI, ICICI Bank, HDFC Bank and Axis Bank for money transfer services NEFT, RTGS and IMPS:

State Bank of India (SBI) money transfer 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

State Bank of India (SBI) money transfer through 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 its 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 bank's 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.

RTGS charges (excluding GST)
Time Rs 2 lakh to Rs 5 lakhAbove Rs 5 lakh
8.00 hrs. to 11 hrs.25/-  50/-
After 11 hrs. to 13.00 hrs.27/-  52/-
After 13.00 hrs. to 16.30 hrs.30/-  55/-
After 16.30 hrs30/-  55/-
(Source: bankofbaroda.com)

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 its 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, and 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.

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. 

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