NEFT or National Electronic Funds Transfer works on a deferred net settlement basis, wherein transactions are lined up and settled in batches.
Banks today offer multiple options for transfer of funds electronically from one account to another through computer-based systems. Customers can transfer funds to accounts in the same bank as well as those outside its network. Both public and private sector banks offer a host of payments systems. One such payments system is NEFT or National Electronic Funds Transfer. NEFT works on a deferred net settlement basis, wherein transactions are lined up and settled in batches. Banks charge a fee for NEFT transactions, which varies based on the amount of transfer.
Here’s everything to know about NEFT payment services provided by major banks such as State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank and ICICI Bank:
State Bank of India NEFT transfer
Timings:Â Customers can make NEFT transactions from 8 am to 7 pm from Monday to Friday. On Saturdays, one can transfer money using NEFT from 8 am to 1 pm.
Amount: Under SBI’s retail internet banking, one can transfer a maximum of Rs. 10 lakh, according to the lender’s website. However, there is no minimum limit.
Charges: SBI charges Rs. 2.50 for transactions up to Rs. 10,000.
| Amount | Existing Charges for Branch (exclusive of tax) |
Rate for INB Channel (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) | ||
Punjab National Bank NEFT transfer
Timings:Â Customers can make NEFT transactions from 8 am to 7 pm from Monday to Friday. On Saturdays, one can transfer money using NEFT from 8 am to 1 pm.
Amount: One can transfer a maximum of Rs. 5 crore using NEFT payments service, according to PNB’s website. However, there is no minimum limit.
Charges: PNB charges Rs. 2.50 for transactions up to Rs. 10,000.
| Amount | Charges |
|---|---|
| Up to Rs. 10,000 | Rs. 2.50 + GST |
| Above Rs. 10,000 to Rs. 1,00,000 | Rs. 5 + GST |
| Above Rs. 1,00,000 to Rs. 2,00,000 | Rs. 15 + GST |
| Above Rs. 2,00,000 | Rs. 25 + GST |
| (Source: pnbindia.in) | |
HDFC Bank NEFT transfer
Timings:Â Customers can make NEFT transactions from 8 am to 6:30 pm from Monday to Saturday, said HDFC Bank on its website.
Amount: There is no maximum and minimum transfer limit according to the private lender’s website.
Charges: The private lender charges Rs. 2.50 for transactions up to Rs. 10,000.
| 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 NEFT transfer
Timings:Â Customers can make NEFT transactions from 8 am to 6:30 pm from Monday to Saturday, said ICICI Bank on its website.
Amount: One can transfer a maximum of Rs. 10 lakh using NEFT payments service, according to the bank’s website. However, is no minimum limit.
Charges: The private lender charges Rs. 2.50 for transactions up to Rs. 10,000.
| 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) | |
Meanwhile, timings for fund transfer through RTGS or Real Time Gross Settlement have been extended by one-and-a-half hours to 6 pm for the general public from June 1, said Reserve Bank of India on Tuesday. The minimum amount to be remitted through RTGS is Rs. 2 lakh with no upper limit.
