National Electronic Funds Transfer or NEFT is a nation-wide payment system that enables electronic transfer of fund. 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, noted Reserve Bank of India (RBI) on its website- rbi.org.in. In NEFT, fund transactions are executed in half-hourly batches. At present, most banks in the country support NEFT payments.
Leading lenders in the country such as state-run SBI (State Bank of India) and private sector lenders HDFC Bank and ICICI Bank charge a certain amount 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 | Upto Rs 10,000 | Rs 2.50 | Rs 1 |
| Upto Rs1 lakh | Rs 5.00 | Rs 2 | |
| Above Rs 1 lakh to 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: