NEFT Charges 2026: What Every Bank Actually Charges You
Most people assume NEFT charges are the same everywhere. They are not — and that gap between what you expect to pay and what actually gets deducted can add up over time, especially if you're doing multiple transfers a month.
Here's everything you need to know about national electronic fund transfer NEFT fees, broken down by bank, transaction size, and transfer method.
The short answer: online NEFT is usually free. Offline NEFT — done through a bank branch — comes with a small fee.
The Reserve Bank of India doesn't levy any charges on NEFT fund transfer transactions at its end. Whatever fees exist are set by individual banks, and they only apply in specific situations. A few key points to keep in mind:
The RBI has set maximum caps for branch-based transactions. Banks can charge up to these limits — but not beyond them.
Transaction Amount
Maximum Charge (Excluding GST)
Up to ₹10,000
₹2.50
Above ₹10,000 up to ₹1 Lakh
₹5.00
Above ₹1 Lakh up to ₹2 Lakhs
₹15.00
Above ₹2 Lakhs
₹25.00
GST is added on top of these figures. Some banks charge less than the cap — a few even waive branch fees entirely for certain account types. Worth checking with your bank before walking in.
Bank NEFT charges vary quite a bit in practice. The table below covers the minimum and maximum neft transfer charges applicable at major Indian banks for offline or branch-initiated transactions. Online transfers remain free at most of these banks.
Bank
Minimum NEFT Charges
Maximum NEFT Charges
HDFC Bank
₹2 + GST
₹10 + GST
Axis Bank
₹2.50 + GST
₹25 + GST
ICICI Bank
IndusInd Bank
₹2.5 + GST
₹50 + GST
Canara Bank
₹2.25 + GST
₹24.75 + GST
Union Bank of India
₹2.5 + taxes
₹25 + taxes
State Bank of India (SBI)
Bank of India
Federal Bank
South Indian Bank
₹1.25 + GST
₹22 + GST
Yes Bank
Kotak Mahindra Bank
Bandhan Bank
₹14 + GST
Central Bank of India
Bank of Baroda
IndusInd Bank stands out here — its maximum of ₹50 + GST is notably higher than most others. If you're making large-value transfers through a branch, that's worth knowing ahead of time.
ICICI Bank NEFT charges follow a slab-based structure for branch transactions:
ICICI NEFT charges for online transfers via iMobile or internet banking remain free, which is the case for most account holders doing standard transfers.
SBI follows a similar slab pattern for branch-initiated transfers:
SBI's maximum bank NEFT charges cap out at ₹20 + GST — slightly lower than the RBI-permitted maximum of ₹25. Online NEFT through SBI's YONO app or net banking is completely free.
HDFC keeps its structure simple with just two slabs:
Among the major private banks, HDFC has the lowest maximum neft fund transfer charges for branch transactions — ₹10 + GST, compared to ₹25 at ICICI and Axis.
People often compare charges for NEFT and RTGS when deciding which transfer method to use. Here's a quick breakdown:
For regular transfers where timing isn't urgent, NEFT remains the most cost-effective option. RTGS makes more sense for high-value, time-sensitive transactions.
Branch transfers take a little longer and come with the applicable neft transfer charges — so unless there's a specific reason to visit in person, the online route is both faster and cheaper.
National electronic fund transfer NEFT is open to individuals, businesses, and corporations — anyone with a bank account at a NEFT-enabled bank. Even someone without a bank account can initiate a transfer by depositing cash at a participating branch.
A few conditions apply: both the sender's and receiver's banks must be part of the NEFT network, and transfers are limited to accounts within that network. NEFT also supports cross-border transfers between India and Nepal — a feature not many people know about. The full list of participating banks is on the RBI's official website.
NEFT doesn't move money the way IMPS does — it works in batches every 30 minutes, around the clock.
Here's what happens after you hit "transfer":
Both the sender and receiver get an SMS once the transfer completes. In practice, most NEFT transfers settle within 30 minutes to two hours, depending on when the transfer is initiated.
Beyond the usual bank-to-bank transfers, NEFT can also be used to pay credit card bills directly. You'll need the credit card issuer's specific NEFT account details and IFSC code — both are usually available on the bank's website or at the branch. It's a useful option if your bank's bill payment portal isn't cooperating.
NEFT also works for loan EMI payments, utility bills, and other recurring payments — making it more versatile than most people use it for.
For day-to-day transfers where timing isn't a constraint, NEFT charges make it one of the cheapest options available. Online transfers are free at almost every major bank. Branch transfers cost ₹2.50 to ₹25 plus GST — and that's the ceiling, not the standard.
If you need instant transfer, IMPS or UPI works better. For transfers above ₹2 lakh where timing is critical, RTGS is the right call.
For everything else — regular payments, vendor transfers, EMIs — NEFT does the job cleanly and cheaply.
A: No — bank NEFT charges vary depending on the bank's policy and the transaction amount. While most banks offer free online NEFT, branch-initiated transfers follow slab-based pricing that differs across institutions. IndusInd Bank, for instance, charges up to ₹50 + GST, while HDFC caps out at ₹10 + GST for the same transaction.
A: ICICI Bank NEFT charges for branch transactions are: ₹2.25 + GST for up to ₹10,000; ₹4.75 + GST for ₹10,000 to ₹1 lakh; ₹14.75 + GST for ₹1 lakh to ₹2 lakhs; and ₹24.75 for transfers above ₹2 lakhs up to ₹10 lakhs. Online NEFT via iMobile or internet banking is free.
A: For most major banks, neft transfer charges for online transfers via internet banking or mobile apps are zero. The neft fund transfer charges only apply when the transfer is initiated through a physical bank branch. Always check your specific bank's fee schedule, as policies can vary by account type.
A: NEFT charges are generally lower than RTGS. NEFT branch fees range from ₹2.50 to ₹25 + GST, and online NEFT is free at most banks. RTGS charges are higher and it has a minimum transfer threshold of ₹2 lakh. For smaller, non-urgent transfers, national electronic fund transfer NEFT is clearly the more economical option.
A: Yes — even without a personal bank account, you can walk into a branch that offers NEFT services, deposit cash, and initiate a transfer to any NEFT-enabled account. Standard bank NEFT charges for branch transactions will still apply. Both sender and receiver must be connected to the NEFT network for the transfer to go through.
A: GST is always charged separately on top of the base neft charges. So when a bank says ₹5 + GST, the actual deduction from your account will be slightly higher. At 18% GST, a ₹5 fee becomes ₹5.90. Always factor this in when calculating the total neft transfer charges for a transaction.
A: Yes. If a national electronic fund transfer NEFT fails — usually because of an incorrect account number or IFSC code — the amount is returned to the sender's account within two business days. The return is processed automatically through the same NEFT clearing system. No fee is charged for failed transactions in most cases.
A: Yes, NEFT operates 24 hours a day, 7 days a week, including bank holidays and weekends. The RBI enabled round-the-clock NEFT processing, and settlements happen in half-hourly batches throughout the day and night. This makes it a reliable option even outside standard banking hours, with no change in neft fund transfer charges.
A: There is no minimum amount for national electronic fund transfer NEFT — even ₹1 can technically be transferred. There is also no official upper limit set by the RBI, though individual banks may impose their own caps. For very high-value transactions above ₹2 lakh where timing matters, RTGS is the more commonly used alternative.
A: For a ₹50,000 transfer at a branch, ICICI Bank NEFT charges come to ₹4.75 + GST, while SBI charges ₹4 + GST for the same amount. The difference is marginal for most transactions. However, for transfers above ₹1 lakh, ICICI charges ₹14.75 + GST versus SBI's ₹12 + GST — SBI tends to be slightly cheaper at higher slabs.
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