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.
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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/- |
-
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.
| Transaction Charges | NEFT | RTGS |
|---|---|---|
| Amounts upto ₹10,000 | ₹2.50 | Not Applicable |
| Amounts above ₹10,000 and upto ₹1 lakh | ₹5 | Not Applicable |
| Amounts above ₹1 lakh and upto ₹2 lakh | ₹15 | Not Applicable |
| Amounts above ₹2 lakh and upto ₹5 lakh (Incl. ₹2 lakh for RTGS) |
₹25 | ₹25 |
| Amounts above ₹5 lakh and upto ₹10 lakh | ₹25 | ₹50 |
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.
| RTGS Charges Excluding GST | ||
| Transaction Time | Rs 2 Lacs to Rs 5 Lacs | Above Rs 5 Lacs |
| 8.00 hrs. to 11 hrs. | 25/- | 50/- |
| After 11 hrs. to 13.00 hrs. | 27/- | 52/- |
| After 13.00 hrs. to 16.30 hrs. | 30/- | 55/- |
| After 16.30 hrs | 30/- | 55/- |
Axis Bank NEFT and RTGS Transaction Charges
Like ICICI Bank, the Axis Bank also charges the maximum permissible fees for the NEFT and RTGS.
NEFT charges of Axis Bank
| Transaction Amount | NEFT Charges |
|---|---|
| Amounts upto ₹10,000 | ₹2.50 |
| Amounts above ₹10,000 and upto ₹1 lakh | ₹5 |
| Amounts above ₹1 lakh and upto ₹2 lakh | ₹15 |
| Amounts above ₹2 lakh | ₹25 |
RTGS charges of Axis Bank
| Transaction Amount | RTGS Charges |
|---|---|
| Rs 2 Lakh to 5 Lakh | ₹25 |
| Above ₹5 Lakh | ₹50 |
So, these were the NEFT and RTGS fund transfer charges of 6 big banks. For other banks, you can refer to their website. Meanwhile, if you want a free of cost fund transfer then you should adopt UPI. All the banks do not charge for the UPI transactions. As you may know that UPI is an immediate fund transfer platform which is based on your mobile number. Also, NEFT fund transfer timing is restricted to its working hours while UPI is always available.
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