NEFT transaction charges

The following are the NEFT National Electronics Fund Transfer charges as  notified by RBI and are adhered to by all commercials banks including public sector banks like State bank of India (SBI), Punjab national Bank (PNB), Canara bank, Bank of India, Indian Bank etc. and private sector banks like ICICI Bank, HDFC Bank,  Axis Bank, IDBI Bank, Citibank etc. and cooperative banks. These charges are revised from time to time.

The following is the structure of charges that can be levied on the customers by banks for doing NEFT transactions. These are the maximum charges; banks are free to offer lower or no charges for NEFT transfers.

NEFT charges for receiving bank account Beneficiary

Account to which the money is being transferred. Inward transactions at destination bank branch of beneficiary are free of cost; no charges can be levied by the beneficiary bank.

NEFT charges for transferee bank account, outward transactions at originating bank branches

The remitter has to pay the following NEFT transaction charges

For NEFT transactions up to Rs. 10,000: maximum Rs 2.50 +Service Tax

For NEFT transactions above Rs 10,000 and up to Rs 1 lakh: maximum Rs 5 +Service Tax

For NEFT transactions above Rs 1 lakh and up to Rs 2 lakhs: maximum Rs 15 + Service Tax

For NEFT transactions above Rs 2 lakhs: maximum Rs 25 + Service Tax

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