NEFT and RTGS Charges of SBI, ICICI, HDFC and Other Banks [2019]

On 6th June 2019, The RBI has waived its charges from NEFT and RTGS. It has also said that banks have to pass on this benefit to the customers. Thus banks would charge less for the NEFT and RTGS charges. Till now RBI was also charging a fee for providing this system to the banks. Banks were free to set the fees but within the limit set by the RBI.

Meanwhile, Banks were already reducing NEFT and RTGS charges. It was happening because another fund transfer method, the UPI or unified Payment interface, is totally free. However, the UPI has an upper limit of fund transfer. Thus sometimes, you have to use the NEFT and RTGS for high-value fund transfer. Also, If you want to transfer money through the bank branch, the NEFT and RTGS is the only way to do this. Both of these fund transfer mechanisms are not dependent upon your mobile number.

Recommended- NEFT Vs RTGS, which is Best For you?

The RBI schedule for NEFT Charges

The reserve bank of India has set an upper limit for NEFT and RTGS charges. Any bank can’t charge more than this. However, Banks can charge less than this. Initially, almost every bank was charging at the upper limit. But, now, some banks are charging less than the following schedule. I would tell the NEFT and RTGS charges of some big banks separately.

Maximum NEFT Charges As Prescribed by RBI

a). Fund Transfer to the Account of the Same bank

Free. There is no cost

b). Fund Transfer to the Account of Another Bank

Transaction Amount	Maximum Charge
Up to 10,000	₹2.50
Above ₹ 10,000 up to ₹ 1 lakh	₹5.0
Above ₹ 1 lakh and up to ₹ 2 lakhs	₹15
above ₹ 2 lakhs	₹25
18% GST is also Applicable

 

c) Charges applicable for transferring funds from India to Nepal using the NEFT system (under the Indo-Nepal Remittance Facility Scheme) is available on the website of RBI at http://rbi.org.in/scripts/FAQView.aspx?Id=67

Maximum RTGS Charges As Prescribed by RBI

a). RTGS Fund Transfer to the Account of the Same bank

Free. There is no cost

b). RTGS Fund Transfer to the Account of Another Bank

Another Bank

Transaction Amount	Maximum Charge
₹ 2 lakh to ₹ 5 lakh	₹ 25 + applicable time-varying charge, subject to a maximum of ₹ 30/-.
Above ₹ 5 lakh	₹ 50 + applicable time-varying charge, subject to a maximum of ₹ 55/-.
18% GST is also Applicable

SBI NEFT and RTGS Charges

Recently State bank of India has reduced the charges for NEFT and RTGS both. It has reduced the charges only for the online and mobile fund transfer. The charge is higher if you send money through the branch.

SBI slashes the fees for #NEFT #RTGS transactions done through Bank’s Net and Mobile Banking (State Bank Anywhere Pe₹onal). #DigitalBanking pic.twitter.com/ivDrXuRB8y

— State Bank of India (@TheOfficialSBI) July 15, 2017

 

NEFT Transactions
Amount	Through Branch	Through online and mobile
Upto ₹10,000/-	₹2.50/-	₹1/-
From 10,001/- to 1 lac	₹5/-	₹2/-
Above 1 lac up to 2 lac	₹15/-	₹3/-
Above 2 lac	₹25/-	₹5/-

 

 

1. RTGS Transactions
   Amount	Through Branch	Through online and mobile
   From 2 lac to 5 lac	₹25/-	₹5/-
   Above 5 lac	₹50/-	₹10/-

Note: You have to also pay 18% GST on this charge.

ICICI Bank NEFT and RTGS Charges

The ICICI Bank is still charging the highest permissible charge from these transactions.

Note : 18% GST extra. 

HDFC Bank NEFT and RTGS Charges

HDFC bank has taken a bold step and waived all the charges from NEFT and RTGS transaction. So, It is free now. The HDFC bank customers can rejoice. Earlier it was charging similar to the ICICI Bank. The waiver of charges is applicable from November 1, 2017.

Transaction Charges of HDFC Bank
Amount	Earlier		From Nov 1, 2017
	NEFT	RTGS
Upto ₹10,000	₹2.50	Not Applicable	Free
Above ₹10,000 and upto ₹1 lakh	₹5	Not Applicable	Free
Above ₹1 lakh and upto ₹2 lakh	₹15	Not Applicable	Free
Above ₹2 lakh and upto ₹5 lakh	₹25	₹25	Free
Above ₹5 lakh and upto ₹10 lakh	₹25	₹50	Free

Charges of Punjab National Bank

Punjab National Bank is still charging the maximum permissible charges for NEFT and RTGS. Unlike other banks, It also charges for RTGS transaction on the basis of time. As you become late in the day the charges get higher.

 Charges For NEFT Are As Follows

Transaction Amount	Charges
Upto Rs.10000/-*	Rs. 2.50 + GST
Above Rs10,000/- to Rs.1,00,000/-*	Rs.5.00 + GST
Above Rs.1,00,000/- to Rs.2,00,000/-	Rs. 15.00 + GST
Above Rs.2,00,000/-	Rs.25.00 + GST

 Charges For RTGS Are As Follows

Block	Time Of Transaction	RTGS Charges + GST
		Rs. 2 lacs to Rs. 5 lacs	Above Rs. 5 lacs
1	08:00	Rs.25/- + GST	Rs50/- + GST
2	After 11:00	Rs.27/- + GST	Rs52/- + GST
3	After 13:00	Rs.30/- + GST	Rs55/- + GST
4	After 16:30	Rs.30/- + GST	Rs55/- + GST

Bank Of Baroda Fund Transfer Charges

Bank of Baroda also gives relief on the charges of NEFT. It has waived the NEFT charge on the transaction upto ₹1 lakh. Above ₹1 lakh the normal rate of NEFT would be applicable. Even, there would not be this charge if you transact using net banking and mobile banking. Thus effectively most of the fund transaction would be free.

NEFT Charges of Bank of Baroda

Amount	Through Branch	Through net banking and mobile banking
Up to 1 Lakh	Free	Free
Above 1 Lakh to 2 Lakh	₹15	Free
Above ₹2 Lakh	₹25	Free

 

Bank of Baroda RTGS Charges

The Bank of Baroda does not give any concession to the RTGS transfer. Rather, The charge would be higher if you transact in later hours.