National Electronic Funds Transfer or NEFT is a nation-wide payment system that enables electronic transfer of funds. Under the NEFT scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the scheme, according to the Reserve Bank of India (RBI)'s website- rbi.org.in. In NEFT, fund transactions are executed in half-hourly batches. At present, most banks in the country support NEFT payments.
Major lenders in the country such as state-run SBI (State Bank of India) and private sector peers HDFC Bank and ICICI Bank charge a certain amount from their customers per NEFT transaction, depending on the mode of transaction - whether it is through online/mobile banking or through a bank branch - and amount of money.
(Also read: Charges Levied By Banks For Immediate Payment Service)
Here's a comparison of NEFT charges levied by SBI, HDFC Bank and ICICI Bank:
State Bank of India (SBI):
SBI charges different fee from its customers for making NEFT transactions, depending upon whether the transaction is made through online/mobile banking or by way of visiting a bank branch. Here are the NEFT charges levied by SBI as mentioned on bank's website - sbi.co.in:
| Item | Transaction Slab | Charges (exclusive of Goods and Service Tax) | Internet banking charges (exclusive of Goods and Service Tax) |
|---|---|---|---|
| NEFT | Up to Rs 10,000 | Rs 2.50 | Rs 1 |
| Up to Rs1 lakh | Rs 5.00 | Rs 2 | |
| Above Rs 1 lakh to Rs 2 lakh | Rs 15.00 | Rs 3 | |
| Above Rs 2 lakh | Rs 25.00 | Rs 5 |
HDFC Bank
HDFC Bank currently charges no fee for NEFT transactions made online while the lender charges a fee for NEFT transfers done through a bank branch. Here are the NEFT charges levied by HDFC Bank as mentioned on bank's website - hdfcbank.com:
| Item | Transaction Slab | Transaction charges for NEFT from HDFC Bank branches |
|---|---|---|
| NEFT | Up to Rs 10,000 | Rs 2.50 + Applicable GST |
| Above Rs 10,000 and up to Rs 1 lakh | Rs 5 + Applicable GST | |
| Above Rs 1 lakh and up to Rs 2 lakh | Rs 15 + Applicable GST | |
| Above Rs 2 lakh | Rs 25 + Applicable GST |
ICICI Bank
Here are the NEFT charges levied by ICICI Bank as mentioned on bank's website - icicibank.com:
| Transaction slab | Transaction Charges for NEFT |
|---|---|
| Amount up to Rs 10,000 | Rs 2.50 + Applicable GST |
| Amount above Rs 10,000 and up to Rs 1 lakh | Rs 5 + Applicable GST |
| Amount above Rs 1 lakh and up to Rs 2 lakh | Rs 15 + Applicable GST |
| Amount above Rs 2 lakh and up to Rs 5 lakh (Incl. Rs 2 lakh for RTGS) | Rs 25 + Applicable GST |
| Amount above Rs 5 lakh and up to Rs 10 lakh | Rs 25 + Applicable GST |
Most banks in the country also offer the facility of Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS) service for transfer of funds.
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.
