NEFT Transaction Charges Levied By Five Key Banks Compared

There are multiple platforms available today for making an online money transfer. Also known as wire transfer, online money transfer or e-transfer refers to remittance of funds from one bank account to another without direct intervention of bank staff. At present, most banks in the country support NEFT payments. In NEFT or National Electronic Funds Transfer (NEFT), the money transfer transactions are settled in half-hourly batches. Top banks - from state-run SBI (State Bank of India) to private sector lenders HDFC Bank, ICICI Bank and Axis Bank - charge a fee ranging from Rs 2.5 to Rs 25 (excluding GST) 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. (Read: What are NEFT, RTGS, IMPS transactions?)

Here's a comparison of different NEFT charges levied by SBI, ICICI Bank, HDFC Bank, PNB and ICICI Bank from their customers:

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.

For transactions made through net banking or mobile banking

For amounts up to Rs 10,000, SBI charges a fee of Rs 1 per transaction. For amounts between Rs 10,000 and Rs 1 lakh, SBI charges Rs 2 per transaction, and Rs 3 per transaction for amounts between Rs 1 lakh and Rs 2 lakh. For amounts above Rs 2 lakh, SBI charges a fee of Rs 5 per transaction, according to the bank's website - sbi.co.in.

For transactions made through bank branch

For amounts up to Rs 10,000, SBI charges a fee of Rs 2.5 per transaction. For amounts between Rs 10,000 and Rs 1 lakh, the bank charges Rs 5 per transaction; Rs 15 per transaction for amounts between Rs 1 lakh and Rs 2, and Rs 25 per transaction for amounts above Rs 2 lakh.

HDFC Bank

HDFC Bank currently charges no fee for NEFT and RTGS transactions made online.

For transfers done through a bank branch

HDFC Bank charges a fee of Rs 2.5 per transaction for amounts up to Rs 10,000. For amounts between Rs 10,000 and Rs 1 lakh, HDFC Bank charges Rs 5 per transaction; Rs 15 per transaction for amounts between Rs 1 lakh and Rs 2 lakh, and Rs 25 per transaction for amounts above Rs 2 lakh, according to the bank's website - hdfcbank.com.

ICICI Bank

ICICI Bank charges a fee of Rs 2.5 per transaction for amounts up to Rs 10,000. For amounts between Rs 10,000 and Rs 1 lakh, ICICI Bank charges a fee of Rs 5 per transaction. ICICI Bank charges a fee of Rs 15 per transaction for amounts between Rs 1 lakh and Rs 2 lakh, and Rs 25 per transaction for those between Rs 2 lakh and Rs 10 lakh, according to the bank's website - icicibank.com.

Punjab National Bank (PNB)

Punjab National Bank charges a fee of Rs 2.5 per transaction for amounts up to Rs 10,000. PNB charges Rs 5 per transaction for amounts between Rs 10,000 and Rs 1 lakh, Rs 15 per transaction for amounts between Rs 1 lakh and Rs 2 lakh, and Rs 25 per transaction for amounts above Rs 2 lakh, according to the bank's website - pnbindia.in.

Axis Bank

Axis Bank charges no fee for NEFT transactions made online.

For transactions made through bank branches, Axis Bank levies a fee of Rs 2.5 per transaction for amounts up to Rs 10,000. For amounts between Rs 10,000 and Rs 1 lakh, Axis Bank charges a fee of Rs 5 per transaction. It charges a fee of Rs 15 per transaction for amounts between Rs 1 lakh and Rs 2 lakh, and Rs 25 per transaction for amounts above Rs 2 lakh, according to the bank's website - axisbank.com.

The NEFT charges levied by SBI, ICICI Bank, HDFC Bank, PNB and Axis Bank exclude applicable GST or Goods and Services Tax, the banks said separately on their websites.