National Electronic Funds Transfer (NEFT)
NEFT is an electronic payment system that enables direct one-to-one payments nationwide. With NEFT, you can transfer funds electronically from any bank branch to an individual’s account in another bank branch participating in the NEFT scheme.You can also use internet banking and mobile banking for NEFT transfers.
Real Time Gross Settlement (RTGS)
As per the RBI, RTGS stands for Real Time Gross Settlement. It’s a system where fund transfers are settled continuously and in real-time, on a transaction-by-transaction basis without netting. ‘Real Time’ refers to processing instructions immediately upon receipt, while ‘Gross Settlement’ means settling funds individually. RTGS is mainly for large value transactions, with a minimum amount of Rs 2,00,000/- and no maximum limit.
According to ET, transactions received up to a certain time are processed in batches in NEFT, whereas in RTGS, transactions are processed continuously on a transaction-by-transaction basis throughout the day.
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Information needed for RTGS and NEFT transactions
The sender needs to provide these details:
1. Amount to be transferred
2. Beneficiary’s account number
3. Name of the beneficiary’s bank
4. Beneficiary’s account holder name
5. Any additional information from sender to receiver, if required
6. IFSC code of the beneficiary’s branch
7. Sender’s mobile number or email address
8. Purpose of the transaction
NEFT and RTGS charges
Banks apply charges for transactions conducted at their branches. Here are the charges for NEFT and RTGS transactions at SBI, HDFC Bank, ICICI Bank, and Punjab National Bank (PNB) as of April 17, 2024, as sourced by ET from the respective bank websites:
SBI: Charges for NEFT and RTGS
| NEFT | Branch Channel | Online Channel |
| Upto Rs 10,000 | Rs. 2.00+ GST | –NIL– |
| Upto Rs 10,001 to Rs. 1 lac | Rs. 4.00+ GST | |
| Above Rs. 1 lac upto Rs. 2 lac | Rs. 12.00+ GST | |
| Above Rs. 2 lac | Rs. 20.00+ GST | |
| RTGS | Branch Channel | Online Channel |
| Rs. 2 lac to Rs. 5 lac | Rs. 20.00+ GST | –NIL– |
ICICI Bank: : Charges for NEFT and RTGS
| NEFT Transaction Limits/Timing | 01.00 hours – 19.00 hours | 00.00 hours – 01.00 hours | 2nd & 4th Saturday, Sunday & Bank Holidays |
| and | |||
| 19.00 hours – 00.00 hours | |||
| Minimum | ₹ 1 | ₹ 1 | ₹ 1 |
| Maximum | ₹ 10 lakh or ₹ 1 crore (based on customer segment) | ₹ 2 Lakh | ₹ 2 Lakh |
| RTGS (Internet Banking) – Applicable for NRIs as well | |||
| 01:00 hours – 19:00 hours | 19:00 hours – 00:00 hours and 00:00 hours – 01:00 hours | 2nd and 4th Saturday, Sunday and Bank holidays | |
| Minimum | ₹ 2 lakh | ₹ 2 lakh | ₹ 2 lakh |
| Maximum | ₹ 10 lakh or Rs 1 crore (based on customer segment) | ₹ 10 Lakh or 50 Lakh(based on customer segment) | ₹ 10 Lakh or 50 Lakh(based on customer segment) |
RTGS (Internet Banking) – Applicable for NRIs as well
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HDFC Bank: : Charges for NEFT and RTGS
| Transaction charges for NEFT done through HDFC Bank branches | |
| Transaction Amount | Charges |
| (In Rupees) | |
| Upto Rs 1,00,000 | Rs 2 + Applicable GST |
| Above Rs 1,00,000 | Rs 10 + Applicable GST |
| All charges are subject to changes |
RTGS transactions made online have been free since November 1, 2017. If done through HDFC Bank branches, there’s a charge of Rs 15 plus applicable GST.
Kotak Mahindra Bank: : Charges for NEFT and RTGS
| NEFT (Per Transaction) | Upto 10,000: Rs. 2; 10,001 to 1,00,000: Rs.4; 1,00,001 to 2,00,000: |
| Rs.14; > 2,00,000: Rs. 24 | |
| RTGS (Per Transaction) | RTGS: 2,00,001 to 5,00,000: Rs. 20; > 5,00,000: Rs. 40 |
PNB: Charges for NEFT and RTGS
| Particular | Slab | Charges # | |||
| Branch | Online | ||||
| CC/OD | Saving Account | Current Account (W.E.F 12.10.2023) | |||
| RTGS | Rs. 2 Lakh to Rs. 5 Lakh | Rs. 24.50 | Rs. 24.00 | Rs. 24.00 | NIL |
| Above Rs. 5 Lakh | Rs. 49.50 | Rs. 49.00 | Rs. 49.00 | ||
| NEFT | Up to Rs. 10000 | Rs. 2.25 | Rs. 1.75 | NIL | |
| Above Rs. 10000 to Rs. 1 Lakh | Rs. 4.75 | Rs. 4.25 | |||
| Above Rs. 1 lakh to Rs. 2 lac | Rs. 14.75 | Rs. 14.25 | |||
| Above Rs. 2 Lakh | Rs. 24.75 | Rs. 24.25 | |||
| IMPS | Up to Rs. 1000 | NIL | NIL | NIL | |
| Above Rs. 1001 to Rs. 1 lakh | Rs. 6.00 | Rs. 5.00 | Rs. 5.00 | ||
| Above Rs. 1 lakh | Rs. 12.00 | Rs. 10.00 | Rs. 10.00 | ||
| # above charges are exclusive of applicable GST | |||||